This assessment will cover the following questions:
- What is the effective context for innovation and invention?
- Provide different ways of innovation in Hakim Group.
- What are the eventual ways through which innovation can be commercialized?
- Give the pros and cons of protecting ideas of working.
In the modern era, the primary concern of every company is to refocus on its growth and innovation strategy. It has been analyzed that around 83% of executive states consider innovation, an important part of a growth strategy for an organization. The purpose of this assignment is to give a brief about give brief about the impact of innovation and its importance to the workers of Hakim Group. . Hakim Group is one of the small and middle enterprises with the intention to embed innovation and commercialization in the organization's culture over the next 12 months. In addition to this information is being collected in the context of 4 Ps innovation, commercial funnel innovation funnel, and frugal innovation. Besides this, it gives a brief about the tools required for developing and retaining the intellectual property of workers within Hakim Group. Lastly, this file present how organizational vision, leadership, culture, and teamwork can shape innovation and commercialization.
Hakim Group which was established in 2001 is known as a portfolio brand which specifically signifies the interest group business. (Birkeland, J., 2012). This business mainly deals with optical industry and focuses on providing required opportunity for Optometry practices. They also provide investment opportunity to the people who desire to open up their personal eye care centre. For both recognized organizations as well as new organizations innovation become significant in energetic, changing surroundings. When an organization fails to innovate and change as required, by its clients, workers and the community at large can all suffer. There are basically three types of innovation:-
Technical innovation involves formation of new goods and services. Many technical innovations occur through investigation and expansion efforts projected to satisfy challenging customers who are always looking for, new, better, faster and cheaper products and services.
Process innovation involves creating a new technique of generating, promoting or distributing an accessible goods and service.
Administrative innovation occurs when formation of a new association intend better supports the formation, production and delivery of commodities and services.
The term innovation is totally different from the word invention: The term ‘invention’, is refer to as the act of generating, manipulating or discovering a device, technique, method, that has not existed earlier. Whereas, the word ‘innovation’ itself denote its sense, as the alteration of an idea into realism. Moreover invention is the process or can be termed as an act of bringing objects or ideas in a novel way in order to create something which doesn't exist before.
In order to achieve further growth innovation can act as a major source of retention for Hakim Group. The significance of innovation is not only beneficial for the firm but the workers working in the firm are also related to it. So as to run business more independently, workers of Hakim Group are well trained to offer practitioners (Cunningham, S., 2013). The workers working in a team in Hakim Group are talented enough to support their practices. The Hakim Group can be independent business only by adopting innovation strategy. Innovation strategy leads to increase in worker retention as well as profitability with the culture. In order to achieve maximum effectiveness with minimum cost Hakim Group continues to innovate their services with the increase in preferences of global economy (Greenaway, D. and Rudd, C.D. eds. 2014).
The workers of the Hakim Group are well informed about the future benefits that the company would achieve by making proper uses of innovation strategy. Some of the important benefits of innovation strategy in comparision with invention for Hakim Group are as stated below:
- Proper utilization of resources
- Enhanced competitiveness
- Proactive business approach
- Increase the level of staff retention
- New clients get attracted
Workers who deliver high quality services with increase in efficiency can lead to enhancement of competitiveness. By adopting innovating motivational in comparision to inventio Hakim Group can lead to increase in the level of staff retention (Balmer, A., Bulpin, K. and Molyneux-Hodgson, S., 2016). As Hakim Group matches the changing condition of the target market leads to generation of proactive approach to a firm. On the basis of existing services and new services the difference between innovation and invention can be analyzed which helps to achieve the desired goal.
The Hakim Group performs excellent innovative research to benefit the community which indirectly defines the relationship between the innovation and commercialization (Schroder, C., Baaken, T. and Korff, N., 2012). An significant part of innovation is creativity — organization that promote and use creativity are more liable to be innovative.The following information is delivered to the worker of Hakim Group so as to shape their innovation and commercialization practices:-
In order to run business smoothly and individually the vision of the company is to avail investment opportunities for the optometrists.Additionally main vision of Hakim group is to build long term mutually profitable realtionships with its partners by rendering the goods and services which meet and surpass their expectation. To earn nationwide reputation investment opportunity has been marked as an evidence for the firm (Moir, H.V., 2013). The other vision of the company is to offer practitioners the capability to run their own business independently. In addition to this workers are further trained so that they can give stiff competition in the global market.
Leadership is termed to be the art of motivating or influencing workforce to work harder in order to accomplish organisational aims and objectives. There are different types of leadership like democratic, transformational, autocratic etc. Democratic style of leadership refers to the style in which the leader render flexible environment to its workers, like by allowing them to take part in different activities of an organisation even in decision making process. On the other hand transformational leadership style is the type of style where the leader motivate others to do more then they originally intended to do. In addition to this a leader here sat mnore challenging expectation from employees and typically achieve higher performance. Whereas, autocratic leadership style is the one where the leader holds itself all the authority and responsibility and does not allow any interference of subordinate in any kind of decision making process or activities.
