Innovation Strategies and Analysis Report for Fordway Solutions

This report examines innovation strategies for Fordway Solutions, an IT solutions provider. It defines innovation's importance, organizational factors shaping it (vision, leadership, culture, and teamwork), and the 4Ps of innovation (product, process, position, paradigm). The report further explores frugal innovation, commercial funnels, and New Product Development processes. It also addresses intellectual property protection methods. The analysis includes a discussion of how Fordway Solutions can apply these concepts to improve its services, develop new products, and maintain a competitive advantage. The report provides a comprehensive overview of innovation in the context of a technology-focused business environment.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Define innovation and determine its importance within an organisation..............................1
P2 Organisational vision, leadership, culture and teamwork can shape innovation...................3
TASK 2............................................................................................................................................4
P3 Explain 4Ps of innovation and use of innovation funnel to analyse and shape innovative
ideas.............................................................................................................................................4
P4 Describe frugal innovation and how it is used within an enterprise......................................5
TASK 3............................................................................................................................................6
P5 Significance of commercial funnel and application of New Product Development
processing....................................................................................................................................6
P6 Develop innovation business case in an organisation............................................................7
TASK 4............................................................................................................................................8
P7 Various methods of firm which use for retain, develop and protect intellectual property....8
CONCLUSION................................................................................................................................9
REFERENCES .............................................................................................................................10

INTRODUCTION
For a business organisation, it is require to adopt advance technology and innovative
ideas in their process to getting desirable outcomes easily. This is a effective procedures that
helps to translate new and creative ideas in operational activities as well as services. Innovation
is used to make modification and rectification in existing things to represent them creatively in
front of audience (Aarikka, Stenroos and Sandberg, 2012). Innovation is very different to
invention. Through this firm can easily improve quality and services of their organisation be
using new strategies and plans as well. This project report is based on Fordway solution which is
a Information technology organisation. This firm was founded in the year of 1991. Fordway
solution provide cloud services, IT infrastructure optimisation , IT consultancy services and data
security software for different organisations. This report includes importance of innovation
within a company, organisation's vision, cultural values, teamwork planning and 4Ps of
innovation. At last this project represent frugal innovation, uses of commercial funnel and
different methods to develop and protect intellectual property.
TASK 1
P1 Define innovation and determine its importance within an organisation
For a business organisation, it is required to use innovation in their business process to
improve values of their services in target market easily. These thing include uses of creative and
new ideas in operational and functional activities of firm to develop innovative things. Fordway
solution is an IT solution organisation that develop various software and consultancy services for
different companies. For them it is require to use innovation in their services to develop creative
ideas in their products and services.
Innovation is a appropriate procedure that use to translate new ideas and creative
thoughts in organisation's products and services. Through this Fordway solution can easily adopt
appropriate changes in their products and software to provide quality services to customers.
Through this firm can easily rebuild their goodwill and competitive advantages in target market.
For this, company should have to provide effective training to their employees to enhance their
skills and working ability easily. These kind of ideas helps to getting desired outcomes of
organisational strategy (Bagchi, 2010).
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Invention is very different to innovation because it is determine to invent something in
new and different then others. In this procedure individual person develop and invent new
products and things in target market. It is uses as scientific skill and creative to invent new ideas
and things that never been uses before. Through this firm can easily build their new image and
goodwill in target market by offering new and creative products. Innovation and invention are
very different to each other as -
Basis Innovation Invention
Meaning This an appropriate process
that use to adopt creative ideas
and thoughts in organisation to
make proper modification in
products and services.
This procedure is very
different to innovation because
it is use to develop and invent
new products to serve them
creatively in front of target
customers.
Skills required Innovation required creative
ideas and innovative thoughts
in an individual to make new
modification easily. In this
procedure a person can use
technical values as per their
own skills.
Invention requires scientific,
technological and strategic
skill in an individual to invent
new things in target market
easily.
Implementation process To implementing innovation in
organisational process, firm
require to work in a team or
group to implement this
procedure creatively in market.
Invention is a different process
in which an individual create
new products and services by
their own skill (Bogers and
West, 2010).
Action plan For innovation, organisation
takes action when they wants
to make creative things in their
existing products and services.
Invention is uses as per market
and customers demand for new
products and objectives.
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Importance of innovation in Fordway solution -
 Through this firm can easily serve creative solution and software to their customers.
 Innovation always helps to make desirable modification in organisation's products and
services.
 It can aid to rebuild new and positive image of firm in market.
Importance of innovation for workforce-
 This procedure helps to build group and team in organisation to implementing new plans
in firm easily.
 By using innovation, employees of Fordway solution can easily enhance their working
skill and knowledge as well.
