The scenario of this report discusses the requirement of introducing innovation in a small and medium organisation. These kinds of practices will assist in implementing desired changes in the organisation’s operational and functional activities by evaluating:
- Analyze the context of innovation and evaluate the difference between invention and innovation.
- Identify different types of innovation in the context of 4Com Plc.
- Determine the process of commercializing innovation in 4Com Plc.
- Explain different methods that can assist in protecting ideas as well as discuss their advantages and disadvantages.
Manufacturing products that fulfil needs of consumers is the main aim of organisations where innovation plays a vital role for them. It is being analysed that both innovation and inventions differs from each other in context to business companies but works in a same manner which is enhancing sales of products and services. With the help of this, a company can improves both profitability and productivity both at the same time (Anderson, Potočnik and Zhou, 2014). Along with this, when an enterprise adopts innovation process at workplace their motive is to deliver quality products to consumers so that attention of them can be grabbed for a life time so that they can generate revenue at maximum level. Under this assignment, firm which has been chose i.e. 4Com Plc which is registered under federal government agencies of the United Kingdom. Delivering telecommunication facilities to consumers is the main service that they provide like they manufacture electronic items, softwares and many more. Assessment will include various things like, the reputation & concept of innovation in the business world, 4P’s of innovation and long with problems that can be faced by organisations while adopting innovative processes at the workstation.
P1. Innovation and its significance in enterprise
Making alterations under a product which was already existed at marketplace and which was fulfilling needs of consumers but to enhance it can be understood as innovative process at business world. In modern era, every single organisation looks forward to grab high number of consumers so that profit can be maximise. This can be done through taking under the process named as innovation. With the help of this, a company can better know about tall the needs and wants of consumers that they have. In order to do this, it is must of manager of a company to first analyse the market, locate all the trends and then take initiatives like adopting new technology (Rosenbusch, Brinckmann and Bausch, 2011). Under this assignment, organisation which was taken under that is 4Com Plc and it is of United Kingdom. It has been analysed that company manufactures products with taking under innovative process as they already know about the concept that if they want to sustain at marketplace for a longer period of time it is must for them to keep on fulfilling needs of consumers and this can only be done through delivering products according to their demands. But, it has also been located that customer’s requirements carries a keep on changing behaviour which directly puts impact on both productivity and profitability of a firm. In context of present report, there are ample number of importance that innovation has in business environment and some of them are discussed beneath:
Increase productivity of the company: Productivity of 4Com Plc can be enhanced by utilising real connect which is related to innovation. Through this, it has been located that company when consider innovation in existing products and service, it directly catches eyes of consumers towards goods and this can be stated as an ultimate process of enhancing productivity.
Increase effectiveness of communication process: Communication in between both employers and employees plays vital role when it comes to enhance sales of products and services that are being offered by companies at marketplace of United Kingdom (Metcalfe and Miles, 2012). Innovation function can directly be added at workplace where there will be effective communication will be their among staff members and managers.
Aid in optimum utilisation of available resources: it has been analysed that there are limited resources left in the world. Therefore it is required for Firms to keep on Looking into different aspects that are related to innovation as this may aid an organisation to reduce all the reduce waste material. help in increasing the chances of improving production process. Optimum utilisation of raw materials and other resources can be done if innovation will take place at organisation in an appropriate sense.
Provide competitive advantage: 4Com PLC is being stated as an organisation that continuously update all the technologies that are being used in order to deliver services to consumers (Manso, 2011). Through this it has been located that company can give good rivalry to competitors at Marketplace of United Kingdom. It is very much required for this company to keep on looking into different aspects like updated tools that are being used by competitors.
Take help from this answer: Innovation Answer