Thereforetransformational leadership style is being followed by Hakim Group which directly relate to commitment of workers to work in a collaborative format (Chun, D., Chung, Y. and Bang, S., 2015). Hakim Group thinks outside the box, as the firm seeks only those workers who are talented and ambitious toward their task. Thus, it aid in creating positive impact on the workforce of the Hakim Group.
Culture and teamwork
Culture here refers to the social behaviour or norms which are found in human societies. In addition to this it is termed to be the characteristics of a particular group of people who encompasses language, social habits, musics, arts, religion etc. As per Handy's typology organisation culture posses four types of culture which can be adopted by Hakim group and they are namely role culture, task culture, person culture and power culture. Therefore Hakim group takes into consideration task culture in order to carry out its activities smoothly. As task culture specifies that each activities are allotted of different team member by segregating the activities into different task so that each members becomes specialised in their performance. Thus, it helps to achieve increase in productivity and profitability ratio of Hakin group.
In order to make professional journey smoother Hakim Group follows the culture of working all together with a happy face. Beside this, workers are given training to perform their respective task by adopting collaborative format (McGillivray, A., and et. al., 2014). This in turn will help to satisfy customers and along with this the company believes on the fact that nobody want to be treated or served by a robot. Hakim Group is mostly known for its well established culture of happy staff which helps in attracting and making customers comfortable.
Moreover there are different types of team in Hakim group who perform their respective roles task and responsibilities. Team like problem solving and virtual team. As main role of problem solving team is to solve the issues or problems which might take place during the working of different operational activities of an organisation so as to run business smoothly. Whereas virtual team is formed so that important projects or task can be completed on time with the help of specialised person in world via video conferences, etc.
In addition to this company also render flexible working cultural environment as well as adopt democratic leadership style model so as to create better working and friendly cultural environment. Therefore, it helps in overall development of the team members in the form of skills and knowledge. Thus, it result in the overall development and increase in the productivity and profutability of an organization.
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During the new product development process, innovation funnel is being used as a common model so as to evaluate the ideas and top conceptualize the products in an accrate and appropriate manner.
The main application of innovation funnel at Hakin group is that it evaluates the different ideas over an extended period of time by checking their viability through the process of gates, rules and filters and can be illustrated as converging funnel.
The application of 4Ps of innovation can be helpful in evaluating the impact led by innovation, which plays a vital role in shaping innovative idea within Hakim Group (Wang, Y., Vanhaverbeke, W. and Roijakkers, N., 2012). Innovative strategy is one of the best multidisciplinary fields which result in the overall growth of the organization. Along with this, 4Ps of innovation deals with respective factors:-
Future business goals are mostly dependent on the type of product which is the main elements for the Hakim Group. Product needs to be appreciated by the potential customer so as to attract more new customer towards the innovative products of a firm (Hemphill, T.A., 2014). Hakim Group delivers quality eye care service so as to innovate their services. Besides this they also render investment opportunity to deliver optometrist.
One of the 4Ps of innovation is process, which refers to the development of product making procedure in order to make it effacement and cheaper. This intern will be beneficial for both the customer as well as the employees (Youtie, J., and et. al., 2012). In context to Hakim Group, process innovation refers to the reinvention and to work with full freedom.
Position refers to those activities which are being performed by the Hakim Group in order to promote its brand image in market and to establish its existence.
Paradigm refers to the needs and the changes that need to be consider so as achieve specified target of Hakim Group. Like Hakim Group mainly consider to deliver investment opportunity to practitioners instead of other business individual (Abdul Razak, A., Murray, P.A. and Roberts, D., 2014). The other aid used by Hakim Group to shape innovative idea for the worker is innovation funnel. This is use to describe the process which take place in developing a product. Innovation funnel involves three stages; first to collect ideas; second process of screening those ideas so as to make sure weather the ideas match the goal of the firm or not; third stage to select the best idea and to deliver the objective set by the Hakim Group. In addition to this it is the best techniques which is used to describe about the different steps which tages place during the development of products process. Moreover while development of new product in the marketplace innovation funnel model plays an essential role so as to evaluate ideas and to conceptualize product in the marketplace.
Frugal innovation refers to the process which is applied to reduce complexities as well as to minimize the cost of goods and its production process. The exact demand of the customer is met only by adopting frugal innovation strategy as this strategy helps in removing the non-essential features of the product. Thus, this intern helps in achieving better quality of the product. Frugal Innovation is a perception that urges businesses to retort to limitations in possessions; whether economical or institutional, and turn these variables into inventive ideas and practical solutions.
