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Commercialize Innovation at Trio Telecom

University: Regent College London

  • Unit No: 8
  • Level: Undergraduate/College
  • Pages: 12
  • Words: 3000
  • Paper Type: Assignment
  • Course Code:

    M/508/9860

  • Country: UK
  • Downloads: 0
Question :

This unit state that you are appointed as CEO of small & medium business and you have to embed organizational culture for the  the next 12 months in order to benefit all the team members.

  • 1.      Explain the concept of innovation and determine the difference among innovation and invention.
  • 2.      Examine different type of innovation used by TRIO TELECOM
  • 3.      Describe the process needed for commercialize innovation at TRIO TELECOM
  • 4.      Explain different method for protecting ideas by analyzing both advantage and disadvantage.
Answer :
Organization Selected : Trio Telecom

INTRODUCTION

Innovation is a very crucial aspect in the field of business. If a company wants to grow and prosper over period of time, it has to consistently innovate in its products as well as services so that business growth can be seen and a company can prosper. There are various skills and traits that which are required by an entrepreneur in order to effectively innovate on a consistent basis. There are various beneficiary of innovation and not only company. These beneficiaries are Employees, consumers, management etc. The needs as well as demands of individual consumers are changing on a continuous basis, they are more aspired then before and thus they would want certain new and innovative concepts to serve them, and those organisations which will not innovate on a consistent basis are doomed to fail in the longer run. Trio Telecom is a telecommunication company which operates in United Kingdom (Westland, J.C., 2016). Company has varied types of business like providing telecom services, manufacturing of phones, as well as providing internet facilities etc. It is a fairly new company and the need of innovation within this company is quite huge as compared to other big competitors because so that company will be able to survive effectively at the market place.

TASK 1 Innovation as well as its significance in enterprise

Innovation is a process to innovate new products with new and added features for the purpose of serving customer needs and making their life easy.  If the products will be offered at competitive prices, then it will compel other companies to make necessary innovation inn its products and services so that business growth as well as competitive edge can be achieved in an effective as well as efficient manner. Further, this gives different advantages to an association. Advancement is entirely unexpected from development. With the assistance of advancement, Trio Telecom can offer more included and better items to its clients. Essentialness of advancement for an undertaking can be comprehended by the accompanying focuses:

Increment in Productivity of the company: This is known as a standout amongst the most critical advantages of development. New and creative thoughts bolster association in assembling better items with least cost and time. New procedure of assembling items upgrades efficiency of firm and execution of association.

Increase effectiveness of communication Process: Idea of development is expansive and complex one and in addition compelling execution of this requires powerful correspondence at working environment. Absence of correspondence makes pointless snags in development process and in the meantime, it expands cost of advancement process. Usage of advancement brings collaboration among different business capacities and builds adequacy of hierarchical exercises (Global innovation management. Springer.

Davila, Epstein and Shelton, 2012).

Effective utilisation of Resources: At the point when a firm actualizes the idea of advancement at work environment then this encourages firm by using every single accessible asset to an ideal level. This improves the effectiveness of generation process and helps firm in offering quality items to its clients at moderate costs.

Provision of competitive benefit to the firm: New things, items or administrations dependably pull in clients. At whatever point a firm offers something new and better to its clients then this helps association in drawing in an extensive number of clients and in the meantime, offers focused advantages to firm. Along these lines, with the assistance of development, Trio Telecom can better fulfil the necessities of its clients and hold them for an extensive stretch of time.

Differentiation between Innovation and Invention

Basis

Innovation

Invention

Meaning

Advancement is an execution of new thoughts for a procedure or item that has taken place for the first time.

At the point when event of a thought happens out of the blue for a particular item that never been made than it is known as innovation.

Concept

This is increasing the value of an item and process which as of now exists (Yin, Shi and Yan, 2015).

Advancement of another item goes under this.

Skills Required

Idea of development requires different abilities, for example, specialized, advertising and some more.

Idea on innovation requires logical aptitudes.

Activities

Innovation is spread among different departments of the company.

The various kind of activities of invention are restricted to only Research and development of the firm.

