Innovation can be described as to create some new idea, thoughts and concepts which can be implement in an organisation. Innovative strategies or policies are essential to be applied for increasing productivity as well as profitability in appropriate manner. It is necessary to apply innovative or unique practices into a business to improve brand image and increase number of customers along sales (Aarikka-Stenroos and Sandberg, 2012). This report is based on En-soft which perform as best vendor of delivering software solutions in accurate way. It was founded in 1997 and highly profitable from that time as it grows to annual revenue of 10 million pounds. This assignment will discuss about innovation with its importance and role of vision, leadership or culture to shape commercialisation. It also includes 4P's of innovation with development of frugal innovation and new product development. Different kinds of intellectual of properties of an organisation are required to be protected through utilising several too
P1Innovation and its importance
Innovation refers to to create something new to implement in business for making an effective plan of action to conduct various activities or tasks properly. Innovation and commercialisation is all about to create unique ideas to apply in business for improving their profits. Ensoft have to generate an effective through to boost up efficiency strategies for attaining better outcomes in company. They can use several innovative technique or methods to provide software solution for clients to achieve their satisfaction in proper manner (Bagchi-Sen, 2010). Some of significances gained through innovation are given below:
- Improvement of quality of services which are provided to customers according to needs , wants, demands and preferences of people.
- Trendy changes or modifications can be done in effective as well as efficient way to achieve better profits in En-soft.
- Implementing creative ideas helps to attract new client along with retaining the current one to grab more market area.
- Innovative concepts are also applied into several activities or tasks in manufacturing process to improve productivity on regular basis in less period of time.
- Marketing events can be modified and make them more attractive to display in more effective way to achieve to boost up number of customers and sales of En-soft.
There are different kinds of significances which are attained by companies through applying several innovative ideas, thoughts or concepts. It will provide support to boost up productivity as well as profitability on regular basis (Bogers and West, 2010). Apart from this, innovation and invention are two different terms but seems ass similar. Differentiation between both these terms are as follows:
· The term innovation can be described to create something unique for implement change or modification to get desired benefits.
· In case of En-soft, they can make creative strategies or policies to provide software solution service for cu8somers in appropriate manner f0or attaining desired outcomes.
· This refers to generate anything actually fresh in terms of idea, concept to introduce a new trends in marketplace.
· The En-soft, can prepare new inventions to launch new kind of service having unique concept or features which can attract more customers.
Both factors such as innovation and invention are beneficial but they are required to implement by observing, analysing and evaluation every aspect of particular concept. En-soft can use several innovative ideas but it is necessary to study about their strengths and weakness, this will renders support to improve opportunities and reduce impacts of threats to gain desire results.
P2 Role of vision, leadership, culture and teamwork to shape innovation and commercialisation
There are various kinds of visions and targets which are needed to be gained by organisation properly (Bogers and West, 2012). It is mandatory to get clear about concepts behind goals or objectives of En-soft then only employees can concentrate in correct direction. Innovation is necessary to be applied in company for attaining growth of business through building effective as well as efficient strategies to generate netter outcomes. Some of factors which render support to shape innovation and commercialisation in En-soft is given below:
Vision :- This can be described about different types of targets and objectives which are set by company and put efforts to complete it. Having clear concept about goals and missions helps to provide correct direction to perform and generate desired outcomes properly. En-soft have to covey information for any vision to staff members an accurate way and clear every confusion so that they become bale to work on specific project effectively.
Leadership :- Each company has their middle level management that basically includes managers and leaders. These people are essential to make employees capable to work on regular basis. Leadership approaches are mandatory to applied En-soft so that staff members can be motivate through personality of their leader and perform in appropriate manner. It is compulsory to provide right direction to work which should be render by leader to sub- ordinates for gaining better results (Ettlie and Rosenthal, 2012).
Culture :- This can be defined as to maintain a healthy and peaceful working environment through implement several innovative rules and policies within an enterprise. Effective regulations helps to establish an efficient culture of En-soft which provide support to maintain better coordination between superior and sub- ordinate. It is mandatory to carrying out various activities or tasks relevant to operational section in proper manner to get desired results in an enterprise.
Team work :- The term team work can be described as to work in group through establishing an effective as well as efficient cooperation and coordination between team members. It is necessary to cooperate with each other to perform in accurate way for creating required outcomes properly (Gambardella and McGahan, 2010). En-soft have to maintain team work spirit amongst employees to attain desired targets easily.
The above mentioned components are important to be focussed by firm and improve their capabilities by utilising several types of innovative concepts to attained desired results. En-soft can apply innovative ideas to maintain effective culture, teamwork, clarity of targets and leadership style to achieve growth of the business.
