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Importance of Innovation - Oktra

University: Regent College of London

  • Unit No: 8
  • Level: Undergraduate/College
  • Pages: 3 / Words 835
  • Paper Type: Assignment
  • Course Code: M/508/0494
  • Downloads: 295
Question :
The scenario of this report determines the requirement of innovation as well as its potential impact upon an organisation as well as on overall industry. In this regard, it is required for senior level of employees as CEO and managers to design a structure within organisation that will assist them in implementing desired innovative ideas easily.
  • Describe the context of innovation as well as differentiate it to invention.
  • Provide explanation of different type of innovation available for Oktra.
  • Analyse the process of commercialise innovation within Oktra.
  • Analyse different methods that can assist in protecting ideas and intellectual property rights by considering its advantages and disadvantages.
Answer :
Organization Selected : Oktra

INTRODUCTION

Innovation can be described as to change or modify something through new creativity and uniqueness which helps to improve profits of an organisation properly. It is necessary to generate fresh ideas, thoughts and concepts to implement them in company to increase image to brand which facilitates to improve productivity as well as profitability. Different kinds of fashion is observed in market that attracts people to enhance number of customers and sales which render support to grab more profit share (Aarikka-Stenroos and Sandberg, 2012). This report is based on Oktra which was established almost 22 years ago that sought continuous improvement, extending high quality service throughout the design and build sector. They have well experienced employees who learn about challenges and never setting goals for less than excellence. This assignment will discuss about importance of innovation and relevance of vision, leadership, teamwork or culture. It also involves 4P's of innovation, use of innovative funnel and development of frugal innovation. Significance of commercial funnel and application of new product development is given below.

TASK 1

P1 Innovation and its importance

The term innovation can be described as to new idea or concept that can be applied in an enterprise for achieving better than present ones. New creativity or techniques are utilised by companies to get better outcomes on regular basis in terms of productivity as well as profitability (Bagchi-Sen, 2010). An innovation refers to production, assimilation and exploitation of value added added novelty in economic and social spheres to improve quality of products or services properly. Oktra can utilise fresh innovative or unique ideas or thoughts to provide more creative designs of workplace to people which facilitate to attract new customers along with retaining the current ones to attain growth of the company through grabbing more profit share.

You may also like: Different Types of Innovation

Comparison between innovation and invention

Innovation

Invention

  • The term innovation refers to implementing an ideas to product for very first time.
  • It includes to add value for something already exist.
  • This will involve the practical implementation of fresh idea.
  • It includes the combination of several products or processes.
  • It will generally spread across the whole company
  • This is all about to an occurrence of fresh idea for product which is never used before.
  • It involves to create exactly new product.
  • It's concept refers to an original thought and it is working in a theory.
  • This involves single product or process in one stroke.
  • It is usually limited to research and development department.
 

Innovation is very essential factor of an enterprise as it provide support to build more effective as well as efficient strategies or policies to gain better outcomes on daily basis (Bogers and West, 2010). Oktra can implement several innovative ideas or concepts to improve their performance that helps in providing more attractive designs to customers. there are various types of importance of innovation that can be attained by Oktra are given below:

Competitive advantage: - Innovative techniques are helpful to company as they provide unique competitive position in market place.

Business alignment: - The differentiating factors innovative thoughts that should be conceptualised to build an appropriate strategy to focus on goals.

Customers: - It includes to implement unique elements or features to product or service for attractive more clients to make better profits for

Execution: - This refers to determine available resources, processes, risks, partners and suppliers and take accurate actions towards all these factors for attaining desired outcomes.

Business value: - Innovative concepts provide support to implement creative changes or modifications to improve image of brand in market place to increase desired profit share properly.

P2 Role of vision, leadership, culture and teamwork to shape innovation and commercialisation

The culture of an organisation is very important to be maintained in appropriate manner by establishing better cooperation and coordination between staff members (Bogers and West, 2012). It is necessary to gain team spirit amongst employees because overall efforts of people are essential to generate desired productivity as well as profitability. Innovation is helpful in maintaining better culture and leadership styles in an enterprise to carrying out required activities or procedures to attain desired outputs. Oktra have to focus on several kinds of factors which are as follows:

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