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The Significance of Innovation in the Organization

University : REGENT COLLEGE

  • Unit No : 8
  • Level : Undergraduate/College
  • Pages 15 / Words 3000
  • Paper Type : Assignment
  • Course Code : M/508/0495 (RCF)
  • Downloads : 217

INTRODUCTION

Innovation plays an important role to produce products by organisation. These new extent of products are produced by implementation of new technology by company (Su and et. al., 2013). This helps to inculcate with the future challenges and maintain strong position in the marketplace, management needs to implement new and advance technologies in organisation. This aids to attain large number of customer in the market. It helps to increase skills and knowledge of different employee working in the organisation. Xln is the small organisation which deals with telecommunication sector which provide internet service to various company in UK. This report explains about significance of innovation, difference between invention and innovation,4 p's of innovation,frugal innovation and innovation funnel by which the management of the organisation expand their business in proper manner. This helps to attain goals and objectives of company. Various approaches of leadership ascertain by organisation to implement new thoughts a

TASK 1

P1. Innovation and its importance to organisations in comparison with invention

Innovation: This is the process by which company implement new and advance technology in order to produce new range of products which aid to satisfy the demand and desire of customer. It is the way by which the management modify the organisation at different level in order to maintain strong position in marketplace (Keohane, 2013).

XLN is small scale organisation which provide different types of telecommunication service like Internet service and Wifi service and many others. This aid to increase level of profit of company. The management of organisation able to capture large number of shares in marketplace.

Importance of innovation in comparison to invention

Innovation plays important role in order to invent new range of products which helps to maximise level of profit of company. The management take help of different approaches of innovative theories which aids to perform different types of operations and functions which are provided by company. This leads to maintain effectiveness in performing different activities of organisation. Innovation plays an important role in order to tackle risk and reduce the chance of failure of different operations which are perform in organisation.

The difference between innovation and invention which are mentioned in tabular form.

Basis

Invention

Innovation

Meaning

Invention is the set of different process and methods which aids to invent new type of products and services.

It is the procedure which aids to perform different types of functions and operations of company. This also helps to implement modification in the existing goods and services.

Work

Any person which able to introduce and manufacture new products and services.

By this process, organisation can implement change in different types of products and services as per the latest trends

Necessary skills

A person needs to have capabilities y skills which helps to innovate new products in proper manner.

This is the path by which a person implement new and innovative techniques which helps to increase the performance of organisation.

In this report, it is understood that in order to sustain strong position in the marketplace organisation have to adopt different types of new and innovative idea which aids to make changes in existing products as well as produce new range of products (Kang and et. al., 2013). Considering example of Apple manufacture, I-phones and laptops which has capability to store large number of data. Organisation implement some change in the produce so that large number of people can avail this products.

P2. The way organisational vision, leadership, culture and teamwork can shape innovation and commercialisation

There are different types of new and advance technology implemented in the organisation XLN in order to modify the products and services which are provided by the company to accomplish goals and objectives of organisation. Manager and leaders plays a significant role in order to implement change in the different products. Leaders plays a significant role in order to guide employee to perform different types of task by making use of new and advance technology which are implemented by organisation (Hemmelskamp, Rennings and Leone, 2013).The manager alsogive different types of instruction to employee to accomplish different types of task which is assigned by organisation. Manager of XLN monitor thedifferentactivities which are performed byvarious employee if any issues and problems arises then it implement effective strategies in order to solve the issues and problems of employee. These effort aids to ascertain the vision and mission of organisation in effective manner. This helps to achieve goals and objectives of organisation.

Vision: The vision of the company is about the long and short term goals which are defined by company. It is responsibility of employee perform as per the vision of company. The main vision of company is to provide effective service to customer which helps to maximise the productivity of organisation. It also put their effort in order to reach at top position among the telecommunication sector service provider. The vision of Xln is to provide qualitative service to different service.

