The scenario of this report discusses requirement of innovation in a small and medium firm in order to gain competitive advantages from target market. Thus the CEO of Wiser has intend to evaluate how firm can implement innovation that can assist them to gain maximum advantages.
- Explain what is innovation and provide a comparison between invention and innovation.
- Determine different forms of innovation in Wiser.
- Evaluate the procedure of commercialize innovation in Wiser.
- Describe numerous methods of protecting own ideas and intellectual property rights along with its advantages and disadvantages.
Innovation can be described as a process in which an idea is translate into reality by researchers and these ideas are mainly concerned with preference and choices of customer. In context of business, it means bringing change in product, workflow, processes or services. It act as a catalyst for organizational growth and success (Aarikka-Stenroos and Sandberg, 2012). With the help of innovation, company can gain high competitive advantage in the market over its rivals. The selected organization for this report is Wiser which is a UK based creative and recruitment company. The main aim of this report is to signify the difference between innovation and invention, application of new product development, building business case, framework of innovation and different intellectual property tools used for protecting and retaining intellectual rights.
It can be described as an activity that is normally performed by people who have great creative knowledge about subjects in which they want to bring something new. It can be applied either on old or existing product or services are creating the new one in the market that gives high competitive edge. Thus, for successfully embedding innovation it is important that employees must be intelligent and creative. It has been believed that if employees are creative then only they will take active participation in sharing their innovative ideas with the company. Moreover, if the idea is been like by the company then it will ultimately increase the morale of worker. Management of Wiser have decided to bring innovation in there organizational policy which enables them to interact effectively with target customer. If they will innovate their business activity, chance of attracting more potential buyer increases and it would enhance company's profitability as well.
Invention:It can be termed as an activity in which something exceptionally new has been created for the first time. It is mainly related with technical and scientific skills that makes it more attractive (Bogers and West, 2012). It is normally undertake by company losing their market base and to get back in market, firms usually invent new product or services that provide them high competitive edge over their rivals.
Difference between Innovation and Invention
Idea is generated in the mind of people and then they translate into final goods or services.
In invention, idea is originated for the first time in the mind of inventor and then after long research it is finally taken into consideration.
Essential skills needed for innovation include management, marketing and research and development skill.
Scientific and technical skills are required for invention
With the help of innovation, changes are brought in company.
Sometimes invention bring change and sometimes it may not.
It is a combination of various products or processes.
It takes only a single product or process into consideration.
Importance of innovation for Wiser employees:
- Through innovation, the company is able to acquire new skill and knowledge that help their employees in both personal and professional growth and development.
- Innovation leads to develop a sense of creativity in the mind of workers which further assist them in producing effective and unique ideas (Chesbrough, 2010).
- It also help in making market and customer base stronger.
- It leads to improve the overall productivity and efficiency of employees.
Importance of innovation in business organization:
- With the help of innovation, business activities can be carried out in a thorough and structured manner.
- It help in improving the brand image and goodwill of the company.
- Goods that are made after innovationis according to the needs and wants, thus satisfying customer requirement in an appropriate manner.
Thus, Wiser can use this process for enhancing their business activities and yielding higher profitability ratio in the market.
- Vision: - It is generally made for long purpose which sets a base for the establishment of company's policies and objectives. With its help, new ideas can be developed in their working culture which leads to development and growth. Wiser Ltd. must include creative ideas when it sets up a vision for their organization. For example, Apple having the vision on investing its resources to motivate all employees which help at times when business practices need to be modified.
- Mission: - It is formulated for short term purposes after taking the vision of organization into consideration. It also helps in accomplishment of organizational goals. Thus, if long term goals are to be achieved, it will provide focus.
- Culture: - The need of adopting a good corporate culture arises when ethical practices in the organization are needed to be maintained. There is need of a morals, beliefs and good ethical practices as Wiser Ltd. engaged in recruiting individuals to ensure smooth accomplishment of daily targets. For instance, companies like Virgin group and Apple Inc., to achieve their long term objectives, are maintaining good organizational culture by ensuring effective communication among their staff members.(Chun and et. al., 2015).
- Leadership: - The way by which behvaiour of an individual is influenced by some other person's act can be termed as Leadership. An effective leader ensures punctuality from his team members who assist in achievements of the daily targets of an organization on time. Both Virgin Ltd. and Apple must train their employees using creative and innovative methods.
Joe Tidd and John Bessant gave the 4P's of innovation to the world. This instrument is regularly utilized by association with a specific end goal to examine development in process, item, position and paradigm. Following is the brief description of all 4 P's:
- Product: Focus, in such development, is on acquiring effective changes in the current administrations and products and offering the same to the end customers in new frame. When an organization sense a loss in the appeal of its current product in the market, they proceed towards the completion of these developments. Wiser being the best enrolling organization will likewise need to change their strategies for offering direction to their clients about their ability (Cui and Wu, 2016). Along these lines, they can attempt to expedite their classes the advanced stage as this will be extremely viable advance for the organization and also the clients.
- Process: It refers to the advancements made in the process of making a specific product or administration. In the event, if the procedure is advanced, then the enterprises and the products will be made in considerably less time and hence, will expand productivity in the organization. Along these lines, more astute can make utilization of this procedure while offering preparing to the representatives. On the off chance that the strategies for preparing will be compelling then they will have the capacity to enhance the aptitudes of the customers in more powerful way and hence enhancing their ability as well.
- Paradigm: Administrations and items in such development are modified according to the request and necessities of the customers. The advertising group helps the organization in ID of the necessities of the clients. If there should arise an occurrence of Wiser, the administrator group will choose the best thought out of all which was endorsed (Cunningham and Porter, 2011). At that point the chose thought will get actualized in the organization and changes will be found out too. Subsequently, it is required for better than apply new contemplations as this will help in expanding deals.
- Position: The market situation should be tremendous with the goal that enterprises and merchandises can be sold in a viable way. To achieve this, administrators of the company can make optimum utilization of limited time instruments and systems because those will have the capacity to advance their item in the market. It would help them in assembling consideration of numerous people who may or may not be their customers. On the off chance that they will think of new and inventive thoughts then it will help them in making great picture in the brains of the clients too.
Innovation Funnel: It is utilized to characterize the arrangement of steps that are considered while building up another item or procedures. The primary reason for this development is to address the issue of market and their individuals in a successful way.
Utilization of Innovation Funnel: It is basically utilized by business ventures to assess their imaginative thoughts and items. Alongside this, it likewise help in successfully dealing with the procedure of new item advancement. It has turned out to be significantly less demanding for the organization to evaluate different promoting openings that are accessible in the market for future item. In addition, it additionally help with leading exploration in order to recognize customer needs and desire.
The idea of Frugal Innovation manages the procedure through which association tries to diminish or limit the complexities of production and costs of goods sold. Innovators considers accessible assets as an open door not as a risk. It isn't connected with the idea of offering.