Innovation and its Impact: Ovation Systems Ltd Report Analysis

This report examines the concept of innovation within the context of Ovation Systems Ltd., a company specializing in innovative products for various sectors. The report begins by highlighting the significance of innovation compared to invention, emphasizing its role in driving organizational growth, increasing customer base, and enhancing product quality. It then delves into how an organization's vision, leadership, culture, and teamwork shape its approach to innovation. The report analyzes Ovation Systems Ltd's vision and mission, and how these factors influence their strategic goals. The report then explores the 4Ps of innovation – products, process, positioning, and paradigm – and their application within the company. Furthermore, the report discusses the concept of frugal innovation, its development within Ovation Systems Ltd, and its impact on cost management and product development. The report concludes with a comprehensive analysis of the company's innovation strategies and their implications for business development.

Innovation

INTRODUCTION
Innovation is the process in which people make new and unique products and goods for
customers. Innovation defines to implement the new product in the market with innovative
thinking. It is an activity in which company modifies their goods or products in new shape, size
and colour as well as change their old design in an effective way which is liked by new and
existing customers. Innovation means to make new things and develop innovative ideas. . It
helps to provide high growth and development to an organisation. Ovation Systems Ltd.
manufactures innovative products for the military forces, policemen and government agencies.
Company is established in April 2008 and it is a highly reputed organisation which win many
awards like Queen's Awards for innovation and Queen's awards for international trade in 2009.
This is a small enterprise which increases their within country (Lundvall, 2010). They cannot
afford to serve their services in international market. Main purpose of this report is to understand
the importance of organisation in innovation in an organisation and elaborate the organisational
vision and mission that helps to innovate their goals and objectives which help to achieve the
target goals. Company also describes 4Ps of innovation such as process, products, positioning
and paradigm..
TASK 1
P1. Importance of innovation in comparison with invention
Innovation is the process which provides growth and development to organisation. It
helps to enhance the number of customers who purchase new innovative products in market.
Every company needs to bring innovative items which increase their productivity and
profitability. It also enhances the quality of products which provides effectiveness and efficiency
in a positive manner. Innovation helps to modify items which increase sale and develop unique
products which satisfy customers’ needs and wants (Drucker, 2014). A person who innovates a
new product and thinks design, shape, colour and size in the mind.
An employee is always confused to understand the difference between innovation and
invention. Innovation and invention are different from other but they helps to provides growth
and make profit to the company. The difference between innovation and invention is stated as:
Basis Innovation Invention
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Definition It is the process in which a
person thinks in an innovative
manner and make different as
well as unique products from
the other one that can never
made by anyone. It helps to
modify a old products into new
shape, size and colour which
change its whole design.
It is an activity in which a
person made such type of
products or item which has not
develop by any one in current
and previous time period. It
helps to attract large number of
customers.
Work of innovation It helps to modify the old
products into new shape, size
and design that looks unique in
every manner.
It provides the latest
technology that is never made
by any company in previous
scenario.
Skills necessary A person who made products
in different way, they should
to know about its products
advantages and disadvantages.
A person has to know about its
products making process and
also have a full knowledge of
scientific skill.
Ovation System Ltd is a private limited company that designs and manufactures high
quality digital video equipment’s which provides the best services to their customers. In the
market, there are many small enterprises which cannot start their business in large marketplace
because of lack of capital and threats of competitors. Apple Inc. is the firm which makes
innovative products to the customers and sold in the large market. They make I-pod which is
small in size and save more than 1000 songs in it. The other company will use large and heavy
products which cannot control by the customers and I-pod provides easy way to handle it. There
are some benefits of innovation to Ovation System Ltd and its workers. These are:
For workers
It helps to increase in working capacity
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It increases effectiveness and efficiency range of employees
It provides new skills and abilities.
It helps to grow the career graph.
For organisation
It attract large number of customers.
It provides high growth and development.
It increases productivity and profitability.
It provides unique products to customers.
It helps to fulfil the needs and wants of consumers and satisfy them.