Sector:In order to attract large number of customer company implement various types of new and advance technology which helps to provide better quality of products to the customer. This helps to capture large number of shares of marketplace. So that people can show their trust of company (Hossain, 2013).

Mission: The mission of company is to achieve the assigned target which aids to generate large number of customer. So it is important to implement commercialisation and innovation techniques in order to produce new range of products. The mission of company is to become leading service provider in whole market.

Leadership:Leader of XLN plays a vital role in order to provide effective guidance to the employee working in the organisation. Leaders deliver the various types of information in order to perform different functions of organisation. This helps to motivate employee to perform several task in short stipulated time period.

Teamwork : The management of Xln has divided assigned of task of venture into small section to different members of team. The leaders of organisation guide their team members to perform different types of task in proper manner. This aids to accomplish different types of task in effective manner.

Culture: There are various employees performing different types of operation as per the guidance of company. Employee of organisation are coming from different culture so there is chance to arise conflicts. The manager of Xln define the culture of organisation to employee guide them to perform various culture as per the culture of company (Yin, Shi and Yan, 2015).

TASK 2

P3 4Ps of innovation and use of the innovation funnel

Innovation is defined as the invent something new and specific which aid t increase the productivity of organisation. The 4p's of innovation plays a significant role in order to implement different changes in various types of products and services which aid to improve the performance of organisation. The 4p's of innovation are like process, products, position, paradigm are describe below:

  • Process: company implement new and advance technologies in order to produce different types of products. This helps to accomplish various types of process which are involve in produce new and innovative products in proper manner. New and innovative technology helps to enhance the productivity of different types of products.
  • Products: It is most element which helps to attract larger number of customer, this aids to accomplish goals and objectives of organisation in effective manner. Xln provide new range of products and service which helps to attract large number of customer. Company implement different strategies in order to produce different types of new product and services.
  • Position: This element is used by company in order to promote different types of products. This is concerned with to maximise the sales of different types of products and services. This helps to increase the rate of sales of different products, give satisfaction to the various client and maintain strong position in the marketplace. This element also aids to make strong brand image to the country which helps to stand before the different competitor present in the marketplace (Libaers, 2014).
  • Paradigm: this factor aids to implement changes in different types of products and also fulfil the demand and desire of customer. This element is also used to conduct market research which aids to accomplish demand and desire of customer.

Use of innovation Funnel

This funnel is aid to gather different relevant information about different condition of market and determine the buying behaviour of customer. This aid to implement various types of products and services to customer in proper manner. These are the techniques which are used to attract large number of organisation which show their keen interest to take internet service fro company. Company also aid to implement new and advance technology by which organisation produce better quality of fibre wires which helps to deliver better Internet service to various client which are present in the marketplace (Clausen and Korneliussen, 2012).

  • Focus on wide mouth of funnel: This is concerned about the implementation of new and advance idea which are implemented by the organisation in order to maximise the rate of sales of different products in proper manner. It also concerned about the various steps which are related to execute different types of products and services to the customer. The mouth of funnel determines about the need and want of customer in effective manner. This help to accomplish various operations of the company in effective manner. The manager of the company implement different types of strategies inn order to manage various operation of company in effective manner.
  • Narrowing segment:this phase is concerned on to view various steps of new and innovative ideas which helps to maximise the level of standard of various product and service which are provided by company. This aid to determine the various risk and uncertainty in order to attain effective outcomes. This helps to invest huge amount of capital in order to produce different types of new and innovative products.
  • Narrow Funnel: In order to maintain effectiveness in performing different types of activities of organisation innovation funnel plays a significant role in order to maintain effectiveness in performing different types of activities in order to perform various operations of the company (Dmitriev, and et. al., 2014).