P3 4P's of innovation and use of innovation funnel
Innovative is all about to generate something creative or unique to improve outcomes on regular basis, several types of innovations which can be use by En-soft are as follows:
Incremental innovation :- This is all about to utilise present technology and strategies to improve values of clients through increasing quality or apply modifications. En-soft have to focus on product and process of manufacturing to boost up features of services and reduce cost of production as well.
Radical innovation :- It is all about those facts or thoughts which force to make an innovation in company in terms of benefits. It basically involves the criteria to apply creative ideas to make effective policies to generate better outcomes in appropriate manner. En-soft can increase their productivity and develop features of product thorough this method.
Disruptive innovation :- this can be defined as to apply current technique and procedures to improve growth of business to gram more share (Godin, 2012). It will done through utilising technology of En-soft into more effective as well efficient way to generate desired outcomes in accurate manner.
Apart form this, some of factors are also mandatory to be observe, analyse and evaluate while implementing innovation in an enterprise. En-soft can consider 4P's which are given below:
Product :- This can be known as final good which is ready to sale to people for fulfilling their desires. Innovative ideas can be applied to improve quality of product or service as per needs and demands of customers in proper manner to generate better outcomes In En-soft. Several modifications can be done to fulfil desires of trends to attract new clients along with retaining new ones.
Process :- Various kinds of activities or procedures are carrying out in company to complete different missions and visions. Operational processes should be conducted in more innovative and creative way to generate desired required results effectively as well as efficiently (Huizingh, 2011). En-soft can utilise unique activities to gain desired outcomes along with consuming limited period of time.
Position :- This is all about establishing a strong image or position in front of competitors in market competition. It will become possible through improving features of product or service to gain satisfaction of customer which results into increasing loyal clients for specific brand.
Paradigm :- It can be described as specific category of applying innovation to carrying out that in appropriate manner. En-soft have to focus on single section to improve its efficiency to attain desired outcomes.
Use of innovation funnel
The term innovation can be defined as that process in which it basically conduct filtration of various alternatives and provide best one choice to implement. It includes to describe about those stages that requires creative concept for achieving desired results. The major use of innovation funnel to boost up position of particular product at market place by improving its features or quality in appropriate manner (Kim And et. al., 2011).
P4 Development of frugal innovation
Frugal innovation can be defined as a process which helps to reduce confusion from different types of tasks or events. It is all about to remove all not essential components to reduce complexities of procedures which are carrying out in an enterprise. Clear and simple criterion are easy for staff members to understand and they can perform properly to get better outputs. En-soft can avoid complexities in their working system so that employees can complete their targets easily on daily basis through generate required profits. Roles of frugal funnel is given below:
Identify fresh opportunities :- This can be described as to determine several opportunities by observe and analysing current procedures for attaining required outcomes on regular basis by efforts of employees in En-soft.
Reduce wastage of resources :- It is all about to make suer about optimum utilisation of resources in company. En-soft have to focus on wastage of sources and make several policies to decrease this issue in an enterprise.
Innovation funnel :- It is kind of funnel which helps to determine about requirement of innovation and try to boost up position of specific product in market. En-soft can use it to improve image of their company amongst customers.
Steps of frugal innovation
- Create concept for innovation :- It includes to generate various kinds of ideas, thoughts and concepts through an effective innovation can be done in company (LindiÄ and et. al., 2011).
- Screening of new idea :- This can be described as to select the best on e choice which has an efficient impact of operational activities of company to improve features of product or service.
- Idea screening :- It includes to conduct an effective analysis about positive and negative impacts of particular idea on productivity as well as profitability of En-soft.
- Testing :- This refers to study or trial implementation to get desired results in company. It will facilitate to make sure about benefits of new innovation of En-soft.
- Testing analysis :- It is necessary to evaluate the results of several tests conducted of an idea to get more benefits.
- Market analysis :- It is mandatory to carrying out market analysis sin appropriate manner in terms to determine taste or preferences of customers (Rafinejad, 2010). An idea should be matched to requirements of clients otherwise it will not beneficial for an enterprise.
- Commercialisation :- In this part, goods or services are provided through applying innovative idea to fulfil needs and demands of people along with satisfaction.
- Review market :- This refers to observe, analyse and evaluate current position of enterprise to apply essential modifications to improve brand image in market trends.
P5 Importance of Commercial funnel and New product development
Commercial funnel refers to that criteria which helps to implement innovative strategies or policies to improve quality of current product or service. En-soft can utilise this funnel to do betterment of goods in an enterprise properly. Some of benefits are given below:
Apply research events :- There are various kinds of investigations programmes that are carrying out by an organisation to determine actual requirement of introducing innovation. En-soft have to conduct several effective as well as efficient search events to identify taste or preferences of customer and improving profit of business.
