Innovation Strategies and Frugal Innovation at Wiser Consultancy

This report provides an in-depth analysis of innovation strategies implemented at Wiser Consultancy, a UK-based recruitment consultancy. The report explores the importance of innovation and its comparison with invention, emphasizing the need for adaptation and transformation in the face of market demands. It delves into the significance of vision, leadership, culture, and teamwork in shaping innovation and commercialization within the organization. The report further examines the 4Ps of innovation (product, paradigm, process, and position) and the application of the innovation funnel and frugal innovation concepts for new product development. It highlights the importance of frugal innovation in optimizing resource utilization and controlling manufacturing expenses. The report concludes by emphasizing the role of skilled workforce and modern techniques in providing quality services, enhancing market position, and achieving organizational goals.

Innovation

INTRODUCTION
In today's era innovation is one of the essential concept which require to be implemented
in each and every kind of organisation. It is necessary that management formulate new ideas and
thoughts which enable a firm to grab out various opportunities and attention of large number of
people (What is innovation?, 2017) Alterations are made in tools and techniques, so that superior
make changes in products and services in respect to requirements of customers. Creative and
unique items are delivered by companies in marketplace; and help administration to construct
competitive advantage over rivals in same sector (Johnston and Marshall, 2016). Present report is
based on Wiser, which is a recruitment consultancy enterprise established in UK. Herein,
management have attained skilled competencies and components which help them to deliver
services to their clients. This benefit executive to enhance their market position and image.
Moreover, with help of application of innovation funnel and frugal concepts used by superior for
new product development. Hence, here administration will able to accomplish goals and
objectives at stipulated time period.
TASK 1
P1 Innovation and its importance for organisation in comparison with invention
In an organisation executive conducts innovation process in system defines that ideas
and views are converted into items in respect to need and wants of people. Alterations in
technologies and diverse methods are used by superior to make changes in existing products and
services. This help companies to produce creative and modified items; thereby launch in
marketplace and provide opportunities to customers to purchase goods in according to their taste
and preferences. As in case of Wiser Consultants, administration need to make transformation in
tools and implement modern techniques in system. Superior will formulate some effective
strategies as this enables them to use resources in a proficient manner (Díaz-García, González-
Moreno and Sáez-Martínez, 2015). Apart from this, concept benefits members to use updated
technologies and retain clients for longer period. So, transformations and modification in system
benefits management to compete with competitors and grab attentiveness of large number of
individual or group of people. This help company to provide adequate facilities and offerings to
customers. Thus, these are points which specifies necessitates application of innovations are
stated beneath:
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 Wiser which provide recruitment consultancy to other firms needed that administration
uses appropriate technologies in system. This help them to grab attention of enormous
people as well as position themselves higher than competitors in same segment.
 Innovation activities help executive to make workforce carry out tasks properly with
execution of appropriate processes; in respect to new ideas and thoughts formulated by
them. This help help company to deliver quality services to clients and generate adequate
profit and return.
Invention is process which defined ideas and concepts which are introduced in
marketplace for first time. New technical and tools are required to be implemented by
management in system. This help companies to deliver creative items and improve their market
position (Wallace, 2017).
Difference between innovation and invention is stated below:
Innovation Invention
This concept defines that superior produce
make modification in existing product list with
help of alterations in tools and techniques.
Individual launch novel thought and idea in
market. This comprises items and services that
never exist before.
In Wiser, management implement
transformations in technologies and deliver
quality services to clients.
Invention helps administration to make
changes in system and provide offerings in
respect to demands of customers.
Members require marketing, research abilities
for conduction of this process.
Scientific skills are required to be comprised
by person to introduce new concepts.
Innovation activity benefit firm to improve its
goodwill and image in marketplace; and
construct brand name.
Invention benefits Wiser to compete with
competitors and provide services as per needs
of customers.
