Innovation Report: Analysis of Innovation in Periscopix Services

This report examines innovation and its significance to organizations, contrasting it with invention, and highlighting how organizational leadership, vision, and teamwork shape innovation and commercialization. The report analyzes the 4 P's of innovation (product, process, position, and paradigm) and discusses the innovation funnel. It further explores frugal innovation and its development, the importance of a commercial funnel and New Product Development (NDP) in a business firm, and the valuation of an innovation business case. The report concludes by mentioning different tools used by organizations. The case study focuses on Periscopix, a UK-based consultancy services company.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
P1. Innovation and its significance to organisations in comparison to invention.......................1
P2.Way in which organisational leadership, vision and teamwork can shape innovation and
commercialisation.......................................................................................................................3
TASK 2 ...........................................................................................................................................4
P4 Frugal Innovation's development...........................................................................................6
TASK 3 ...........................................................................................................................................7
P5 Importance of commercial funnel and NDP in an business firm...........................................7
P6 Valuation of Innovation Business Case.................................................................................8
TASK 4 .........................................................................................................................................9
P7 Different tools used by organisation......................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
In the current situation, there are many types of businesses and their processes who has
the motive of turning of their vision into the reality and that is being done by applying tools and
techniques to have better future. In this kind of process, there are number of elements which play
a major role like platform of opportunities, prototyping, sales, marketing and production (What is
innovation? 2011). There are various types of creative and innovative ideas which are being
utilised for conducting the production and thus, sell out the goods and services to clients within
market. There are two different aspects which are invention and innovation and their functions
are also different but they both work on common goal and that is contributing in social and
economic factors. In this report, chosen company is Periscopix which is a consultancy services
company dealing within UK. There are number of elements which will be highlighted in this
report like major difference in between innovation and invention. Besides this, effective
functioning of both the aspects will also be discussed in this report.
TASK 1
P1. Innovation and its significance to organisations in comparison to invention
INNOVATION: Innovation is a concept in which there are many types of thoughts and
other creative ideas are being transformed into goods and services and thus, being sold to the
customers in terms of monetary. Innovation can only be added to an idea when it has the factor
of reducing cost in economic terms and hence, fulfil demands (Ariga and et. al., 2013). Besides
this, innovation can be stated as a process in which essential information is being collected and
available resources are being utilised in an optimum manner. This in turn will allow company to
make changes within goods and services in order to satisfy the customers in an effective and
effectual manner. Innovation can be implemented within services which are being provided to
the customers. It is basically divided into two main parts which are being described as below:
Evolutionary Innovation: In this approach, development happens when the mechanical
changes are being done on an item over and over. This entire procedure can be said as a
transformative development on single item.
Revolutionary Innovation: This sort of approach expresses that motive for advancement
isn't adjustment on single item however, it happens from new thoughts (Boons and Lüdeke-
Freund, 2013).
Importance of Innovation
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There are many ways on which the growth of company totally depends along with tools
and techniques which are being applied for attaining expected results. The major reason behind
success and growth of company is innovation which should be applied at initial stages. The
main focus of advanced innovation is on providing competitive advantage along with some
other methods by which development can take place (Drucker, 2014). Innovation and other latest
technologies are being adopted by the company in order to apply innovative and creative
thoughts within real world. Furthermore, there is a positive mind set of people regarding
innovation within goods and services and this can be a benefit to company for having large
number of customers along with increasing goodwill within marketplace. There are number of
advantages which are being provided for company along with staff members by innovation
which can in turn enhance level of performance for employees. Besides this, there are more
benefits which are being adopted for attaining the objectives in an effective manner.
There are particular differences in between the innovation and invention which are
described as below:
Basis Innovation Invention
Definition Concept in which
implementation of various
thoughts and creative elements
in order to attain the
objectives.
In this concept, fresh thought
is being formulated for the
attainment of aim in a better
manner.
Base For applying, thoughts can be
implemented.
Untouched and appropriate
thoughts.
Activities Implemented in the whole
company.
Bounded within the research
and development wing.
Reason of occurrence Betterment of goods and
services for maximum level of
satisfaction (Goldberg, 2013).
Occurrence of fresh ideas and
thoughts.
Allocated with Several processes Single process
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P2.Way in which organisational leadership, vision and teamwork can shape innovation and
commercialisation
In the modern scenario, every kind of company that is working within marketplace has
set their focus level on conduct the production of goods and services in order to have more
number of customers for attaining the targets which are being set. Periscopix mainly utilises
commercialisation in order to bring innovation in the products and services for high amount of
sales. Best suitable example can be taken up of Apple and Virgin group that has set their focus
on determining the actual desires and wants of customers and thus, providing products and
services in such a manner where they can be highly satisfied.
Vision:
This can be stated as a concept or statement which is being formulated after a long period
of planning and starting up of operations (Huberman and Miles, 2013). This can be stated as a
method or the path on which company has to work and attain it in better terms. Main motive of
stating this concept as pre-determined is that it identifies the goals of company and thus,
provides bridge by which that certain goals can be attained.
