- Elaborate the importance of innovation in A one Communication
- Elaborate the use of innovation funnel and development of frugal areas.
- Give tools in order to develop and intellectual property.
Innovation is defined as a new idea and creative thoughts which can further be used in order to form new devices. It includes multiple actions so that different ways can be discovered so as to perform an activity (Aarikka-Stenroos and Sandberg, 2012). Company which is taken in this assignment is A One Communication which is a telecommunication service provider in United Kingdom. They are specialised in providing best networks. Presently this assignment will include difference between innovation and invention . Along with this, various types of innovation is explained which will clear the concept more clearly. Apart from this, various process which are required to commercialise innovation is mentioned in this assignment. Lastly, different kinds of methods are being in order to protect ideas so that nobody can copy the same.
P1 Innovation and its importance for an enterprise
Innovation is a process of applying new and innovative ideas with the help of latest tools and technologies so that specific requirement of an individual or a company can be fulfilled. Furthermore, with the help of this, firm tries to develop a new feature, product or commodities. In recent times every company adopt innovation so that they can grab opportunity of offer unique products and services to its customers. Process of both innovations and invention vary from one another. Therefore, in context with the A One Communication with the help of innovation are providing effective services. Thus, in order to know significant role of innovation in this organisation some of the points are explained below:
Improves productivity of a company:
Innovation in a product provides a new surface to a product like development of a mobile phone first it was heavy and long & was in the form of keypads but after doing innovation and implementing new ideas it has been changed (Ambec and et. al., 2013). Mobile phones are now compact and inbuilt with many features. Therefore, this kind of activity has improved the productivity for a company.
Enhance communication process:
In order to run a business and for implementing new technologies it is crucial that an effective communication process is being adopted by the company. As it assist mangers in giving proper information about the activities that is to be performed to its workers. A better communication reduces time and cost of a company and increase the efficiency of the firm.
Ensure optimum utilisation of funds and resources:
The process of innovation always provides a new perspective of doing any activity in a different way. This supports company in making optimum utilisation of resources and funds so that goods products can be manufactured which can increase profitability of the organisation (Bagchi-Sen, 2010).
Provides competitive advancement:
Innovation always provides firm with a new areas of expanding its business. Nowadays customers wants products which are innovative and fresh in the market. So, with the help of innovation, company can enable themselves in providing superior quality products to its customers.
Therefore on the basis of above mentioned points difference between innovation and invention are explained so as to understand that same in a better manner.
Innovation is related to implementation of new process into a products so that some value can be added to the existing commodity.
Whereas in invention firm manufactures a complete new product so that need and requirements of customers can be fulfilled.
This is adopted by company with the purpose of adding value to the existing commodities so that it can be delivered to consumers. As a result, it will increase sales and profitability of a company in a speculated period of time.
This is adopted with the purpose of developing a very new product for the first time (Battistella and Nonino, 2012).
In order to make innovation in their commodity company may require an individual who is skilled in technical field.
Invention is done after considering the needs and wants of people therefore, for this, person with high professional knowledge are required.
Activities of a company is not confined to only one specific area thus, it includes different functions.
Whereas if it is compared with invention to is limited with the department of research and development.
In relation with A One Communication, as they are providing networking service all United Kingdom but they are required to make some innovation in the products and services company is providing (Bogers and West, 2012). Currently, this firm is working in providing services like fixed-line telephony, broadband and many more. Therefore, in relation with innovation, company is thinking of launching a new application as a customer service in this customers can no only register and ask their queries but also look out for the products company is providing. Thus, this application will assist firm in maintaining a better relation with its consumers.
P2 Culture, teamwork, vision and leadership of organisation in shape innovation
Innovation is a broad concept and consist of different kinds of elements which can foster business activities and provides competitive advancement to the organisation. Culture, teamwork, vision and leadership are the factors that assist company in shaping innovation. Thus, it can be said that all these elements are connected with one another and to understand the same of the points are explained below:
Innovation and leadership:
Leaders are known as the person who utilise various approaches along with the tools and technologies for motivating and encouraging workers at workplace (Boudreau, Lacetera and Lakhani, 2011). For instance: if leaders are open in accepting innovation than he/she can influence employees for performing activities in a better manner. In addition to this, approaches that are used by leaders are largely responsible for the growth and performance of a company so, it is important that they make correct use of strategies which can give maximum benefits.
Organisation culture and innovation:
In order to know the business and its nature it can be understood with the help of culture they are following within the organisation. In relation with A One Communication, they have a flexible culture which is assisting them in maintaining a better relation amongst employees and superiors. Their simple and effective culture is motivating its employees and workers in performing their operations in an effective way.
Innovation and Teamwork:
In order to get success it is crucial that company build an effective team who can work in collaboration for a specific targets and goals (Breznitz and Murphree, 2011). Therefore, while building a team it is crucial that managers select members who have same perception as this can avoid conflicts and create a sense of trust towards each other. Thus, in context with A One Communication, all members have trust and respect towards each other and support in implementing innovation in their business operations. An effective team requires a better communication system so that task can be understood properly.