Therefore, it can be comprehended that administration require to make modification and
alterations in system and deliver products in respect to requirements of people. For this, it is
essential that appropriate tools and techniques are used by superior. Innovation and invention
important concepts which are adopted by management of Wiser consultants to deliver quality
services to clients. Changes in strategies and policies are made, so that system function in
relevant to market situations. This help administration to use funds, material and manpower
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efficiently; thereby provide adequate products and services to other firms that are connected with
them (Dodgson, 2018). Innovation also helps members to gain new skills and abilities which
advantage them for enhancement in their career. Thus, appropriate business operations are
conducted in company which help management to deliver improvised and new services to its
potential customers.
P2 Vision, leadership, culture and teamwork can shape innovation and commercialism
Administration of organisation is a formulate statement which specifies its vision,
mission, objective and gaols. These are components used by them to design system and make it
function in respect to market conditions. This help superior to distribute duties and targets to
members in order to achieve needs and wants of individual or group of people. (Bain and
Kleinknecht, 2016). Moreover, employees will carry out their task in appropriate manner and
achieve it in a stipulated time period, with proper guidance from manger. So, companies are able
to examine performance on basis of outcomes and targets accomplished by them.
Vision: Executive prime objective is to attain success and achievement in defined period.
Wiser Consultants main goal is to deliver quality recruitment service to clients and establish
strong relationship with them.
Leadership: It is essential concept which defines that superior need to construct
relationship with members to motivate and dedicated towards duties assigned to them. In Wiser
company, employees perform tasks in effective manner and accomplish targets within specified
time. So, leader need to deliver adequate instruction and guidance in respect to duties assigned
to them. Apart from this, sessions and seminars are appropriate tool used by superior to improve
skills and abilities of members. Thus, company deliver quality services to clients and improve
market reputation.
Culture: It is necessary that management provide positive working environment to
subordinates in enterprise. It benefits firm to make employees perform tasks in suitable manner
and deliver appropriate items in marketplace (Kleinknecht, 2016). Apart from this, it also help
superior to enhance abilities of members in respect to targets assigned to them. Workforce of
Wise Consultant get varies opportunities for personality development and generate adequate
return. Employees will perform tasks efficiently, if they get appropriate environment and
organisational culture.
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Teamwork: This concept specifies that superior require to make members perform tasks
effectively and coordinate their efforts; so that appropriate outcomes and results are generated. It
is necessary that management uses resources efficiently and deliver quality products and services
to customers. In Wiser Consultants, administration establishes healthy relationship with
employees and make them function properly. Apart from this, they are able to identify problems
and conflicts faced by employees with other teammates and provide appropriate solutions to it.
Thus, it can be comprehended that vision, mission, goals and objectives help executive to
implement appropriate tools and techniques in system. Commercialisation is concept used by
management to provide adequate guidance and instruction to employees in context of duties
assigned to them (DiMasi, Grabowski and Hansen, 2016). Thereby, make subordinates perform
activities and make them work in team. Provide positive working environment and effective
organisation culture advantage members to attain targets timely. This benefit administration of
Wiser to use available material and offer quality services to their clients and enhance market
image.
P3 4P's of Innovation and innovation funnel
Modification and transformation system as well as technologies are made by
management, to make organisation function in appropriate manner. These are innovation 4P's
which are to be designed by superior to provide adequate items to people are stated beneath:
Product: It is element which defines that superior need to make innovations and
variances in items in respect to taste and preference of people. Launch of new variants, addition
of features in existing products and changing it in respect to market conditions. For this,
management require to make alterations in technologies and tools; so that resources are utilised
efficiently. Wiser which is a recruitment consultancy firm need to adopt modern techniques
through which management are able to provide quality offerings to customer's. This help
superior to provide adequate offerings to people in respect to their demands and enhance sales.
Paradigm: This component specifies that administration require to make appropriate
plans and programs through which companies are able to implement innovation in system. All
factors and aspects need to be considered while application of alterations and modifications in
system (Guttentag, 2015). So, complete analysis is done by manager to execute creation with
business operations. This help Wiser to provide services in respect to needs and wants of clients
and enhance market share.
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Process: It is necessary that adequate tools are implemented in system, through which
necessary items and services are delivered by organisation. It provide benefit to management in
utilising funds and material in proper manner. In Wiser Consultants firm, administration keep
updating technologies and use modern techniques to provide efficient services to clients. It is
necessary that cost of production process is minimised and employees are worked in team. Thus,
this help company to timely deliver adequate offerings to customers.