P4 Developments in frugal innovation

In order to produce various kind of new and innovative design of products and services company implement different types of new and advance technology which leads to increase level of profit of different products. Frugal innovation is concerned with to implement new and advance technology which aids to produce various types of goods and services. It also concerned with to take corrective steps in order to accomplish various types of products in proper manner. It helps to produce different types of new and innovative products as per desire of different customer. Company able to provide high speed internet facilities to the different companies present in the marketplace. This helps to attract large number of customer in the marketplace this helps to capture large number of share in the market. There are various points given below which is analyses by the manager of Xln organisation.

  • Manager have the capabilities and concept to which are related to innovation this aid to give proper direction to perform different types of operations of company (Yazdi, and Acharya, 2013).
  • It is very important for the management in order to analyses about the different types of skills and knowledge of worker of company. Manger of company focus on to give proepr training to employee in order to increase the efficiency of organisation in effective manner. This helps to accomplish target in short period of time. Frugal innovation plays vital role to perform different types of operations in regular time period. There are six principals of frugal innovation which are describe below:
  • Engage and iterate:This principle is about to implement new and innovative techniques at regular time period. This helps to execute different types of idea in proper manner.
  • Flex your assets:Xln invest large amount of cost in order ton execute different types of steps of innovative idea. This aids to ascertain long term objectives of organisation.
  • Sustainable solution-organisation needs to eliminate different types of issues and problems in proper manner. This can change the buying behaviour of various customer in effective manner.
  • Shape behaviour of customer- Organisation needs to analyses the buying behaviour of customer and implement new and innovative change in the existing products and service.
  • Creation of value with customer:management needs to maintain effective communication systems in order to know demand and desire of customer in proper manner (Chen and Guan, 2012).
  • Innovation stakeholders:in order to execute different types of idea company needs to consider different views of stakeholders like employees, customer, supplier and many others.

TASK 3

P5.Importance of commercial funnel and its applicability on NDP for commercialising innovation

Commercialisation is method by which organisation manufacture different types of products and service considering the views of different customer. It aids to increase the rate of sales of different products and services . It also aids to improve the quality and quantity of different products in proper manner. Commercialisation plays an important role in order to attract large number of customer base. It also aid to stand before customer.

Commercial funnel is very important for Xln which provide different types of internet services to the customer the different steps of commercial funnel are explains below:

  • Awareness:The main aim of marketing department is to acknowledge about the different types of products and services to the customer. It helps to increase the rate of sales of different products in effective manner.
  • Feedback: in order to implement different types of change in existing products it is very important for organisation collect views of different customer. It is done by conducting market research.
  • Decision factor:This is the last stage which helps to determine the views of different products and services provided by the customer in proper manner. It helps to prepare organisation to face the challenges in future.

So Xln needs to precede with the steps of commercial funnel which helps to introduce 4G internet services and digitalisation techniques of business. In order to implement different types of changes of produce new product company needs to follow the steps of NDP model which are describe below:

  • Idea generation: The management of organisation needs to introduce new ideas and thoughts in the market. Before implementation of product the management needs to generate new idea. Taking example Xln generate new idea to produce 5Gmoblie.
  • Screening the idea: This is the next step in which company determine the effectiveness of idea generation. This help them to execute different step[s of idea (Politis, Gabrielsson and Shveykina, 2012).
  • Testing : In order to start new idea company needs to test the efficiency of new plan.
  • Analysis:This steps is is concerned with the implementation of new idea for proper running of different steps of plan.
  • Development of products: Xln determine the positive and negative aspects of plan which are about to execute . The management of organisation needs to eliminate negative aspects of organisation.
  • Commercialisation and launching:this is the last procedure of NDP in which new products are introduce in the marketplace for commercial use and ascertain benefits.

P6 Innovation business case for XLN company

Xln is the small scale organisation which deals to provide telecommunication sector. It aids to produce various types of application, provide various internet services to the various company present in the marketplace. But the organisation want to launch a mobile phone with latest technology which are used within office premises as well as outside of office premises this helps to generate large number of customer. Here are various steps of innovation business case :

Executive summary: As this company provide different types of telecommunication service. The management decided to implement new and innovative idea which aids to produce new products for the customer. This is ascertain new and advance technology which leads to attain large number of customer.