P2. Way in which organisation’s vision, leadership, culture and teamwork can shape innovation
An organisation must establish its current and future objectives which help to achieve the
target goals in an effective manner. Company’s workers need to know the importance of
innovation which helps them to understand the use of products or items. They should solve
innovative product’s related problem of customers and try to resolve their issues. There is the
need to give right direction to employees which helps to achieve desired target goals and
objectives effectually (Teece, 2010). The Apple inc supervise worker’s abilities and capabilities
that identify the skilled employees who can perform difficult tasks and manage their co-workers
in this project.
1. Vision- Vision means long term goals which are seen by every company for their large
growth. It has desired target which identify the current financial position of Ovation
system Ltd that have to achieve in future time period. The vision of company is to
provide advanced design tools and high quality production products to the clients. The
innovation provides shape to its business growth and helps to achieve future goal .
2. Mission- Organisation’s mission is to achieve all short term as well as long term goal in a
particular time period. Innovation helps to achieved all goals that needs to fulfil in fixed
time.
3. Leadership- Managers and top management lead their employees to use innovate
products and solve different queries in an effective way. Leadership provides right
direction to the workers that help to perform the perfect task and motivate them as well.
Innovation helps in leading the new products which provides shape to the products.
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4. Culture- If working environment of company is not suitable for employees then he/she
cannot perform the task in an effective way and it would create dissatisfaction with job in
the minds of workers (Edquist, 2010). Innovation can helps in change the current culture
by introduce new culture within an organisation.
5. Teamwork- Teamwork describes that work which manages together with the helps of
employees in effective manner that enhance the organisational efficiency. It also
increases the knowledge of innovative products by sharing ideas with the co-workers. .
The team work also increase coordination between employees and department within
organisation. Apple Inc makes different and complete team which completed each and
every task in effective manner. If they do not achieve any targets goal then they need to
be self motivated and adopt their core ideas and values in which they have to believed.
Ovation System Ltd make some rules and policies that must be followed by every
employees within an organisation. They should also innovate new products which
provides high quality growth and development.
TASK 2
P3 4Ps of innovation and use of innovation funnel
The main purpose and objectives of an organisation is to innovate unique products which
attracts large number of customers. The innovation funnel defines the complete process that
provides extra growth and creativity within an organisation structure. Some researchers analyse
that innovation process is used to change imagination and creativity into real events. There are
4Ps of innovation which describes different aspects:
 Products- It is important tool for innovation process. Products is the core which is
offered in the market that provides information about quality of innovative products and
analyse the customers demand (Dahlander and Gann, 2010). The ovation system Ltd
make their products design in innovative way which looks different from others
competitors products. If Apple Inc use innovation process then they gain advantage of
competition. The firm should done innovation in the products and services so that they
can change as per the demand of customers.
 Process- Innovation is not easy and simple process. It takes lot of time and consume
many resources. It helps to low the amount of activity and increase effectiveness and
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efficiency of an organisation. Innovation process helps to make perfect product to follows
the same process in each innovation. Apple Inc company follows long process of
innovation which motivate their team members and its results was I-pod which is small in
size that save 1000 songs and better than any other Walkman sold in the market. The
company needs to provide proper direction to their workers. Manufacturing alteration can
modify the advanced innovative and creative products and services for developing unique
items in appropriate manner. Also this will enhancing the productivity and make all work
easy that can help in attaining desired goals and targets.
 Positioning- Ovation system Ltd has to make new things which establish reputation in
the market with the help of innovation. The company should know that how to position
their products in the mind of targeted customers which helps to fulfil their needs and
wants (Tebbe, 2011). The company should position their products on that place where
target customers are evaluated. Digital sector provides high growth rate in the most
manageable market. Apple should require to place their products at the top position
where they can easily attracting large number of buyers towards their new and innovative
goods in the huge market place.
 Paradigm- An organisation adopts all core values and factors which helps to implement
innovation process. An analysis is important of every products which has been made by
an employee and also make innovation process which helps to achieve target goal and
objectives. Ovation system Ltd has to use these 4Ps that provides innovation process in
which all the products are made in a unique way. The company's managers have to guide
their employees to do innovation and develop different items which have not made by
anyone. It provides right direction to their workers and increase organisational growth in
effective and efficient manner. It is one of the major factor of 4Ps which integrate with
company. In this stage, they can not combine every process with each other. Also this
will assist in accomplishing goals and targets in proper manner.