P2 Organisational vision, leadership, culture and teamwork can shape innovation
Fordway solution is an IT solution organisation that use effective practices and
technological ideas in their business procedure to design quality software and solution for several
business organisations. In this process innovation will helping them to adopt new and creative
ideas easily to offer effective combination of quality products and services as well. Through this
they can easily transfer skills and thoughts to their customers. Before implementing innovation in
business organisation it is require that management provide effective training for their employees
to enhancing their easily (Bogers and West, 2012). This process helps to build effectiveness in
firm by enhancing working approaches and knowledge skill of workforce. There are different
terms are determine that requires to shape innovation as -
Vision – These are known as organisation's long term objective that requires to fulfil
properly. Fordway solution is a It solution and consultancy organisation that wants to create new
and creative software for different business companies. Through this Fordway solution can easily
build their image and goodwill in target market or in front of customers. Main vision of
Fordway solution is to build a large software solution chain that can easily solve problems and
issues of different organisation. In this process innovation provide its own contribution to build
creativity in firm.
Leadership – For a business organisation, it is required that their workers provides own
contribution through their quality services. In this, leader of firm provides their own contribution
by motivating their peers toward firm's future objectives and goals. For this leader can use
innovative ideas that helps to provide appropriate guideline and direction to their employees.
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Through this procedure leader of Fordway solution can easily attain organisational objective and
future success easily.
Culture – For Fordway solution, it is require to create positive and innovative culture in
their organisation that helps to enhance employees skills and working approaches as well.
Organisational culture always make values for customers and workforce to getting desirable
outcomes easily. In this procedure innovation helps to enhance firm's values and to attain future
objectives in effective manner (Ettlie and Rosenthal, 2012).
Teamwork – In a business firm it is require that all the employees of firm are working
together to attain desired outcomes of their future objectives. Innovation is an creative process in
which all the member of firm requires to working in a team to make appropriate modification in
products and services as per customers demand and requirement. Teamwork always help to
minimise issues and problems of firm by equal contribution of their workers.
TASK 2
P3 Explain 4Ps of innovation and use of innovation funnel to analyse and shape innovative ideas
Fordway solution is an IT solution organisation that provides quality software and
consultancy services to their customers. For them it is require top use innovative ideas in their
business process to getting desired outcomes of their future objectives. In it, employees of firm
provide their own contribution to create new plans and strategies for their firm. In this process
firm require to analyse their marketing values to make appropriate modifications easily. In this
4Ps of innovation helps to make desirable changes in products and services as -
Product – For a business organisation, it is require to analyse their products values and
its demand in market. Through this they can easily make positive changes in their overall
services to provide higher satisfaction to customers. Fordway solution require to analyse uses
and requirement of market and firms for making desirable changes in organisational software. In
this process they can use innovation to translate their ideas and thoughts in products and services
properly (Gambardella and McGahan, 2010).
Process – Before adopting innovation Fordway solution requires to use proper procedure
that can build appropriate values in firm. These kind of process always helps to maximise
productivity and profitability of company. Innovation procedure basically uses to provide higher
satisfaction to customers through creative and impressive thoughts as well as ideas. Innovation is
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a big process that require appropriate duration to make desirable changes in existing services of
an organisation. Fordway solution can use such things in their business to use appropriate data
protection technology and methods as well.
Position – For a business organisation, it is require to make their own position in target
market through any kind of services or products valuation as well. Fordway solution require to
make desirable changes in their procedure to create their own market place easily. It is not
depends on promotion activity of firm but it is based on their services, its quality, customer's
perception and employees working approaches toward firm or customers as well.
Paradigm – These kind of procedure are based on up to date changes that Fordway
solution require to manage in their organisational services. Through this they can easily adopt
innovative ideas and creative thoughts to make quality modifications easily in their products and
services. These changes should have to be effective and proper that helps to recreate new image
of firm in target market (Godin, 2012).
Innovation funnel – This is a proper procedure that uses to make effective changes in firm's
products and services as per customer's demand and requirement. This funnel is working with an
effective procedure in which firm needs to analyse requirement and demand of market for their
services. For Fordway solution this procedure will be consider very impactful that provide proper
information of several organisation's demand and requirement toward their software and its
several changes as well. In this process innovation takes a specific place to translate such ideas
and thoughts in those procedure to rebuild value of these services easily.
