Concept and Types of Innovation - Softwire

TASK 1

P1 Explaining importance of Innovation in an organisation along with comparison with invention

Softwire are running their business operations at smaller scales and are mainly classified on developing software and digital design along with the service of the consultation in market place of UK. The entity was formulated in 2000 and there are approx 150 employees who are providing effective services to all customers in relation to software solution. The owner of the organisation is Pete Kenny and Phil Marsden and they are involved in offering quality goods to all their potential customers.

The innovation is related with development of new business ideas so that new products can be developed which helps in growth and development of business organisations. It is generally refereed to as developing new systems and maximising the values of goods which are already available in order to achieve effective outcomes (Dutta and Hora, 2017) This is the most important concept as it helps in getting avoiding those resources which are not usable so there can be changes made in them in order to make improvement in organisations performance. The different sources of innovation are team working, strategies adopted by competitors, and market areas which helps in running business activities for long time durations. The advantages which are adopted by business with the help of innovation are evaluated below as:

The main importance which are developed with the innovation process result in uplifting the stature of entity so that business activities are carried out in most effectual and planned manner.

Innovation results in attaining competitive advantage from their business rivalries who are dealing in similar business activities. The most important factor for business is related with analysing the trends at market place and according manufacture goods which results in achievement of financial gains and goals can be accomplished.

The factors related with innovation are beneficial in order to analyse the best approach of management related to business resources (Gaddy and et. al., 2017)

. Innovation results in using the resources in effectual and planned manner so that there can be new opportunities generated which are related with carrying out all the business activities in effectual and planned manner.

When firms are using innovative tools then they sustain strong images at market areas which reflects the total balance sheet of business entities.

The approaches which are developed by innovation are valuable in order to deal with the unfavourable fluctuations which arise at the market place.

Difference between Invention and Innovation

P2 Role of organisational vision, leadership, culture and teamwork in innovation and commercialisation

There are different ways by which commercialisation and innovation can be influenced within work place. For Example the Mission and Vision statements which are evaluated by the senior authorities are valuable in identifying the practices of innovation which are carried out at work place. There is an always a determination to identify the leadership skills according to which employees are executing their business operations. The organizer of Sowtwire have to assure that there are emphasized on different innovative methods at work places so that operations can be sustained for long time durations in market areas. The different influences upon innovation products are evaluated as:

Vision: The Vision of the company is linked with what they will achieve from their overall business operations. The major vision of Softwire is to produce effective products which helps in fulfilling all the requirements of the clients in most effectual and planned manner. The vision is having a direct implications on the extent to which the innovative techniques are carried out at business organisation (Goble, Bercovitz. and Feldman, 2017) In context to the organisation the vision statement is related with using new and innovative techniques by which needs of all customers can be fulfilled in most planned and effective manner.

Leadership: The leadership is identified as the most important aspect which results in in-cooperating commercial and innovative ideas at business organisation. The father of Innovation who is known by the name of Steve Jobs is taking initiative in order to make modifications in the products thus their needs can be easily fulfilled in effectual and planned ways. Leadership skill helps in developing plans and strategies and code of the conduct which helps in developing innovative practices thus achieving different results which are beneficial. There are elements of reinforcement that have been taken into thought process thus results in uplifting the innovative practices in relation to the selected business organisations.

Teamwork:

The term teamwork refers to achieving the predetermined business goals and objectives in most effective manner with the help of all group members. The team is developed by making group of people who belongs to different specialization in order to achieve goals in desired time. There should be plans formulated and ensure effective working environment in order to develop innovative ideas which ensures that services are being offered in most effectual manner.

Culture:

The culture is the most vital factor for an business organization as it results in supporting the innovative ideas and encourage people to develop more innovative ideas. The organization have to ensure that business culture should only be relied upon discovery and experiments so that new and innovative practices can be easily adopted at business organization. The innovative culture includes people who develops innovative ideas and strategies by which firms can achieve effective results thus achieving growth in business. The view points which are given by people are taken into consideration so that there can be changes in the products thus enhancing their sales and profitability ratios. (Henttonen and et. al., 2017)

You may also like: How to Motivate Team Members to Attain Business Goals

TASK 2

P3 Explaining 4P's of innovation and use of innovative funnel

4P's of innovation model is a special tool that is used by marketing managers in order to generate ideas. It has given by John Bessant and Joe Tidd in order to analyse need of innovation as well as its complete procedure. In addition to this, present model also aid in determining what types of modifications are needed. Therefore, it includes following procedure:-

Product Innovation:

This step entails a company with either manufacture a new product or find an alternative to sale the existing commodities in different market area. In addition to this, associations are required to deliver highly creative goods as per demand of customers. Thus, in this regard managers of Softwire use to deliver its services in unique manner. This would help in gaining more attention of people. They formulate a proper plan for marketing its services by identifying techniques of competitors used to sale their commodities.

PROCESS INNOVATION –

This factor shows entire process of manufacturing a new product to till its delivering in the market. This would help in reducing error of manufacturing especially when a company deals in software business like Softwire. Management of this firm needs to focus more on each and every activity of developing technologies. Along with this, they are needed to consider on further process of production and operational activities.

POSITIONING INNOVATION –

When a new product has launched in market era, then this phase shows that how this would going. In this manner managers can evaluate success of innovative goods if such company gets a good position in marketplace. Further, in order to sustain such position, it is also needed for management of Softwire to keep improvement in continue basis.