P4 Development of frugal innovation in ovation system
An innovation is the process which is designed in a way that provides right direction to
their employees in an effective manner. Frugal innovation defines the process which help
managers to lower its cost of manufacture and creates difficulties. All the essential features are
identified in cost structure and evaluate current difference in innovation. Innovation process is
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based on new ideas, capabilities and ability of an organisation which provides best products to
the desired customers (Gassmann, Enkel and Chesbrough, 2010). In ovation system Ltd,
manager also evaluates balance sheet and annual budget which helps to assume the current
position of the company. An organisation have to build strong relationship between manager and
customer. If they do not fulfil the customers needs and wants that affects their financial budget.
The managers must know the detailed process of innovation that helps to gives right direction for
all employees and it helps to achieve target goal and objectives. The company's manager have to
identify workers ability and capability that helps to make potential customer and select target
market. An individual lead to organisations employees which helps to achieves required goals.
Frugal innovation is best suitable method for making and developing creative type of products
and services in effective manner. It is the process of eliminating complex work and product cost
for developing accurate manufacturing process. When firm can use lower budget for making and
designing their products so they can easily produce cheaper rate goods for their buyers.
As per the case study, Apple Inc and Virgin group used limited resources in an effective
manner. It also enhance the workers skills that helps to achieved target gaols and objectives and
satisfy customers needs and wants. The ovation system identify frugal innovation process which
provides different activities for gain more profits. The innovation helps to minimise cost and
time for making a new product and they perform different process for evaluating customers.
Apple inc company can understands consumers need and wants in an effective manner which
eliminates the intermediaries who gain more profit amount and know the market information
which cannot achieve at fixed time period (Huizingh, 2010). There are some benefits for
developing frugal innovation are as under:
 Identify the best opportunities which help to provides maximum profit within an
organisation
 It helps to analyse skills and knowledge to the employees which provides necessary
information related to the level of production and its workers.
 They have to add some supportive resources which do not provides accurate
resources.
 An organisation should implement its updated technology which used by trained
workers and manager should gives training to the employees.
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 The predetermined planning is done when all required changes are implemented. IT
helps to achieved target gaols and objectives.
This is the process which helps ovation system Ltd to minimise its necessary tools that
higher their cost activity and increase organisation growth and develop in an effective way.
Frugal innovation can used in business activities and functions that are described as follows:
Increase in innovation methods- It will help in enhancing their innovation number based
process which are used for creating new products in effective quality.
Extra characteristics of existing products- This is that method which can assist in adding
extra features among goods for gaining attention of more customers in the large market place.
Reduction in manufacturing amount- With the assistance of frugal innovation, firm can
adopt this for eliminating income which can used at the time of producing and making modified
goods.
TASK 3
P5 Importance of commercial funnel and new product development
Commercial funnel definition meaning is simple, short and easy to understand. The
commercial funnel is the process which lead the potential customers into actual user that
provides goods and services in an effective manner (Crossan and Apaydin, 2010). On the other
side, new product development is the process that helps company's managers for making new
products which satisfy customers needs and wants in the specific market. The process is
describing the products innovation process which enhance large number of customers. It is the
process which design the product in a new way and make proper strategies in different manner
and gain maximum advantage of competitors. It also provides planing in advance which satisfy
potential customers needs and wants.
The ovation system Ltd has planned to establish the enterprise into different fields which
change its structure and lower risk level. The Apple Inc company has diversify its music library
and also provide more products. In recent time period, company is only provides services to the
business houses but currently the company helps to provides qualitative services to the
employees and co-workers. An organisation need to identify loopholes that makes continuous
changes in current and previous financial position. The company need to update its products and
there are some process of new product development are as under:
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As per the above image, new product development is a process in which all seven steps
are stated. The consumer has to invest huge amount in the market and it helps to managed or
controls innovation which is necessary for evaluating a new products. The ovation system Ltd
takes decision to enter in an new market and analyse tough competitors. It provides fresh
products in less cost and modify existing products in an effective manner (Hall and Lerner,
2010). The company will also control or manage all 4Ps resources in the market in proper way.