P2. The various types of ways through which vision, culture, teamwork and leadership of enterprise shape innovation

There are various kinds of factors that are responsible for having innovation within company. Some of the factors that do have an impact on the overall workings of company are vision, culture, leadership process as well as team work etc. These factors are discussed in detail as follows:

Leadership and its impact on innovation: Pioneers or leaders are known as the people who control and energize a gathering of individuals with the goal that they can play out their parts and duties in a compelling way and contribute more in the accomplishment of firm. Approach received by pioneer and different individual qualities of him to a great extent influence the execution of representatives working in big business and this effect on procedure of development. It is vital that privilege and compelling methodology of initiative ought to be utilized by pioneer as with this, idea of development can be successfully executed at work environment (Bernstein, 2015).

Culture within organisation and its impact on innovation: Term culture shows the highlights existing in workplace of firm and the structure or process took after by association to actualize every one of its exercises. Powerful hierarchical culture urges workers to go out on a limb and face challenges emerge amid their activity execution. A firm can't execute the idea of advancement without viable association culture.

Impact of teamwork on innovation: Team work plays a very crucial part in the overall success as well as growth of any business. Innovation is a process and it is not possible to  innovate on an individual basis. Innovation can take place only if there is a team work from all the team members in an effective as well as efficient manner (Clausen and Korneliussen, 2012).

Strategic vision on innovation: Vision explanation of firm is something that demonstrates where the undertaking sees itself after a few years. This is one of the central point that to a great extent influence procedure of development. Powerful vision underpins the procedure of advancement. Trio Telecom can accomplish its vision with the assistance of development.

All the above factors have a great influence on the working of company and the process of innovation within organisation. What's more, different components are there which put their effect on the idea of development. Important adjustment ought to be finished by association to viably execute the idea of advancement and to increase greatest advantages of it. Thusly, Trio Telecom can make better items for its clients and in the meantime, it can accomplish focused advantages in advertise.

TASK 4 Ps of innovation and different use of innovation funnel for shaping innovative ideas

It is necessary to innovate on a continuous basis in an effective manner. The customer's requirements are met, if a company innovates and provides goods and services according to the needs of individual customers as well as their changing demands. For viably actualize the idea of advancement it is essential for Trio Telecom to consider every one of the 4Ps incorporate with the idea of development. 4Ps of development are given under the accompanying focuses:

Products: Item alludes to the blend of both substantial and impalpable highlights which an organization offer to its objective clients for fulfil their necessities and needs. Different media transmission items and administrations are offered by Trio Telecom plc to fulfil the necessities of its customers. It is essential for big business to first complete research to gather data about necessities of its clients so it can make and offer better items to them (Schoonmaker, Carayannis and Rau, 2013).

Process: This factor feature the means or the resources required for the purpose of actualize advancement. It is necessary that right kind of processes are used by organisation for the purpose of making effective and innovative difference within the market place, this will allow organisation to stood apart in the marketplace. The process of an organisation will also frame its cost structure.

Position: There are various kinds of tools that are being used for the purpose of communicating within customers and promoting various offers of the company to customers. There are various types of tools which can be effectively used by Trio Telecom, these includes print as well as advertising media etc.

Paradigm: This angle show include more highlights in an item for make it more productive and valuable amid its utilization. This assistance firm in draw in more number of clients towards its items (Dewangan and Godse, 2014).

Use of innovation funnel for the purpose of shaping innovative ideas

Innovation Funnel comprises a procedure in which undertaking take a thought from genuine circumstance and afterwards change over same into an item or administration and offer clients for fulfil their necessities. One of the fundamental point behind this is to investigate the patterns exist in market and afterwards offer included administrations to customers. Trio Telecom can do research to recognize more about necessities and prerequisites of its clients. Number of techniques are there which can be use by firm to satisfy the prerequisites of its clients. Thus innovation funnel can help company as well as business in enhancing as well as shaping the overall innovative ideas of the company.

P4 Development in frugal innovation and its use in organisation

The ultimate aim of frugal innovation is to make sure that new and innovative products as  well as services of the organisation are reached each and every individual in an effective as well as efficient way. One of the primary advantage of this idea is that it give number of improvement chances to business association (Datta, Reed and Jessup, 2013). This help firm in increment its piece of the overall industry by offer its imaginative items to white collar class people. This idea bolster firms in keep up the quality and in the meantime chop down the cost. This idea would be able to utilized by Trio Telecom for execute development. Idea of economical; development can be better comprehended by the standards given beneath.

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