Culture:
This kind of concept can be stated as an environment of the company which mainly
defines the structure of performance and determines method which tasks and objectives of
company can be achieved in getting effectual results. There are various kinds of factors which
are being included within the working environment like mission and vision along with
authorities, ethical process and other objectives.
Leadership:
This kind of factor can be stated as one of the most effective regarding the company as
this mainly provides guidelines for the staff members in order to attain number of activities and
tasks. Priority of a leader is to determine the skills and abilities of employees and thus provide
them the work in certain manner (Jaffe and Lerner, 2011). It is highly essential that a leader
should have motivational skills for encouraging the team members so that high level of
performance can be obtained. Besides this, development and training sessions can be given for
polishing abilities and skills of employee.
Team Spirit:
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Success and growth can be stated as factor which is highly essential for each and every
kind of company and thus can be applied by innovating effective ideas and techniques.
Delegation can be stated as tool which is being utilised by the company for giving motivation
and monitoring the team work. There are various kind of things which have made positive
impacts on the production and profit ratios of the company and thus have been able to reduce the
chances of political issues arising (Jiménez-Jiménez and Sanz-Valle, 2011).
There are various types of business which has the curiosity regarding
establishing effective and ethical environment for the staff members in
order to uplift the morale level which can in turn level up the performance.
Innovation and Invention which are being needed by various types of ways
which can provide the guidance regarding the path of the success for
mentioned company.
TASK 2
P3 Evaluating 4 P'S of innovation
Innovation factor is global in nature and thus it can be observed
everywhere and thus to some of the people it can be new factor while for
some of them it can be usual. Priority of the Periscopix is on bringing up the
changes within various kind of services and products which are being
provided in order to bring up the maximum level of satisfaction along with
the profit ratios which can be also be enhanced. There are majorly four kind
of factors of the innovation which are being determined and thus they are
follows:
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Illustration 1: 4P'S of Innovation
(Source: 4P'S of Innovation, 2017) Product Prospective: In this element, priority of the company
Periscopix is on the sectors which have the major scope of the
improving and and thus have potential for large number of customers
(Leonard and Sensiper, 2011). Periscopix has mainly focused on the changes
along with the development within their products and services and
thus for that they have adopted various kind of tools and techniques
so that objectives can be attained. Example can be taken of another
company like Apple who has developed a product named iPod which is
the smallest music player. Apple company has developed this kind of
product on regular basis along with the time and has added many kind
of features in it along with music player which has made it much more
attractive. Process Prospective: This can be stated as one of the important
factor which has come after product innovation. This kind of process
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is mainly about developing and bringing changes within the products
and services along with manufacturing of additional features within it.
Example can be taken up of iPod which is produced within China and
remaining parts are being assembled in California. Position Prospective: In this kind of approach, company adopts this
kind of feature within their process as in today's date it is highly
essential to have potential of attracting huge amount of customers
(Lichtenthaler, 2011). Periscopix mainly follows this kind of process in
order to attract large number of customers and attain level within the
market place. This is majorly done by the help of addition of new and
innovative features within each and every product and service. Paradigm Prospective: In this kind of factor, nature if continuous
and due to this product add on is being done along with the services
for uplifting the appeal of the products and services in effective
manner. In simple words, it provides the alteration for the products
and services. Best example can be taken up of Periscopix who provide
effective consultancy services and other packages to the people.
Innovation Funnel: The channel and ways by which advancement is
actualized is stated as innovation funnel. In straight forward manner, the
way toward social affair which give birth to creative thoughts and other
essential data and accordingly investigating them in profound way and after
that suitable thought is being actualized for getting good results (Rosenbusch,
Brinckmann and Bausch, 2011). The stages of innovation funnel are:
 Generating Ideas
 Define concept
 Establish Feasibility
 Develop Capability
 Prepare for launch
P4 Frugal Innovation's development
There are various kind of issues and other challenges which are being faced by the
company specially while manufacturing goods and services and this is because there are high
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chances that conflicts may rise along with economical cost adjustment , resources usage and
many others. There are various kind of challenges and barriers which are being faced by the
company and thus it totally depend on the its size. In this kind, frugal innovation mainly works
within the company and thus helps out in reducing the challenges and other issues. This type of
technique can be considered as highly approachable for the company in order to remove the
unwanted factors and other situations (Sawyer, 2011). This type of technique is highly
appreciable and thus being utilised by the Periscopix in order to reduce the surplus cost of
services which are being provided to the customers. This in turn removes out the unnecessary
factors from the services which are being provided and thus make it much more economical
structure. Periscopix company mainly provides certain services to the customers regarding the
consultancy and thus for maintaining the goodwill and thus attract the customers which in turn
can apply number of elements which are not in the process. Implementation is being done of the
frugal innovation while fulfilling the demands and desires of clients within minimum cost which
can be applied by providing out the maximum benefits along with improvement within the
goodwill (Schaffers and et. al., 2011).