Target-Customer concerned with the telecommunication sector this is so because business phone are not household. This phone plays a significant role in order to improve the communication channel.

Solution-This phone is concerned to operate by the buyer and can easily operated. It has ability to satisfy the demand and desire of customer.

Why products is innovative: The most eminent feature of phone is they want new application by which they can listen music online without buffering.

Customer research- This is concerned about the up gradation of different feature of phone and organisation consider the views of customer which aids to implement new and innovative technology.

Funding: Organisation arrange funds from the bank and angel investor which help to execute the different steps of funds.

TASK 4

P7 Tools used by an organisation to develop, retain and protect intellectual property and knowledge

In order to sustain strong position in the marketplace company use various new and advance technology which help to complete task in stipulated time period. There are various types of tools and techniques which are able to give protection to intellectual property and knowledge:

Help from professional:company hire lawyers to solve the different cases which helps to give protection to firm (Westland, 2016).

Know your right:if the management want to make some innovative change the company implement some innovative techniques in order to protect right of employee.

Trade mark-it sell various products on he behalf of sign of company.

Patent – Xln make new and innovative products like business mobile phone which have the feature of listening music online application.

CONCLUSION

As per mentioned report it has been concluded that innovation plays an important role in order to invent new thing which helps the organisation to attract large number of customer and it also maintain effectiveness in performing different types of function of organisation.

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REFERENCES

  • Chen, K. and Guan, J., 2012. Measuring the efficiency of China's regional innovation systems: application of network data envelopment analysis (DEA). Regional Studies. 46(3). pp.355-377.
  • Clausen, T. and Korneliussen, T., 2012. The relationship between entrepreneurial orientation and speed to the market: The case of incubator firms in Norway.Technovation. 32(9-10). pp.560-567.
  • Dmitriev, V., and et. al., 2014. An exploration of business model development in the commercialization of technology innovations.R&D Management. 44(3). pp.306-321.
  • Hemmelskamp, J., Rennings, K. and Leone, F. eds., 2013. Innovation-oriented environmental regulation: theoretical approaches and empirical analysis (Vol. 10). Springer Science & Business Media.
  • Hossain, M., 2013. Open innovation: so far and a way forward. World Journal of Science, Technology and Sustainable Development. 10(1). pp.30-41.
  • Kang, J., and et. al., 2013. Determinants of successful technology commercialization: implication for Korean Government-sponsored SMEs. Asian Journal of Technology Innovation. 21(1). pp.72-85.
  • Keohane, G. L., 2013. Social entrepreneurship for the 21st century: Innovation across the nonprofit, private, and public sectors. New York: McGraw-Hill.
  • Libaers, D., 2014. Foreign‐Born Academic Scientists and Their Interactions with Industry: Implications for University Technology Commercialization and Corporate Innovation Management. Journal of Product Innovation Management. 31(2). pp.346-360.
  • Politis, D., Gabrielsson, J. and Shveykina, O., 2012. Early-stage finance and the role of external entrepreneurs in the commercialization of university-generated knowledge. Venture capital. 14(2-3). pp.175-198.
  • Su, Z., and et. al., 2013. Profiting from product innovation: the impact of legal, marketing, and technological capabilities in different environmental conditions. Marketing Letters. 24(3). pp.261-276.
  • Westland, J. C., 2016. Global innovation management. Springer.
  • Yazdi, Y. and Acharya, S., 2013. A new model for graduate education and innovation in medical technology. Annals of biomedical engineering. 41(9). pp.1822-1833.
  • Yin, W.J., Shi, T. and Yan, Y., 2015. Superior photovoltaic properties of lead halide perovskites: insights from first-principles theory. The Journal of Physical Chemistry C. 119(10). pp.5253-5264.
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