P4 Describe frugal innovation and how it is used within an enterprise
Fordway solution is an information technology solution firm that provides its services
and products to several business organisations as cloud services, IT infrastructure optimisation ,
IT consultancy services and data security software. For them it is require to use to use frugal
innovation in their business procedure to making desirable changes in their services easily. This
procedure basically uses to analyse values and effectiveness of products and services to make
proper modification in them. Through this procedure, Fordway solution can easily minimise
manufacturing cost, reduce extra wastages and production cost from firm to getting desirable
outcomes of their proper services (Huizingh, 2011). Frugal innovation is helpful for those
companies that wants to get higher benefits and success easily by putting less efforts in this. In
this process, Fordway solution require to use proper procedure of frugal innovation as -
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Occupy and literate – In this process, organisation require to analyse proper market and
customer's demand to getting their opinion toward different products and services that
organisation serve to them. Through this Fordway solution can easily make proper modification
through different innovative ideas and techniques as well (Wonglimpiyarat, 2010). This process
also known as market analysis to getting proper information of each marketing elements.
Shrink your assets – Main objective of frugal innovation is to put less efforts and
provide higher satisfaction to target audience. For this Fordway solution uses analysis process in
their business organisation to improve values of their products and services in front of target
audience. In this procedure company can use promotional activities, reduce manufacturing cost
and serve quality services at appropriate time period.
Make sustainable resolution – This process determine values of new and creative ideas
in business organisation that require to adopt for making desirable changes easily. Through this
Fordway solution can easily build their new market image and products valuation to recreate new
market values. Through this procedure, firm can get higher growth and income as well.
Give shape to consumer behaviour – For a business organisation, it is require to build
proper relation with customers to getting long terms benefits. Fordway solution require to
manage quality of their products and services to provide appropriate satisfaction to target
audience. All these things are very beneficial for company to create positive relation with their
customers to getting long term benefits easily (Huizingh, 2011).
Create innovative ideas – After making such things, it is require that employees of firm
creating innovative ideas to make proper modification in their services. Through this firm van
easily attain their future objective and goals by translating their ideas and thoughts properly in
business process.
TASK 3
P5 Significance of commercial funnel and application of New Product Development processing
For a business organisation, it is require to make appropriate changes in their procedure
to adopting innovative ideas easily. In this process, Commercial funnel uses as authentic tool in
which company can adopt one specific approach for their business procedure. Commercial
funnel takes a lots of time for implementing this in their organisation (Kim, 2011). Through this
Fordway solution can easily analyse market demand and customers expectation toward several
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services. This organisation serve their quality services to different business firm as cloud
services, IT infrastructure optimisation, IT consultancy services and data security software to
properly manage their data and business rules as well. These things helps to maximise level of
sales and revenue in market. This is working as long process in which first firm analyse market
and customer's demand to make proper modification as per their requirement easily. It is includes
several steps of commercial funnel for New Product Development processing as -
Idea generation – Before implementing frugal innovation in business procedure, it is
require that employees of Fordway solution generating new ideas and thoughts. These ideas
should have to have to be creative and different to existing ones. Through this firm can easily
recreate their own image in target market or in front of audience. This is a one specific method
of innovation (Lindič, 2011).
Idea screening - After generating new idea, it is require to screening them in proper
manner to getting desirable outcomes easily. Through this Fordway solution can adopt beneficial
and creative ideas in to grab future opportunities and benefit easily. Ideas and plan should have
to be screening before implementing it in business process as per customer's and market demand.
Concept development and testing – This is a most effective and appropriate methods in
which organisation test and monitor their ideas and thoughts in exact manner. Through this,
employees of Fordway solution can easily analyse benefits and objectives of these things that
they can get in future. This procedure is properly analysing as per customers demand and their
expectation toward firm's services.
Test marketing – In this process, firm require to get proper research of customers
expectation and their implementing policy and process that are uses in proper modification of
different products and services as well.
Commercialisation – After implementing all these process, it is require that Fordway
solution create new ideas and solution for their organisational services to make values of them
easily. These kind of services are helpful to providing higher satisfaction to target customer's
and business organisation's to getting higher success easily (Snow, 2011).
P6 Develop innovation business case in an organisation
For a business organisation, it is beneficial that they uses innovation in their operational
business approaches. Through this they can attract target audience toward their products and
services. Changes and modifications are requires to be done on timely bases to getting higher
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customer satisfaction. Fordway solution requires to use these kind of innovation in their business
case to make desired modification properly.
 Collect proper information – This is a most important step of innovation
implementation in which employees requires to collect proper information of market and
customers as well. Through this firm can easily implement desired changes in their
business process. In this process, it is require that firm analyse customers demand,
requirement and expectation toward different services. Fordway solution have to collect
an appropriate information about present tends of market to implement innovative ideas
to attain better profits. This will helps to implement desired ideas or concepts which helps
to boost up growth of the company.
