Process of transform an invention or idea into a service or good that help in satisfy needs of customers and for which they will pay is known as innovation. Application of better solution that help an enterprise to satisfy market needs and fulfil the requirements of customers is also view as innovation (Gawer, 2011). Further, innovations can be defined as something original. One of the main benefit of this is that it help in attract more customers and at the same time help in get competitive place in market. This is one of the most effective concept to step forward from all competitors operate in business environment. Innovation help manager in identify various ways to carry out production process this improve efficiency of business process and provide an opportunity tooffer featured products at affordable prices. 4Com plc that offer various type of telecommunication services to its customers is consider under this approach for study. Significance of innovation for a business enterprise and differences between innovation and invention is all given in this report.
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P1 Significance of innovation for a firm and differences between invention and innovation
Innovation is the process in which unique and effective methods are apply by business organisation in order to offer featured products to target customers. Implementation of innovation on continuous basis provide various long term benefits to a business firm (Owen, Macnaghten and Stilgoe, 2012). One of the main benefit of this is that it help in grasp attention of large number of customers and support in generate large number of profits. This ensure long term survival of enterprise in business environment. Importance of innovation in context of a business organisation can be understood by the following points:
- Ensure optimum utilisation of resources: By implement the concept of innovation, entity offer new and featured products to its customers. This help in utilise all resources at an optimum level add improve efficiency of business operations. With this company can offer value to its customers and can retain them for a long time period.
- Provide competitive benefit to firm: When firm manufacture and offer something new to its customers then it provide competitive advantage to company. Today large number of firms operate and offer same kind of products to its target market so in that for get the attention of customers, it is very effective to offer featured something unique. In this way, more number of profits can be generated by 4Com plc.
- Increase effectiveness of communication process: For implement the concept of innovation various activities are carry out by manager. It is very important that all activities should be executed in an effective manner so all benefits related with it can be utilise by firm. For implement innovation effective communication channels are use by firm as this help in remove confusion and make the workers aware about their needs and wants. `with innovation, entity can bring cooperation among its various functions.
- Improve efficiency: One of the main benefit of innovation for a business organisation is that it help manager in identify and examine various ways to carry out business process. This not only improve productivity but also save time of enterprise. With this company can serve its customers in better manner.
All these are the major advantages that can be get by a business enterprise after implement the concept of innovation. Large number of people think that innovation and invention are the same thing but there are various differences between these two as give in the following table:
Difference between invention and innovation
Under innovation, implementation of a new idea is take place for the first time related with a specific product or service (Battistella and Nonino, 2012).
When a new idea is come into existence for the very first time that has never take place before then it is known as invention.
Mainly a new feature or characteristic is add into already exist product.
New products are manufactured and offer to the audience for the first time.
For ensure effective implementation of innovation, various skills are required such as marketing, financial, technical and many more.
Mainly this concept is related with research and development skills.
Major activities that cover under the concept of innovation are spread across various department of entity from marketing department to Human resource department.
Activities related with invention are limited to only research and development department.
P2 Culture, vision, leadership and teamwork shape innovation and commercialisation
- Culture and innovation: organisational culture play a big role and largely affect the process of innovation. Appropriate structure, right flow of communication and positive work climate encourage implementation of innovation in effective manner.
- Innovation and vision: This is another factor that largely affect the process of innovation. Vision indicate the position that entity wants to get in coming future year. Competitive vision encourage innovation and its implementation at workplace as this help entity in attain its vision.
- Teamwork and innovation: Teamwork indicate the working of employees in a group. One of the main benefit of working in team is that it help in implement innovation in better manner and also support in get all benefits related with it.
- Leadership and innovation: Leaders are known as the individuals that encourage and provide direction to employees so they can perform their job roles and responsibilities in an effective manner. It is very important that right leadership approach should be use by leaders so workers can implement innovation in better manner.