Position: This element defines that firms can improve market image and reputation with
help of adequate techniques and tools. Superior of Wiser Consultants have implemented efficient
and advancements of technologies which help in providing good quality of product and services
to customer's. This help company to attract more customers and compete with rival organisation.
Innovation Funnel
Innovation funnel is an efficient tool adopted by management of type or organisation
such as small or medium firms. This help enterprises to utilise resources and make system
function in proficient manner. In Wiser Consultants, superior are able to eliminate difficulties
and take out appropriate solutions to deal with complex activities. Innovation funnel is an
essential concept which is used by administration to implement new ideas and concepts in
system (Kogan and et. al., 2017). Thereby, make employees ready and willing to adopt and work
with modern techniques. So, staff members will carry out their task in an appropriate manner
and attain targets within deadline. Apart from this, management need to conduct sessions,
training and development programs to improve skills and abilities of workforce. This benefit
company to make employees perform tasks effectively and deliver quality services to clients and
retain them for longer period. Therefore, it provide advantage to examine influence of new ideas
and concepts which are innovated by organisation in marketplace in respect to customer's
requirements and market situations.
P4 Development of Frugal innovation
Executive need to adopt appropriate tools and advancement technologies in system, so
that funds, material and manpower can utilised efficiently. It is necessary that inadequate and
irrelevant components are eliminated from products. So, frugal innovation concept is used by
management to reduce complex activities and control manufacturing expenses. Small and
medium enterprises require to use resources properly and deliver adequate products in respect to
wants and need of people. Wiser Consultants firm deliver quality services to clients and improve
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market position with help of effective workforce. Competent and skilled employees are present
in workplace help administration to provide quality items to customers (Moulaert, 2016). Thus,
application of frugal innovation concept in system benefit management to enhance market
position and reputation. This help firms to attract large number of people and accomplish goals
and objectives in proficient way.
Management is able to make employees perform tasks effectively and attain targets
within specified time. Motivated and dedicated members will benefit firm to utilise funds
properly and make system function adequately. So, frugal innovation concept help superior to
utilise resources efficiently and accomplish objectives timely. These are various steps that are
executed by executive to deliver appropriate items in marketplace are as stated beneath:
 Identification of tools and techniques which help management to execute ideas in system.
 Estimate expenses that will be incurred for application of idea in firm.
 Evaluate reports and make appropriate judgements which are beneficial for organisation.
So, superior are able to reduce difficulties and problems from system.
 Employees will perform tasks in proficient manner and provide quality services to
customers (Love and Roper, 2015).
Thus, executive of Wiser Consultants implement frugal innovation concept in system. It
provide benefit to management in utilising resources properly and conduct business operations
in effective manner. It also helps company to construct competitive advantage and make system
function; through which market opportunities are utilised. So, superior deliver quality items and
services to customers and charge adequate prices. Therefore, firm profitability improve and
manager is able to make appropriate success.
TASK 3
P5 Importance of commercial funnel and application of New product development
Administration need to implement adequate technologies, so that organisation deliver
products and offerings in order to fulfil wants of customers. Moreover, alterations and
modification are made so that creative and innovative items are offered by company. Wiser
Consultants organisation is able to grab attention of enormous of customers and retain clients for
longer period. With application of commercial funnel concept in system, management is able to
utilise resources efficiently and provide quality services to customers (Laeven, Levine and
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Michalopoulos, 2015). If appropriate technologies are used by members, than business
operations will be conducted in proficient manner. For making workers perform activities
effectively, it is necessary that superior timely identifies problems faced by them. It is necessary
to provide appropriate and make members function properly. So, this concept help firm to
improve results and make sufficient amount of revenue.