 Create organisation's target – After gathering proper information of market, it is
require to create organisation's target in proper manner that require to attain properly or at
specific time period. These activities helps to provide future growth and success to an
organisation (Teece, 2010). Fordway solution have to create an accurate objective as per
efficiency of business as well as preferences of clients. It will facilitate attain target easily
and improve productivity of the firm properly.
 Make proper analysis – This is a appropriate method in which firm require to analyse
each and every element that consider as future modification. Through this firm can adopt
creative ideas and plan for their business plan. In case of Fordway solution, they have to
put efforts to carrying out an effective as well as efficient analysis of market. It involves
to determine current trends along with needs and demands of customers which helps to
apply innovative thoughts appropriately to gain better outcomes.
 Funding – This is requirement need of each organisation to getting proper funds through
different sources. These kind of services helps to implementing each innovative idea in
organisational procedure easily. In context of Fordway solution, they have to manage
funds which are required to be allocate into business for implement any innovative idea.
It is necessary to maintain funds so that required investment can be done properly to
attain desired outcomes by applying creative concepts.
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TASK 4
P7 Various methods of firm which use for retain, develop and protect intellectual property
This is related to different legal term that regulated by government of a country to protect
assets and rights on different properties of its owners. In this, authorised body provides several
legal rights to different companies as -
Trademarks – These kind of legal terms are uses to protect brand names and logo of an
organisation from furthers organisations (Thore, 2012). Government of an country provide
licence to a specific organisation to use their own promotional tools and tag lines to getting
attention of customers.
Patents – These legal terms are applied in inventors of specific products. Government of
an country provide them legal rights that they can exchanges their products discloser for a
limited time period as their own invention. These legal rights are basically implemented for
invention products and authorities.
Copyrights – This is known as legal authority that government provide to owner of
creators and owners of tangible things (Walsh, 2012). By this creator of a specific things has
exclusive right on their services for use them or distribute them by their own choice.
CONCLUSION
As per the above report it has been summarised that innovation is an effective procedure
that use to recreate values of different products and services easily. This procedure consider
transforming creative ideas and thoughts in several things as per customer's demand. This project
report is based on Fordway solution which is a Information technology organisation that provide
cloud services, IT infrastructure optimisation , IT consultancy services and data security software
for different firm's.
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REFERENCES
Books and Journals
Aarikka-Stenroos, L. and Sandberg, B., 2012. From new-product development to
commercialization through networks. Journal of Business Research. 65(2). pp.198-206.
Bagchi-Sen, S., 2010. Strategic considerations for innovation and commercialization in the US
biotechnology sector. European Planning Studies. 15(6). pp.753-766.
Bogers, M. and West, J., 2010. Contrasting innovation creation and commercialization within
open, user and cumulative innovation.
Bogers, M. and West, J., 2012. Managing distributed innovation: Strategic utilization of open
and user innovation. Creativity and innovation management. 21(1). pp.61-75.
Ettlie, J.E. and Rosenthal, S. R., 2012. Service innovation in manufacturing. Journal of Service
Management. 23(3). pp.440-454.
Gambardella, A. and McGahan, A. M., 2010. Business-model innovation: General purpose
technologies and their implications for industry structure. Long range planning. 43(2).
pp.262-271.
Godin, B., 2012. “Innovation Studies”: The Invention of a Specialty. Minerva, 50(4). pp.397-421.
Huizingh, E.K., 2011. Open innovation: State of the art and future perspectives. Technovation.
31(1). pp.2-9.
Kim, S. K. And et.al., 2011. The effect of R&D, technology commercialization capabilities and
innovation performance. Technological and Economic Development of Economy. (4).
pp.563-578.
Lindič, J., and et.al., 2011. Deploying information technologies for organizational innovation:
Lessons from case studies. International Journal of Information Management. 31(2).
pp.183-188.
Snow, C.C. And et. al., 2011. Organizing continuous product development and
commercialization: the collaborative community of firms model. Journal of Product
Innovation Management. 28(1). pp.3-16.
Teece, D.J., 2010. Business models, business strategy and innovation. Long range planning.
43(2). pp.172-194.
Thore, S.A. ed., 2012. Technology commercialization: DEA and related analytical methods for
evaluating the use and implementation of technical innovation. Springer Science &
Business Media.
Walsh, P.R., 2012. Innovation nirvana or innovation wasteland? Identifying commercialization
strategies for small and medium renewable energy enterprises. Technovation. 32(1).
pp.32-42.
Wonglimpiyarat, J., 2010. Commercialization strategies of technology: lessons from Silicon
Valley. The Journal of Technology Transfer. 35(2). pp.225-236.
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