P3 4Ps of innovation and use of innovation funnel to examine innovative ideas
In today’s business environment, implement the concept of innovation is become essential for every organisation as this help in respond to the changes take place in business environment and at the same time with this entity can generate more number of profits. Execution of innovation should be done in an effective manner to get all benefits related with it. 4Ps of innovation are there that should be use by 4Com plc for implement innovation:
- Product: Every enterprise offer some specific features in form of either product or service for satisfy the needs of its customers. Various type of telecommunication products and services are offer by 4Com plc to its customers for satisfy their needs. For attract more customers it is very important that product should have the features to satisfy the needs of its customers.
- Process: This element reveal the major steps involve in implement innovation at workplace. It is very essential for firm to have required resources and funds and proper training should be provided to customers so they can perform their roles and responsibilities.
- Position: This factor reveal the major communication channels utilise by entity for do promotion of its products for make its customers aware about its products. Different digital platforms are there which can be use by company for promote its products.
- Paradigm: This aspect focus to add more features in product for increase its usefulness and to attract more number of customers towards it. This help in generate more number of ptofits.
Use of innovation funnel in organisation to shape innovative ideas
Under innovation funnel, entity take a idea from real life situation and transform the same into a product or service for satisfy the needs of its customers. One of the main benefit of this is that it make the innovation more reliable and also make the manager aware about the trends exist in market which help in offer better products to its target customers.
P4 Frugal innovation and its various development and its use in an enterprise
Frugal innovation is one of the most effective concept related with innovation. One of eth main focus of this tool is to make the make the innovative products available to every individual by decrease its cost. Features and quality of product is maintain to satisfy the needs of customers (Battistella and Nonino, 2012).. One of the main benefit of this concept is that it help in utilise market opportunities and by offer its innovative products to individual with middle income company can generate more number of profits. This support in implement innovation in effective manner. With this company can implement the concept of innovation in better manner. Following are the six principles through which concept of frugal innovation can better understood.
- Find opportunity in adversity: As per this principle, a problem or issue require to be examine by investigator from every point of view. This help in better understand the problem and also offer basis to find effective solution. Every single threat related with problem should be transform into opportunity.
- Do more with less: As per this principle, researcher require to do efforts to identify the solution of problem with the available data rather than carry out research for gather new information.
- Think and act flexible: It is very essential for researcher to remain flexible during whole research rather than being rigid as this support in find better and effective solution. With this issue can be examine from various aspects.
- Keep it simple: Tools, method and process that use by researcher should be simple as this help in deal with the issue in better manner.
- Include the margin: According to this principle, customers require to be encourage to take part in problem solving. With this, effective solutions can be come intro ground.
- Follow your heart: An individual should be passionate about his work.
P5 Application of new product development process for innovation and importance of commercial funnel
Commercial funnel is a tool that is utilise by every enterprise one of the main reason behind this is that it help in reveal the major ways through which company can increase the number of its profits. A business firm work on various projects in order to attain its set goal and objective. No matter how profitable a project is the profit that firm will get and the risk involve in that project also remain uncertain (Schaltegger and Wagner, 2011). In this type of situation, commercial funnel help manager in select the best idea from all available which contribute in success and growth of company. Effective use of this funnel increase the sale of company’s product and provide opportunity to generate more number of profits as compare to its rivals. Initially all ideas through which firm can generate profits is identify and after that manager determine the funds require to implement a specific project. In the end an idea is selected through which profits of company can be increased. One of the main feature of this funnel is that it help in increase features of products and at the same time help in create a creative environment at workplace.
New product development
Various steps are include in process of new product development but the major steps can be understood by the given points:
- Idea generation: This is the first step in which manager carry out research to collect information related with various aspect such as product, process, suppliers, strategy and many more (De la Mothe and Paquet, 2012). With this manager can identify the trends exist in market and can manufacture products as per the requirements of customers. With this entity can retain them for a long time period.