Wiser Consultants executive uses commercial funnel concept to innovate new product
products and offerings in both global and domestic marketplace. This help company to provide
quality services to customers and utilises market opportunities. So, resources are used properly
and innovative items are delivered globally by companies. These are various phases of new
product development that are conducted by management are as follows: Idea generation: This is initial part of NPD which specifies superior introduce
innovative concepts, ideas and aspects. It is necessary that changes in features of
products and services are made in according to needs and wants of people (Brunswicker
and Vanhaverbeke, 2015). Idea screening: After formulation of new product concept, manager need to conduct
examine its feasibility and market survey to anticipate current trends. Testing the concept: This step defines that, if idea is appropriate and effective; than
superior require to make system function accordingly. So, firms are able to evaluate
capabilities of system and take care that adequate resources are available. Analyse products and services: This stage states that management frame innovative
products and services in marketplace in respect to requirements of public. Commercialisation: It is essential step which states innovative items are developed by
superior. Moreover, firm require to conduct activity to provide information to people
about its offerings in marketplace.
 Product launch: This is stage of innovative product development phase that
management execute idea into reality. Items and services are delivered by organisation in
respect to demands of people. Modification as well as alteration are made in products
and appropriate launches are made in marketplace. So, it benefits company to position
higher than competitors and improve their productivity.
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P6 Building of innovation business case including ways to access funding
Companies deliver items and offerings in according to requirements of public, with
implementation of updated tools and techniques in system. Innovation is essential concept which
need to be used by management to produce creative and unique products (De Vries, Bekkers and
Tummers, 2016). This help members to make utilise market opportunities and deliver offerings
as per demands of people. In Wiser Consultants, administration uses latest technologies through
which they are able to provide quality offerings to customers. It benefit organisation to retain its
clients for longer period and enhance sales. So, superior are able to enhance market position and
establish competitive advantage in respect to rivals in same sector. Commercial and innovation
funnel concept are used by manager to execute business activities in proficient way (Donate and
de Pablo, 2015). These are aspects which help companies to launch items globally and use
resources properly. Therefore, these are various points that are conducted by executive, which
help them to generate sufficient amount of profit for business are as follows:
 Administration execute activities to acknowledge whether appropriate amount of
financial resources are available in organisation.
 New products will be launched in various nations, so executive ned to anticipate areas
which require additional funds in respect to execution of business activities.
Management of Wiser Consultants make alterations and modifications, so that quality
offerings are delivered. It help organisation in delivering offerings according to customer's
requirements (Johnston and Marshall, 2016). Wireless technologies management is appropriate
technique implemented by administration in system through which resources are used efficiently.
So, employees will perform tasks properly and accomplish targets within specifies time.
Financial institutions and shareholders are appropriate methods used by firms to take additional
funds. Thus, firms deliver quality services to clients which help executive to improve market
image and goodwill.
TASK 4
P7 Different tools that an organisation can use to develop, retain and protect intellectual property
Administration need to carry out appropriate business activities and use adequate tools to
secure important assets of company. For this, government certification is efficient method
through which firms are able to protect essential components. Owner of Wiser Consultants,
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which provide recruitment service to people require registration of name, logo, symbol and
techniques (Díaz-García, González-Moreno and Sáez-Martínez, 2015). This benefit proprietor to
prevent usage of these elements from competitors. These are various legislations that are
formulated by government to protect intellectual property are as follows:
Copyright: This law is formulated to secure author's work which includes novels and
books. So, individuals are able to restrict it from usage by others.
Trademark: Logo, name, symbol and design are various elements which are protected
using this legislations (Wallace, 2017).
Thus, owner of Wiser Consultants is able to secure logo, name pattern and other
components with help of trademark. This help executive to protect from usage by other
organisations.
CONCLUSION
From the above discussion it has been concluded that management conducts innovation
process in an organisation. Transformation as well as modification in tools and techniques
adopted by superior in respect to market conditions. This help administration to utilise funds,
material and manpower in proper manner. With help of market survey, superior anticipate
requirements of people and conduct business operations in proficient manner. So, innovation
funnel concept is used by members to eliminate unnecessary factors and expenses. Apart from
this, new product development is executed with application of commercialisation tactic in
system. It helps companies to launch new products in respect to needs of public. Thus, firms are
able to improve market position and share with implementation of frugal innovation concept.
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