Vision and innovation:
Vision is considered as a stage where firm wants to see itself after a particular period of time for instance: after 5 or 6 years. Thus, it is required that company develops a vision which is achievable because this process will boost the morale of employees and will encourage them in doing activities in a better way. In relation with A One Communication they have clear vision of getting into a top most position in the market area. Therefore, company is providing training and development programme accordingly (De la Mothe and Paquet, 2012).
Henceforth, all the points that are mentioned above are large puts an impact on the business operations of a company. If innovation which is implemented turn to be successful than company can gain maximum benefits but it happens vice-versa then company can face problems. Along with this, there are other factors as well which can have an impact on performance of the company such as funds because for executing an action plan it is important that firm has sufficient amount of money. As a result, it will enable managers in formulating strategies accordingly. Thus, A One Communication is determining all the factors so that necessary modifications can be done in the process of innovation so that effective products can be delivered to customers.
P3 4Ps of innovation and use of the innovation funnel
Innovation is determines as an act under which new and innovative ideas are given shape so that products are be made into reality. Innovation mix is mostly used by companies so t hat quality can be improved in order to increase the brand image of the firm (Díaz-García, González-Moreno and Sáez-Martínez, 2015). In relation with A One Communication has incorporated 4Ps of innovation i.e. product, process, people and press. Therefore, with the help of this, company get to know about the different approaches along with the needs and requirements of customers. Thus, 4Ps in relation with A One Communication is explained below for better understanding.
In this it is all about making changes and modifications in the product so that a new commodity can be made which can be delivered to customers. Thus, it is important that A One Communication formulated a plan so that action can be taken in a better manner. Therefore, if a product is not providing any kinds of benefits that it is prime role of managers to look out and do some modifications so that commodity can add value to the product. This will assist company in sustaining a better position in the market area (Ettlie and Rosenthal, 2012).
Developing a product is not easy as it has to go through a process which needs a proper planning. For example: while manufacturing a mobile phone, bodies are manufactured in other platform and assembling goes in some other place. So, entire activity requires a process. Other than this, it includes other aspects such as selling, marketing branding and promotion. Therefore, a perfect procedure will aid company in building a positive image in front of customers.
In relation to this, position defines the where the product is after making some changes or modifications. For example: after launching a new application A One Communication will first see whether the product will sustain in the market or not. By suppose if the product doesn't sustain in the market than what additional changes can be made in order to get better results.
In order to come up with new and innovative ideas it is crucial that views of societies are to be ignored. Thus, it can be said that paradigm innovation is related to the capability of thinking in an innovative manner so that change can be bring. Therefore, A One Communication had to think something different which can not only fascinate customers but can assist company in generating more and more revenues.
Innovation funnel, is an another process which is all about implementing new and innovative ideas through which goals and objectives of the company can be achieved. In this, basically, information are collected through outsources or external environment and than amongst all ideas best one is adopted (Gawer, 2011). Therefore, innovation funnel is a three step process which is explained below for better understanding:
In this all the information that is required for makes changes and modifications in innovation are gathered from all available resources.
Under this, ideas that are collected are short listed so that on the basis of this plans can be formulated and changes can be made.
This is the last and final stage in which company gets its ultimate idea which can further be put for adding value to the product. Thus, it assist company in getting better outcomes from customers.
P4 Explanation of developments in frugal innovation
Frugal innovation is a procedure which is basically implemented in order to reduce the cost of product. With the help of this, company even in limited cost they are able to give good quality products to potential customers. Therefore, A One Communication, while developing an application for its consumers are removing unnecessary steps which is assisting them in making the application in less memory. This is increasing the compatibility of the application with other devices in which the application is to be installed. Thus, through this, A One Communication can gain higher market share as compared with other rival firms. Along with this, company chose the low pricing strategy. Other than A One Communication, Apple is one of the finest examples of implementing innovation in their business and the sector of mobile industry. Company has added best features in reasonable cost. Frugal innovation includes some of the steps which are explained below:
Identify improvement area:
In this company tries to identify the areas that is to improved in the product so that value in the commodity which can be further delivered to customers (Gennaioli, Shleifer and Vishny, 2012). Therefore, with the help of the collected information managers of A One Communication make a list of areas where things are to be modified and changed.
Make alternative solution:
After the identification of problem or issue managers in this step takes opinions of employees so that better solutions can be formulated.
Choose most appropriate solution:
In this, amongst all ideas the most appropriate solutions are selected as per the needs and requirements. Therefore, it is selected after considering long term benefits which company can get (Godin, 2012).
Shape clients behaviours:
With the help of this, company enable themselves in providing better services and facilities as needs and wants of customers. Thus, it can be said that here firm starts providing services according to client’s behaviour.
Engage and iterate:
For some instance customers doesn’t need much modification in the products thus, company try to engage potential workers who can even after making little changes demands of customers can be fulfilled.