Improve features of product :- People have an image of product in their mind as per needs along with price (Schoonmaker and Carayannis, 2010). It is necessary determine about desire features or qualities which should be completed by En-soft through applying innovative strategies or policies in appropriate.
Image of brand :- There are several kinds of technique and methods which can be utilised to improve goodwill of brand to grab more market share. En-soft have to adopt some creative or unique practices to increase brand image strong in competition of market.
Adopt new technology :- In current scenario, technologies are in trend and every company is fond of using to conduct various activities easily. En-soft can use this technique to covey nay message to employees properly at one stroke.
Besides of this section, new product development is an essential aspect to introduce fresh concept in market to change trend of market and provide something new to customers. Several steps are given below:
Emergence of innovative ideas :- It includes the criteria to generate innovative or creative ideas and concepts suitable as per requirement in company.
Screening ideas :- This refers to study about various alternative choices to select best for attaining desired outcomes in accurate way (Snow And et. al., 2011).
Testing and growth programmes :- Testing is al;l about to observe and analyse impacts of particular idea for achieving growth of business.
Business analysis :- It includes to know about business nature to implement any innovative strategy or policy to generate results.
Product development :- This can be described as to develop any product through applying certain creative features to improve quality of product.
P6 Build an innovation business case
The term business case refers to an accurate scenario including goals or objectives along with effective tools and techniques to get better results. An innovative business case of En-soft is as follows:
Executive summary :- En-soft is kind of software solution providing company to different organisation in more effective as well as efficient manner. This company have great market share amongst their competitors. It is highly profitable from that time when it was established as it grows to annual revenue of 10 million pounds. Innovation is mandatory to improve productivity of an enterprise.
Target :- This can be described as to set target of company as per needs, wants and preferences of customers to complete them in accurate way for attaining better outputs (Teece, 2010). The main gaol of En-soft is to maintain record of client details and secure that in single system from where they can easily identify problem or desires of people.
Solution :- It is all about to make an innovative idea to solve this issue of making record of whole data in single system to go through with previous information, this will facilitate to solve current threat easily by En-soft.
Why product is innovative :- En-soft can utilise concept of cloud computing to store the whole data at single server which can considered as central system. It is helpful to collect required knowledge from there are perform desired tasks in accurate manner to get better results.
Customer research :- This is most important part of innovation business case which indicates about to carrying out market research in effective as well as efficient way (Thore, 2012). It will facilitate to determine about desires of people according to their needs, wants, demands, taste and preferences to improve features of product or service in correct manner.
Funding :- En-soft have to focus on different types of resources that provides funds to run business properly. To apply any innovate strategy in company, it is necessary to maintain funds doing innovation more effectively.
Expected benefits :- Putting effective efforts are considered as useful if they provides an accurate benefits to an enterprise. En-soft have to maintain checklist of desired profits of innovation which is going to be applied for getting required outcomes properly.
The above discussed innovation business case is all about single company through implementing beneficial idea to attain profits. Every firm can follow this criteria to apply that effectively.
P7 Different tools to develop, retain and protect knowledge and intellectual property
There are different types of intellectual properties which are mandatory to be protected by putting sufficient efforts by company. En-soft have to determine about several effective as well as efficient tools or techniques to develop, retain and protect knowledge along with intellectual property in appropriate manner. Some of them are as follows:
Copyrights :- This can be described as legal right that is utilised by organiser of particular publish, print or record (Walsh, 2012). It prevent creation of artists from hackers and frauds. En-soft can adopt this technique to protect their own generated services.
Trademarks :- The term trade mark refers to those symbols or signs that differentiate particular product or brand from other competitors. These are kind of indications through which customer can identify specific company goods. En-soft can use this method to make their services different from others so that people can choose correct service provider.
Patents :- This is all about right of any specific company which is provided by government authorities to them for ensuring their monopoly in market (Wonglimpiyarat, 2010). In case of En-soft, no one can copy their concept of making products and sell to clients.
The above report had concluded that innovation can be described as to create some new idea, thoughts and concepts which can be implement in an organisation. It is mandatory to get clear about concepts behind goals or objectives of En-soft then only employees can concentrate in correct direction. Use of innovation funnel to boost up position of particular product at market place by improving its features or quality in appropriate manner. New product development is an essential aspect to introduce fresh concept in market to change trend of market and provide something new to customers. Commercial funnel refers to that criteria which helps to implement innovative strategies or policies to improve quality of current product or service. The term business case refers to design process including goals or objectives along with effective tools and techniques to get better results. There are different types of intellectual properties which are mandatory to be protected by putting sufficient efforts by company.
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