Innovation simply defines as a new idea that company implement for making their product innovative and unique form others, so as to pull attention of maximum number of people (Kutvonen, 2011). The main purpose of this is to manufacture a fresh products so that they can increase the sales and profitability of the organisation. Company that will be taken in this assignment is Wiser which is a recruitment organisation and the firm was established in the year 2014. The report will focus on importance of innovation in a company so as to compare with invention. Organisational vision, leadership, culture and teamwork for shaping innovation and commercialisation. Along with this, 4Ps of innovation are explained by using innovation funnel so as to shape innovative ideas. Development in frugal innovation with the help of example is mentioned in this assignment. Lastly, different tools for developing and retaining the intellectual property is included.
P1 Innovation and its importance to organisation in relation with invention
Innovation is an activity that is done in order to increase company's market share and value, these are done so as to improve the brand image of the firm. Innovation can be done to any new products or in the existing commodities so as to grab attention of maximum number of people. Thus, for this, it is essential that company have employees who have creative minds through which they can think differently. Eligible candidates will help the organisation in making new and interesting products that can be launched in the market.
Wiser is a recruitment company and they are using innovative ideas for making new policies and strategies so that they can deal with their clients in an effective manner. This will help them in attracting more and more people towards them. Therefore, it is assisting the organisation in generating large amount of funds (Leonard and Rayport, 2011).
Invention is considered as an activity that happens all of a sudden and something new is created that has not not been done yet by any other. It is a kind of process that is related to scientific or technical background and is considered as more attractive because the product is new to market area. This kind of approach is adopted by those company who are going through any loss, so they apply this for gaining maximum benefits.
Difference between innovation and invention is mentioned below:
Innovation is a process through which the ideas is converted into a final products.
This is a thought that comes for the first time and for converting it into reality, a long research is conducted so that it can be implemented in a better manner.
For this, the person must possess some management skills that will help them for research and development of the product.
For inventing new products it requires scientific skills that is important for conducting the research.
Effect on company
With the help of innovation they make certain changes in the commodity and it help them in sustaining a better position.
This can help the company in improving their brand image in front of its customers.
In order to get effective results the entire task is divided into whole company.
Here, the entire activity is done by the skilled and experienced person so that a perfect product can be made without any fault.
Importance of Innovation for the workers, in context with Wiser:
- In terms of workers, this develops their skills and existing knowledge so that it can be implemented for future proceedings (Sawyer, 2011).
- Innovation, gives rise to the creativity in people's mind so that they can use them in manufacturing goods and products.
- It assist employees in increasing their knowledge.
Importance of Innovation in Business organisation:
- If the innovation is done in a better manner than it can provide maximum benefits to the company.
- This will assist them in enhancing their brand image in front of its consumers.
- Products that are manufactured are according to the needs and demands of the customers and this is enabling them in gaining maximum benefits (Stokes, 2011).
Therefore, in terms of Wiser, it is helping them in operating their activities in a better manner. Thus, this kind of changes will provide job opportunities to maximum number of people living in United Kingdoms. Hence, all the activities will grow and improve the career of employees who are working in an organisation.
P2 Organisational vision. Leadership, culture and team work required for shaping innovation and commercialisation
Company implement innovative ideas in order to sustain in the market for a longer period of time. Thus, most of the company apply innovative techniques for attaining its set goals and targets. Although innovation provides benefits but it is not necessary that it will bring success, therefore, to cope up with this management of the company must make plans so that they can eliminate all the risk which can hamper the business operations (Tebbe, 2011).
In terms of Wiser, as it provides recruitment services to maximum number of people so to attract a number of clients they are using different marketing approaches like giving advertisements in newspaper, magazines,.television and many more. Henceforth, by using latest tools and technologies they are developing an application which can be used by people who wants to apply for the job. Thus, for achieving at its desired goals Wiser has to set their vision, mission so that objectives can be achieved.
Vision: Basically, vision is made for a long purpose and it is developed on the basis of policies and objectives company wants to achieve. Thus, while creating a vision company must consider all the aspect through which they can attain maximum benefits. Vision of Wiser is to provide better services and facilities to its clients. For this, they are incorporating latest tools and technologies.
Mission: Mission is developed for a short period of time so that it can be achieved in specific time period. Thus, mission of Wiser is to get into a superior position. For this, they are optimising innovative strategies like they are developing new application that will help them in increasing their sales and profitability (Teece, 2010) (Kline and Rosenberg, 2010).
Culture: People from different culture works in an organisation and for manager it is important that they maintain a healthy environment where workers can perform their task. Thus, Wiser has incorporated all the legal norms which is helping them in operating their business in an effective manner. As they are creating healthy environment because of which their company is getting into superior position gradually. People of different mind set is helping the organisation in developing a better and effective innovative ideas.
Leadership: An individual with influencing leadership quality always provides better results to the organisation. They lead their team in such a manner that all the task are accomplished right on time. In terms of Wiser, leadership is helping them in implementing new strategies that are effective and efficient as well.
Teamwork: For having an effective growth it is important that a perfect team is developed as it will enable them in achieving the goals and objective in specific time period. Therefore, leaders look out for appropriate paths through which it can accomplished (Jagoda and et. al., 2011).