P5 Significance of commercial funnel and application of new product development for innovation
Commercial funnel which is incorporated by company after considering needs and demand of large number of potential customers. Significance of commercial funnel is to provide better services and facilities even at low cost (Commercial Funnel, 2016). Other than this, with the help of commercial funnel company can evaluate data so that best quality products can be delivered. Therefore, here are some steps which are to be followed for developing new products are mentioned below:
This is the first step in which ideas are generated by considering various factors like by taking feedbacks in order to know the needs and requirements of customers.
Screening the idea:
There can be a possibility that numerous ideas and thoughts are generated so, in this stage superiors pick out the best possible idea which can provide competitive advancement to the company.
Testing the concept:
This comes after the screening the ideas and it is done so as to know the behaviour of customer, whether they will be able to understand the needs and requirement of product. For this, managers try to evaluate the market area in order to know targeted customers.
In this system monitors the performance of the commodity so that matrices outputs can be evaluated. This will help company in knowing the position of the product at market place (Kim and et. al., 2011).
Under this, adjustments are made into a developed version after business analytics. Thus, sales projection and demands are determined so as to know the effectiveness of the commodity.
Later, after getting the outcome of the first round of product launch make some kinds of modification if the commodity has not performed well (Lee, Olson and Trimi, 2012).
Company focuses on advertisement so that maximum number of customers can be attracted. Therefore, new product goes towards mainstreams from where customers can purchase goods and products.
Post Launch review: In this commodities that are launched are monitored so as to know the effectiveness and if any changes are required than it can be done.
P6 Innovation business case for an enterprise
In order to run a business it is crucial that company develops a business case which can assist them in operating its activity in a systematic manner. As a result, it will assist them in attaining goals and objectives in a speculated time frame. Innovation, is simply defines as a new idea that helps in creating a fresh product which has not been discovered yet. Start-ups, can be one of the great example under innovation. Therefore, below a business case is given in relation with A One Communication:
A achievable vision helps organisation in obtaining future objectives. For example: with the help of the mobile application company wants to increase its customer’s base (LindiÄ and et.al., 2011). As a result, it will aid firm in sustaining a better position in the market area after 5 years from now. Thus, for this, company is formulating strategies and policies.
A One Communication is developing this application for their targeted customers who are mainly youth and people who use mobile and other gadgets from where application can be accessed. Therefore, this will increase the profitability of the company.
In order to know the choices and preferences company is taking feedbacks and reviews so that their perception towards the brand can be identified and then services can be provided accordingly. Therefore, with the help of this, company can improve its customers base and brand image as well (Metcalfe, and Miles, 2012).
Access to Funding:
For executing the plan and activities it is crucial that company have sufficient amount of money. Other than this, in order to fulfil the same firm can take loans from financial institutions such as banks, governmental body etc., but for this company has to follow certain rules and regulations so that activities can be performed without any issue. Therefore, for implementing innovation, company requires some amount of money which can be further utilised in order to execute the plans in an effective manner. For this, A One communication will take funds from different sources but majorly concentrate on financial institutions such as Banks.
Return of Investment helps in understanding the comparison between revenues that are generated through new product with all expenditure which was included while generating a fresh commodity. As a result, Return of Investment helps in analysing whether new and innovative product is providing any kinds of benefits or not. “R2I”, which is also known as Return on Innovation assist a company in knowing the effectiveness of a new commodities that are launched in the market area. Therefore, for getting better results, company usually focus on specific areas from where maximum benefits can be gained.
P7 Various tools that can be used by enterprise to develop and protect intellectual property
Innovation is a procedure of transforming new ideas into a product so that value can be added to the commodity (Owen, Macnaghten and Stilgoe, 2012). Most of the firms adopt innovation in order to gain profitability so that they can sustain in the market for a longer period of time. Therefore, mangers use different approaches and methods of accomplish the goals and targets. Whereas leaders provides proper guidance to employees so that employees can perform the task in an effective manner without any issues or problem. Hence, HR management of the company are providing appropriate training to employees of A One Communication which is not only improving their skills and knowledge but also making them prepare for future task and activities.
Apart from all these there are other factors as well which are to be considered such as having appropriate information about intellectual property as it will assist them in protecting their ideas and process of innovation safe and secure. All these elements are explained below for better understanding:
This right is majorly used by the organisation which are large is size, regulatory bodies provide a certain rights to companies so that they can protect their innovative idea from getting copied (Schaltegger and Wagner, 2011). If other company dare to do so than it is a punishable offense. Basically, copyrights are given to tangible products such as painting, software, photographs, books, novels etc.,
This is a permission that is given to inventor which gives permission to an individual for producing and delivering the product at the market area. Patent is given for a limited period of time which means patent has to be revised on a continuous basis after a specific period of time.
This is basically used as a symbols or logo in order to place themselves unique from others. Trademark helps in increasing the brand value of the product so that company can get even stronger. Trademark can be used in the form of names, taglines, caption etc.
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Form the above report it is concluded that innovation is a procedure under which company or an individual tries to introduce new ideas in the existing products so that customers can be influenced by them. Innovation helps company in providing customer satisfaction. Therefore, for this, firm implement various methods like 4Ps, frugal innovation etc., and this provides information about what kind of changes can be beneficial for the organisation.