Frugal innovation in another words can be stated as game change process which has the
potential of making impact on mindset of the customers within the marketplace. Through an
example this can be made much more clear like Apple who in recent has launched new type of
product which is iPhone X and this phone has the feature of 5G technology but this technology is
not supported within every country so here in this case Apple can implement frugal innovation
and thus can work upon the 4G technology and can add on some extra features. As per this
example, it is clear that the frugal innovation just not only remove the unwanted factors but also
help out in adding some of attractive features instead of that.
There is high population within the economy who does not have high purchasing power
and thus they can not afford the luxury items and services. Apple company mainly deals in
luxurious items and here frugal innovation can be applied so that it can be reached to common
users.
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TASK 3
P5 Importance of commercial funnel and NDP in an business firm
Enhancing the goods and services by innovation is highly essential task for the company
so that customers desires can be met. This can provide assistance to the company in attaining the
objectives in better manner. Product commercialisation is highly essential factor for the company
and this can be stated as a process where innovation is being done within products and services.
Moreover this can be stated as technique in which new products are being formulated and
launched (Spithoven, Clarysse and Knockaert, 2011). Extra thoughts needs to be removed when
the funnel gets narrow in nature and thus suitable idea can be selected on the basis of market
trend, costs along with the feasibility.
New Product Development:
In order to develop new kind of product, there are various kind of plans and strategies which are
being formulated. Certain steps which are being followed for developing the new kind of product
and steps are described below:
Idea generation: In this kind of stage, development of idea neds to be done so that management
team can work upon it and thus give effective outputs. Conduction of research is being done
along with SWOT analysis for determining the situations within the marketplace.
Idea screening: This kind of factor is being applied after collecting list of ideas and thus every
idea will be applied in virtual manner sob that best one can be opted out.
Concept testing: After selection of idea, management team structures the product prototype and
thus they start the testing on each and every factor. This provide assistance to management team
for reducing the chances of errors.
Analysis of product: In this, effective and best strategies are being adopted and thus being
developed along with many of the factors so that it can be launched.
Test marketing: Management team launches product in certain area so that reaction of the people
can be observed regarding the products and its performance.
Commercialisation and launching of product: This is mainly considered as stage of
development of the new kind of product. After getting positive feedbacks, product is being
launched within entire market so that every customer can reach it.
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P6 Valuation of Innovation Business Case
Business case can be stated as written document which mainly describes the various kind
of operation in which company mainly deals in. There are various kind of strategies which are
being made along with the objectives which provide help in analysing potential problem of
company (Stokes, 2011).
Business Case: Periscopix mainly wants to expand the area of operations within UK on large
scale. In current situation, small portion of the UK market is acquired by them. This can be stated
as the reason of expansion within UK market. For managing the operations at the large scale,
high amount of fund is also needed from various kind of sources. The main focus of the company
is on acquiring the market share by expansion of the services provided to the customers and thus
for this company can finance themselves in two ways which are Debt and other one is Equity.
Debt can said as generating loan from another party like investors, banks while Equity means
when entity allow general public to purchase their shares, means possessing them to have control
on their business operations.
Bank Loans: On the off chance that an association needs to develop and make progress
in universal market, substantial measure of reserve is required which can ebb orchestrated
through either financial specialists or partners. Govt. help can be taken by requesting an advance
or the auxiliaries offices for course of action of assets.
Personal Savings: Investment funds are considered as veins of the association as without
it, plans can be actualized and accordingly it specifically hamper the points and targets of the
firm. So it is very imperative for a firm to orchestrate assets and furthermore to apportion them
with the goal that ideal use should be possible of those assets and most extreme benefit can be
accomplished.
Crowd Funding: Group subsidizing assumes an essential part in an association as it
states real situation of the commercial centre . It examine out the future needs and needs of the
clients and consequently get ready plan as per it with the goal that new and existing items can be
altered in ease way.
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TASK 4
P7 Different tools used by organisation
Among the assets which company owns, major one can be intellectual property and thus
it is being needed to have genuine considerations in order to make it recognizable within
company and thus high quality products are being delivered to the customers. Sometimes it nots
juts about making money but also uplifting the goodwill (Strayer, 2012).
Developing and Retaining knowledge and intellectual property:
The major motive of the company is to bring out the innovation within the services
provided. There are various ideas and thoughts which can be applied like latest technologies
adoption along with developing process. Innovation needs creative head who can think out of the
box and thus can uplift the business process.
Protecting knowledge and intellectual property
Intellectual properties is mainly considered as package of various rights. There are two
types of business which mainly runs within marketplace like profit running and non profit
running along with ensuring the securing financial data. There are some of the rights which are
being mentioned below: Copyrights- Adopting this kind of right is highly essential for the company so that no
one can copy the work or the innovative idea which are invented. Patents- This act is kind of similar to the Copyright which is being utilised for stopping
someone for making the thing which is already being discovered.
 Trade mark- Securing the goods and services produced by the company.
CONCLUSION
From the mentioned report, it can be comprehended that invention and innovation are
various factors who plays different role within company. New products can be defined by the
help of commercialisation and innovation so that it can be made available through distributive
channel and thus objectives can be attained in better and effective manner.
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