Innovation can be defined as a process in which something new is being created so as to provide various kinds of benefits to the environment. These are the kind of changes which have not been introduced earlier. The whole concept of innovation is revolved around creation and development of goods and services which are either modified or altered from the basic one. On the other side, commercialisation refer to the process which is taken place in the market and then the goods and services are being circulated at the global level. In this, the changes are initially decided but it is adopted as well as modified in later period of time (Perry and et. al., 2017. ). The organisation which will be referred here is Softwire. It is a small consultancy service provider and render software service as well. This report will discuss about various aspects of invention as well as innovation and along with this, major type of innovation mix is also mentioned. Also, a discussion will also be held on frugal innovation and commercial or innovation funnel.
P1Describe innovation and determine its importance to organisations in comparison with invention
Business innovation is an imperative role in the success and growth of each business organisation. Innovation assist company in generating new ideas and thoughts for gaining huge competitive advantages in better manner. It will play an essential role which directly impact in modern business world. Softwire company is the small business enterprise which regulate and operate different business operations in the software industry and they are designing and consultancy services in the united kingdom (Dutta and Hora, 2017). The firm was established in 2000 and this is possess around 130 employees whose main motive is to gaining high amount of profitability and productivity in better manner. An organisation is operated and owned by Pete Kenny, Phil Marsden and Dan Shavick who are work together for smoothly running the business in all over the market place.
The concept of innovation can be define as the execution and introduction of new ideas, values, methods, concepts and process that can developing on the behalf of an enterprise. This can be defined as the formation of new products, procedures, system which can help in business for taking appropriate place and traditional approaches are made new and other modified goods within an organisation. There are various benefits of innovation that are described as under:
It is one of the first value which has been bring out with the help of innovation so this will assist in uplifting the business structure for increasing their efficiency.
The concept of innovation assist in getting best function and activity for business resources management. It can help in developing certain current things of business which are capable to identify the development opportunities for making the utilisation of them which assist in operating business in effective manner (Clayton, Feldman and Lowe, 2017).
This can be adopted because it is very flexible approach by this it will able for increasing the appropriate innovation in dealing with unfavourable trading that directly affect in accurate manner.