In context to Hakim Group, some of the application which need to be taken into consideration by Hakin group so as to reduce complexities in investment opportunities are sepcified below:-
- Input cost
- Scale up
Taking into consideration the requirement of customer, Hakim Group provide the quality services. While distribution Hakim Group thinks about rendering accessible services to the customer (Edison, H., Bin Ali, N. and Torkar, R., 2013). One of the other application of frugal innovation for Hakim group is the output cost which directly link with the affordability feature for potential customers. Adaptability on the other hand refers to the loyal nurture that the firm adopts for their practitioners. Along with this, there are other application of frugal innovation which include performance, servicing, input cost and scale up which help in reducing complexities` for investment opportunities of practitioners. The view point of Hakim Group is that the hard work on real investment begins, once the sale goes through.
In order to receive benefits from frugal innovation Hakin group need to emphasize quality solutions that are accessible created with:
- Design thinking at the product/ service level,
- Thinking about the product system at macro level,
- Thinking about different technique used for product design and development,
- Thinking about leveraging modern technology so as to deliver low cost solution,
- Adopting innovative business strategy so as to make solutions accessible
Commercial funnel helps in predicting the customer’s journey and to depict selling procedure right from awareness to action. They are also refers to as revenue funnel which is helpful in depicting the beginning and end of sale and purchase (Miller, K., and et. al., 2016). The major purpose of commercial funnel includes awareness of customers and identification of their problems thoroughly. Along with this other importance is to find out the probable solutions to those problems with the help of social media marketing concept. Efforts are made to increase the sales even with a decrease in customer prospects and it result in deep understanding of the process and the relation of innovation and commercialization. Thus, it leads to achieve competitive advantage in the market. Hakim Group has adopted commercial funnel strategy so as to increase efficiency of the workers and to deliver quality service and products at low cost to their clients. As well as it has lead to increase in the level of staff retention of Hakim Group.
Hakim Group has inaugurated such concept in order to obtain new ideas and to implement those ideas on the production of new product development process (Polzin, von Flotow and Klerkx, 2016). There has been increase in the scope of employment opportunities due to the incorporation of new product development in the market. This has lead to massive impact on the development of advanced technology and it has lead to easy access of funding.
New product development include some steps like generation of ideas, screening of ideas, developing the concepts and strategy, then testing of products last step involve commercialization..
- During the first step of new product development Hakim group needs to generate ideas which include brain storming means to come up with different ideas. For example, generation of ideas by manager of Hakim Group that whether to introducing power mapping lens analyser or binocular autorefractors.
- In second step Hakim group needs to screen the ideas by filtering out ideas not worth for taking forward. In this, the benefits received by Hakim Group after launching new product are identified. As if the company introduces binocular auto refraction then it will estimated to help in providing a baseline refraction and it can also be used in undilated pupils
- In the third step Hakim group needs to develop the concepts and strategy in order to carry out the ideas forward. Under this, the managers of company implement strategies regarding developing skills and knowledge of employees by conducting training and development programs so that they can do their best in launching new product more successfully.
- In fourth step Hakim group needs to test the strategy so the product modification can be done as per the customers preferences. In this, the managers analyse the results after launching its new product i.e. binocular auto refraction through comparing the financial position of company before and after launching of product.
- The last step involves commercialisation, means at this step Hakim group need to finalise the marketing plan and to launch the product in market. Under this, the marketing tools and techniques are adopted to promote binocular auto refraction. For example, social media platform or TV advertisements etc. It requires to prepare an effective budget to execute marketing activities in desired manner.
Moreover market testing state is given more preferences by the Hakim Group so as to achieve successful growth in the market.
The Hakim Group is a collection brand that offers the practitioners the potential to run their personal business successfully and independently. The company is a well-known association for their innovation. It is worth saying that, the company renders back-office shore up to the practitioners and so that, it becomes feasible for the company to achieve competitive advantage in the market (Smith, H.L., and et. al., 2014). As per, Cummings and Worley bringing of adoption of innovation strategy on a regular basis will be helpful in achieving business growth in terms of financial profitability. Along with the existing business strategies. Company also considers some of the innovative idea so as to accomplish company goal and to achieve competitive market. In order to achieve win-win situation for both the business owners and the patients company adopts hybrid approach. Hence, Hakim Group encompasses effective and talented team work force in the work palace. In addition to this company also offer quality eye care services to their patients. However, the company can achieve profitability with the introduction of such diversification strategy. Thus, it is important for the Hakim Group to take into consideration innovation strategy so as to lead towards business growth and to achieve competitive advantages in market. The company also renders services to the practitioners who want o carry out their business independently (Sengoku, S., 2015). In addition to this Hakim Group also render back office support so as to achieve competitive advantage. By deterring new ideas in order to enter into commercialization process and by providing quality eye checkup service is become possible for the company to practice social responsibility. It is necessary for the Hakim Group to focus on ways to access funding because without funds company cannot practice innovation strategy. So the company encourages people to make investment in their company. This intern will help the company to come out with some innovation strategy and render benefits to their investors. Thus, it will prove to be beneficial for both the individual as well as the Hakim Group.