It is important for the company is to stay at the time of maturing process, so firm can obtain new
and latest procedure for implemented new product development within an organisation. Also
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Source 1: Maximilian Claessens, 2015

they can face huge issues and problems which should support in making new products.
Therefore, it is important to understand customers, markets and competitors which help in
developing goods that present superior amount to the consumers. There are no other option for
making systematic, innovative and creative type of products for analysing and growing the
existing goods and services in the market place.
P6 Innovation building case for Ovation system Ltd
Ovation company's managers need to build some case that helps to maintain or achieved
objectives and provides proper level of activity, such as consumes time, invest money of
company into different tasks or projects that provides high return and put some efforts to
increase in the level of production. This is the main concept which is used make or develop new
products within an organisation. There are some steps which has to be followed by ovation
system Ltd.
 Understanding objectives- Ovation system company needs to know all basic
objectives which helps in achieving future and current goals (Drucker, al. et. 2010). The
manager train their employees who are capable to perform each task that enhance their
skills and knowledge.
 Analyse the market- An organisation needs to analyse whole market position which
understands the competitors natures and make solution to deal with them. The company
should evaluates the marketplace that helps in making more profits.
 Collects inputs- Ovation system managers have to collect all necessary information
which helps to supports organisational activities in an effective manner. It also analyse
the future dealings of the company.
 Results- Ovation company makes proper planning which attracts maximum customers
that provides perfect result outcomes which evaluates right decision making of the top
management.
The case study of Apple Inc and Virgin group, makes different types of investors that
helps to gain more profit (Melville, 2010). The ovation system Ltd also used this investment.
There are only two types of investors that provides investment.
 Business angels- They are popular investment market which find attractive
business and gave them huge investment.
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 Enterprise capital firms- In this the firm purchase shares by the company that
provides large investment but also wants same capital of shares or ownership during
the time of repayment.
TASK 4
P7 Different tools that develop, retain and protect intellectual property
Intellectual property provides right direction to the top management and use ideas, plans
and other assets. All the people are not use the property right without taking permission of an
owner or its sole proprietor. It helps to provides unique idea and thoughts which created by an
individual (Brown and Wyatt, 2010). There are some various types of intangible properties are as
under:
 Patent
 Copyright
 Trademark
 Design rights
 Secret trade
The ovation system Ltd that deals in digital products which manufactures high quality
products. The company should take care of the property rights and some fake people who take
unnecessary advantages by using others properties. There are some types of rights are as under:
 Copyrights- The person who use the others property without taking his permission is
known as copyrights. If any person needs to use its property then firstly he/she take
permission of an owner. It also analyse the rights of an individual person who take
permission of owner then make innovation on the products. Apple and virgin group can
used these tools for protect their product copyright from other persons. No one can use
their products copyright without taking their permission.
 Patent- When an individual invents new things in the market then he has legal right to
get patent from government (Adner and Kapoor, 2010). An investor must registered his
patent right in the court it is the duty of every patent holders individual. These firms can
used patent for taking legal right for their specific product from government in proper
manner.
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CONCLUSION
As per the above mentioned report can be conclude that innovation is important in every
organisation that provides high growth and develop new products which sold in the market.
Ovation System Ltd has to use innovation process that helps in making new digital products. It
also increase the effectiveness and efficiency of an organisation for improve in production. For
understands the 4Ps in the company that helps to innovative funnel for give shape of an ideas and
thoughts of an employees. The company evaluates the process of frugal innovation which
examines the opportunities, capabilities and finds new issues and problems of an organisation.
The new product development describes the importance of new product introduction which
enhance customer volume. The innovation helps to understands the aims and objectives of
company and also analyse necessary information of an organisations activities. The investors
invest his income in two types of investments such as business angel and business capital firm.
There are some different tools that protects rights of an owner, individual and investor.
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