- Idea screening: All steps developed in first step is examine in this for choose the best and reliable one. Under this firm take help of experts in order to determine how reliable an idea is and on which it can work further.
- Concept development: In this idea of innovation is transform into real life situation.
- Formulation of strategy: Manager formulate strategy for implement innovation and also highlight the major resources require for the same.
- Undertake situational analysis: An analysis related with various conditions exist in business is analyse by manager (Ambec and et. al., 2013). This support in identify the right time to implement innovation.
- Product development: In this company decide the features of product for satisfy the needs of customers.
- Test marketing: In this step, company offer innovative product in specific areas and region to determine its acceptability.
- Commercialisation: Under this company starts selling its products on big level for generate profits and cover the cost involved in research and development activities.
P6 Various ways to access funds and innovation business case
4Com plc is a firm that operate in telecommunication industry and offer various type of technical products and services to its clients. But for satisfy the needs of customers and to retain them for a long time, it is very essential for company to offer something unique and effective to its customers. 4Com plc wants to manufacture and offer a phone use for business purpose with an unique feature of video calling. Essential steps require for implement innovation is given in the following points:
- Executive summary: Due to operate in telecommunication sector, different type of products and services are offer by firm. Now with help of innovation, entity wants to offer something new to its customers for better satisfy their needs and to generate more profits.
- Target: Main target of this innovation of entity is business firms. As phone manufacture for business purpose will not be use by households. One of the main feature of this phone is that it will increase effectiveness of communication process take place among various businesses.
- Solution: This element highlight that all features of products should be in that way so that all customers can utilise it in simple manner. This not only help in satisfy the needs of its customers but also enhance their loyalty towards the brand.
- What the product is innovative: It is very important that the product manufacture by entity should be unique and different from the other products exist in market. As this help in attract more customers and at the same time increase profitability of company. By offer more features to its customers 4Com plc can charge high prices from its customers.
- Customers research: Before offer product s to the customers it is very essential for entity to carry out research in order to understand about their needs and requirements. This also help in identify the trends exist in market.
- Funds: This is known as one of the major resource require to implement the innovation and to provide unique features to customers. Adequate amount of resources help in implement innovation in better manner.
- Expected benefits: This indicate the major benefits get by entity by implement innovation. For get all benefits is it is very important for firm to offer featured products to its products,
P7 Different tools that can be utilise by business firms to develop, retain and protect knowledge and intellectual property
Unique creations of human beings that remain intangible in nature is known as intellectual property. It can be either a symbol, sign logo or design. Protect intellectual property and knowledge is known as very essential as this help in save the data so that no other individual can misuse it. Owner of intellectual property can protect it with help of various tools and techniques as given under the following points:
- Professional help: Under this tool, owner of intellectual property take help of technical experts to protect the knowledge as they provide a password so it become impossible for any other individuals to access it. This is very popular and effective method.
- Trademark: This is another method, in this a unique symbol or sign is utilise. With this customers find can the company’s products in effective manner.
- Patent: Under this tool, owner register his unique knowledge so no other individual can access or use it.
- Copyright: This method also provide protection to the owner of intellectual property for a specific time period.
- Right about intellectual property and knowledge: Before get protection for intellectual property it is very important for an individual to have information about his rights and duties. With this he can get proper protection and can avoid misuse of data.
All these are the major tools and techniques that can be utilise by 4Com plc to protect and retain knowledge and intellectual property.
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From the given project report, it can be summarised that innovation help in offer featured products to its customers which support in retain them for a long time period. One of the main benefit of innovation is that it help in utilise all business resources to an optimum level and also increase effectiveness of business process. For implement the concept of innovation there are 4Ps that can be utilise by 4Com plc. Various factors are there that affect the process of innovation so it is very important for manager to examine those elements in order to get all benefits related with innovation. Large number of tools and methods are there that help entity in retain and protect intellectual property and various sources are there which can use by entity raise funds to carry out business operations.
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