The CEO of Studer group is planning to embed a culture of Innovation and Commercialization in the organization in the coming period of 12 months.
- Explanation of concept of innovation and state how does it differentiate from invention.
- Explaining different type of innovation to employees working for Studer group.
- Determining the process which has been required to commercialize innovation for Studer group supported with suitable examples.
- Evaluating range of methods which are used to protect ideas along with determination of their advantages and disadvantages.
Business is the place where activities done to earn profits and satisfy demand of society. It is important to work as per change in society, so they can achieve targets in better way. These days there is change in demand of society, so it is important to work as per change in plants and policies. It is essential to work as per society, so innovation is done to perform activities in better and effective way (Aarikka-Stenroos and Sandberg, 2012). In innovation there is important role of manager. This report is based on Studer group which works with health care centres to deliver good quality of services to society and hence they are satisfied. In this report there is discussion about difference between innovation and invention, P's of innovation, role of vision, mission and team work in making innovation properly. There is important role of innovation funnel, frugal innovation which help in achieving targets in better and effective way.
P1 Innovation and its importance in comparison to invention
Innovation can be defined as creating something new in existing product. It is important to work with change in plans and policies which satisfy demand of society. Innovation come sin mind when person is facing some problem in current services. This creates changes in activities of company. It is essential to work as per requirement of society, so people do not switch to other brand. In case of Studer group, they have to innovate their services, health care departments prefer to avail services from them (Bogers and West, 2012).
DIFFERENCE BETWEEN INNOVATION AND INVENTIONS
- This is process which gives something new to society, which is not present previously.
- In this there is requirement of changes which are related to existing product.
- This is done by research and development department which help to know what is requirement of society and how it can be resolved.
- In innovation various departments are involved. This helps to know financial assistance to activities.
- In invention, there is no creativity. This is result of lacking whose requirement is their in society.
- Innovation is the thing which helps to analysis market and it helps to motivate workers to create new ideas.
- Invention is mainly done by top level managers.
- In innovation there is involvement of employees also.
Importance of Invention
This helps to lunch new product in market. It is important to know what are shortcomings faced by society and accordingly take actions. It is important to know what can be done which helps in increasing goodwill of company in market.
Importance of innovation
In innovation, there is requirement of changes which has to be taken place in current policies. There are changes modification in current plans and policies which can be done by employees of company (Chun and et. al., 2015). It is essential to know what can be done and how it can be effectively applied in operations. In case of Studer group they are thinking to come with ICU services at home, so it is essential to plans in proper and effe