PARADIGM INNOVATION –

This is the most important phase of innovation in which an enterprise needs to make proper action plan. It includes how to make alteration or add value in products as well as the way to launch in a market in a systematic manner.

Innovation Funnel:

After understanding the whole procedure of 4P's of innovation model, this funnel is used as a refinery tool. Generally a company generate various ideas for increasing growth of company and deliver high services (Khan and et. al., 2017)

. So, innovation funnel is used to refine all ideas and choose best out of them. It includes three stages for creating modification in production like-

st phase:

It is an initial stage in which entrepreneurs of Softwire are required to make a proper research for analysing the situation of marketplace. It would help in grabbing complete information through which various ideas can be generated.

Second phase reflects that if mangers have gathered information’s from the market place in relation to their products then it results in achieving success in their operations..

The third face indicates that managers of softwire are confident about the new ideas and they will achieve their objectives in desired time that have been allotted to them.

P4 Concept of frugal innovation and its use in organisational context

The Frugal innovation are the most important contemporary factors which results in effective utilisation of all resources which are available in the economy in relation to factors such as human resources, finance and material required. The services and products which are manufactured with this concept are consuming less number of resources available and they are successfully fulfilling their assigned duties in respect to selling customised products to customers. The approaches have achieved momentum by the innovative tools otherwise customers cannot purchase them. The initiative taken for innovation in the products are achieved through momentum other they are beyond the capacities of customers in order to purchase the products. The innovation techniques are formulated in order to fulfil all the social responsibilities towards customers and these can be utilised for the effective means of manufacture of goods. The concept has been developed from the healthcare and transportation sector thus they have also spread into technological sector.

The concept is very much popular among the business who are operating at smaller scales and they are not having a separate department and they can easily carry out their operations with the minimum use of resources (Lim and et. al., 2017)

. It is focused on producing goods which are sold at lower price and they are providing values to their valuable customers. Softwire is mainly known for developing different types of software resolution who are operating at bigger scales index. By executing frugal innovation the firms have started to deliver all their services to the new ventures or the entities who are running their operations at lower cost. The main reason behind this factor is related with making the presence of the small business with the base of digital tools so firms can easily gain success at market areas. The software which are formulated for those business who are operating at smaller scales carries very normal functioning and this results in fulfilment of all the cost factors in the most effectual and planned ways thus achieving a pathway of success. The concept of frugal innovation carries very higher relevance towards the business organisation thus they are able to fulfil needs and wants of customers by offering them goods according to their needs. All the activities which are not useful and they are not adding anything to the services are removed so that efficiencies can be achieved in business activities. This is an important factor in order to establish strong business images thus they will offer effective services to all their customers. There is less disruption for management an d they can easily change their actions and those activities which are important in order to achieve business goals and objectives.

TASK 3

P5 Importance of commercial funnel and application of NPD

The commercial funnel considers the buying process of the clients while they purchases the business products. Commercialisation is linked with offering innovative products in mass quantity. There are different process used in order to deliver final good to customer. If firms wants to achieve success in their operations then they have to develop market plan. The sales funnel reflects that customer is aware about the products and he is influenced to buy the products. The main benefit of commercial funnel is that it makes customers aware about new offers in goods. If firms want to develop new products then they had to follow the steps which are evaluated below as:

Idea generation

: The business is at the start of consultancy service to people so they can be part of their business.

Idea screening

:. The formost step is to identify that firm will achieve higher growth and profits from their business operations in long time durations.

Concept testing

: There is a testing about the idea of new product with the already existing client in order to know the outcomes .( Mamo and et. al., 2017)

Business analytical

This factor is related with organising an assessment in order to know about the positive results of new products.

Commercialise

: If the business gets an idea that there operations are profitable then they can commercially launched them at market places.

Product development

: If there is proper response from the customers then it results in identifying the weak points thus improvements can be made in the products.

TASK 4

P7 Evaluation of different tools which are utilised by business in preserving intellectual property

Intellectual property are the most vital factor of business entities as it results in achieving competitive gains at market places. Protecting of intellectual property are valuable factor as they are preventing those property rights which are unauthorised. It results in enhancing overall business performances thus they are offering innovative products to their customers and these can be used for the purpose of safety and security while they are taking loans from the banks. The major elements which have to be considered while formulation of IPR are described below as:

Trademarks: The trademarks are evaluated as the logo or brand name which are used by business in their operations also includes tag lines and catch phrase. Every business should apply for the registration of trademarks so that firms can easily promote their valuable assets. The registration of goods are useful for business organisations in order to protect them from unauthorised usage of same logos, trademarks which are identical to the business entity.

Patent: Patents are described as the rights which are being given to the inventors related with selling or using their new and innovated products. The patents consist of three major elements such as design, plant and utility patents.

Copyrights: The copyrights are described as the protection and care which are offered by government of UK. Its main motive is to prevent the authorship which is related with unpublished and published form of the original work. The main reason behind formulating the copyrights laws are linked with protecting creativity, creators and time and effort taken in operations. The owner who is having copyright on the products have the power to to fully make use of their creations.

CONCLUSION

From the above report it has been concluded that innovation and invention are different from one another and small business can easily achieve success in their operations by utilising all the resources available in economy in most effective and planned manner. The innovation can be carried out with the help of new process and these can be promoted with the help of commercialization at market places.

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