Steps for creating successful business case for innovation:
- Executive summary:As a famous HAKIM Group company which is one of the small and middle enterprises with the intention to embed innovation and commercialization in the organization culture over the next 12 months. Additionally it is planning to innovate new product binocular auto refraction.
- Identifying and thorough understanding relevant business problem:It was identified that there is in increase in demand of binocular auto refraction due to recognising issues faced by old age people regarding carrying heavy lenses. So company has decided to introduce this product because it is totally different from other lenses as it help to provide a baseline refraction and it can also be used in undilated pupils and its termed to be fully automated functions.
- Target: It is the essential aspect before launching the new product it is essential to decide the target customer. So the target customer of Hakin Group is old age people because this product terms to be less in weight and old age people can easily carry it out..
- Bran storming about potential customers for resolving for business case problem: It is an essential stage so as to know about customer demands and preferences. After brainstorming it was found that the company should launch binocular auto refraction product as it is different from other lenses as it helps to render baseline refraction and is termed to be fully automated.
- Why product is innovative: Innovation is termed to be the crucial element which helps the company to gain competitive edge in market, so in order to gain competitive advantage company is planning to launch binocular auto refraction because it can be used by old age peoples.
- Customer research: The main importance of this stage is to create appropriate changes in the products as per the needs and demands of customers. So as per research it was found by Hakin Group that there is a need to develop binocular auto refraction lens so that old age people can easily use it to see.
- Access funding:Itis the act of collecting financial resources in the form of money or other values such as time or effort so as to carry out the project plan of new product development in an effective an efficient manner. Therefore there are different sources through which Hakim group can access funds like through personal investment, bank loans, government grants or through venture capital.
- Expected profit: This stage explains about the expected benefits that the Hakin Group can get after implementing the new product in market. Therefore while estimating the expected profit, past information can prove to be useful so as to attaining high growth profit in future.
It can be valuable and time-consuming to explore and expand a new product or service. But there are many forms of monetary help that aim to sustain companies as they innovate and create new ideas. The monetary help could be in the form of grants, vouchers, tax reliefs and many more. The small limited projects should get a narrow amount of financial support at first in order to test out their feasibility. The funding should be as small basic sample that can test out if the scheme will work. Once a allotment or project gets a set quantity of financial support on a company’s budget, it tends to turn into a reoccurring valve. To promote an innovation culture, Hakim group needs to expeditiously assign to the assignment or pass on it. While there is no definite approach to getting Hakim Group to assign to funding innovation initiatives, there are ways to obtain better the chances. Many times workers become annoyed with administration because the member of staff has a great design but the design doesn’t get grip. Most of these times it was due to the plan not being offered as a company plan. Moreover there are different steps for creating business case and they are specified below:
- In the first step hakim group confirm the opportunity and describes the situation and the different opportunity that will impact upon proposal.
- In second step analysis and development of shortlisted options is being done by Hakim group like identfying alternatives approach.
- In the third step evaluation of the alternatives and approaches are being done
- In fourth step Hakim group implemt the strategies and the alternatives best evalyated
- Lastly final recommendation is being done by the Hakim group so as to confirm recommended options.
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Hakim Group requires to be established in a legal context so as to develop, retain and protect knowledge and intellectual property of an organization. In order to protect intellectual property the company requires taking into consideration the following points:-
This will help the Hakim Group to protect and further improve their individual indentation and existing indentation.
This refers to the source of the recognition used by the Hakim Group in the form of words and symbols which will helps the customer to identify the products, services and their brands within the same industry.
It is a legal right to protect legal ideas of the company in artistic, musical works and literary.
Thus the entire tool mark above is beneficial for Hakim Group like patient helps the company to get protected to their innovative services that they render to practitioners. This is because the chances for making innovation common are high as the Hakim Group is known for its innovative ideas (Hang Do, T., and et.al. 2014). Secondly copyright is not beneficial for Hakim Group as the company is not involved in any of the three features artistic, musical works and literary. Moreover trademarks help the company to differentiate their product from other.
Thus all the above tools help the Hakim Group to develop, retain and protect knowledge and intellectual property of an organization.
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All over it can be concluded that innovation in itself is an important term as well as it has its importance in the organization so as to increases organization efficiency. In addition to this adoption of an innovation strategy by Hakim Group has proven to be beneficial in delivering quality services to practitioners. The worker of Hakim Group is examined in terms of innovation and the collision of commercialization to effect the future aims and objective of the firm. There were different tolls used by the Hakim Group so as to protect their intellectual property rights which were proven to be beneficial for the company so as to achieve and accomplish an organizational goal.
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