Innovation refers to fresh idea which adds value in the existing or latest products of an organization. But introducing creativity in production is not an easy task for employers. Along with this, managers are need to identify trends of marketplace and needs of customers. Further, they should concern about the reliability of commodities also which are manufactured after innovation. Innovation and invention involve the deliberate efforts of a person which is a result of imagination and information gathered by them (Metcalfe and Miles, 2012). This would help in delivering the commodities or services to consumers according to their demands.
In order to know the concept of innovation and commercialization, an assignment has been presented on a small business company in UK i.e. Talent Plus. It is a consultancy company that helps other firms in recruitment and selection procedures by hiring the most qualified candidates in their workforce as per choice. In order to gain sustainability at a marketplace, this firm needs to make creativity on a regular basis in its services. This report throws light on the importance and difference of innovation and invention as well as discuss vision, leadership, culture, and teamwork of organization. In addition to this, 4 PS of innovation, frugal innovation, various tools or technologies and more are also explained in file.
P1 Innovation and its importance in comparison with invention
The term innovation refers to a process that is used to make products of a company more creative. The process of modifications in existing goods or introduce some changes in production is to generate innovations. Such alterations help companies to gain more customers by satisfying their needs and demands in a profitable way. It aids an enterprise to gain a better position at the market place and move forward from competitors (Manso, 2011). Therefore, in order to retain customers, Talent Plus has formulated various strategies and business plans to create technological effects in its services. It helps in recruiting employees in other firms in less time as well as in high order. These plans have added various features in commodities which help this company in the following manner:
Raise the efficiency level of the company: Innovative products enable a company to provide more efficient services and raise prices in own manner. If an enterprise has unique goods and services then people at the marketplace can avail the same at any cost.
Sustain effective communication process: Implementation of new techniques and the latest technologies in a business environment helps in bringing sustainability to the marketplace. Along with this, innovative concept aids organizations in making proper communication and relationship with staff members and other people.
Give profit to a business organization: The main importance of bringing innovations and the latest technology in production and operations is it reduces the time and cost of making products. In addition to this, it also helps in utilizing the resources in an appropriate way. Adding value in existing products assists the organization to attract the mind of customers towards its commodities.
P2. The way vision, culture, teamwork, and leadership of enterprise shape innovation
In order to bring innovation in an organizational system and production, a company’s employers need to understand its concepts (West and Bogers, 2014). It involves many barriers like internal and external factors of a business environment that impact operations in a high manner. Therefore, to shape innovation, managers of Talent Plus need to change vision, leadership, culture and teamwork. It helps in the implementation of new techniques in production properly.
Vision and innovation: Talent Plus wants to become the best consultancy firm in UK. Therefore, to gain this vision it needs to bring innovation in services as well as adopt latest techniques in operations to hire and recruit candidates in other companies (Jiménez-Jiménez and Sanz-Valle, 2011).
Leadership and innovation: For initiating changes in the working patterns, a firm’s managers and leaders need to adopt effective leadership skills. They should provide proper direction and guidance to employees as well as training them so that they can work in a required manner.
Organizational culture and innovation: Culture plays an important in raising productivity and profitability of a company. Therefore, an enterprise needs to introduce employees of different backgrounds and high skilled in organizational culture.
P3 4Ps of innovation and use of innovation funnel
Since innovation is necessary in making a product more useful, therefore in order to analyses its process of execution, John Bessant and Joe Tidd have developed a model named 4Ps of innovation (Gunday and et. al., 2011). This model helps an association on which state they currently as well as suggest the way through which they can innovate for make improvement in Product, Process, Paradigm, and Position.
Paradigm innovation: It is the first step that suggests how a company can frame strategies and what they actually need to do. As all changes are not possible to be positive, they could be radical, therefore, a firm needs to make a hypothesis to see various outcomes that may get after turning an idea into an innovation and make alterations accordingly.
Product innovation: In this section, managers of a company have to understand formations of changes like what they are needed to alter and how services can or commodities are improved. It suggests the way through which an enterprise can make improvements in a better manner.
Process innovation: Creating modifications in products or services is not easy work, therefore, this phase helps in suggesting a firm how to create alterations in a proper way. Managers are required to go through all processes which include where to supply, a number of highly skilled employees required, provide training and development sessions and more.
Positioning innovation: This section helps in analyzing the area from where innovative products could be launched so that a company can get positive outcomes as well as a high return on investment.
Use of innovation funnel in shaping Innovation
Innovation funnel is a method used to evaluate the process of 4Ps of innovation which helps in shaping it in a proper way. It includes certain stages which assist industries to manufacture new products in such a manner that meets the needs of the marketplace in economical forms (Gawer, 2011). Therefore, in the initial stage of this funnel of innovation suggest that the company should grab information through various sources in order to know what people actually need.
P4 Development of Frugal innovation
Frugal innovation is a process of decreasing complexity and unwanted expenses which includes rodents from products or services. This method helps reducing cost of making and deficiencies of commodities or services that make them more capable as per choice of customers. It would support organization to get higher satisfaction and retention of consumers in profitable way. Thus, reducing unnecessary cost helps in increasing profitability and productivity. As per usage of this model, it reflects that almost all small companies have faced issues in dealing with lack of availability of resources.
P5 Significance of commercial funnel and application of new products development for innovation
Commercial funnel is used to carry the business of a company from the domestic market to the international level. For this process, they need to grab opportunities present at the marketplace. Moving domestic products into foreign market help in attracting the number of customers towards the organization. Along with this, the globalizing business helps in making the creation of existing products or services, there are some tools and technologies available according to present and future demands of consumers. For this assistance, managers are needed to provide proper guidelines and directions to employees which helps them in understanding what they need to do in making products more creative and qualitative (Cross, 2011).
P6 Innovation business case for an enterprise
Innovation assists the companies to meet the desires of customers in an appropriate way by improving their performance level so that they can gain a high return on investment. Making modifications in commodities or services help them to remain in competition for a longer period of time (Brynjolfsson and McAfee, 2012). This would aid them in facilitating services the services to consumers in more profitable way. In context with Talent Plus Company, it operates the business at a small level but due to innovative services, this firm has got the highest position among other consultancy firms. Making improvements in services by determining the needs of the marketplace helps this firm in creating a strong base.
Executive summary: Talent plus runs there business at the local level and provides them better facilities and services according to the requirements.
Objectives: The main objective of the organization is to provide best possible solutions for resolving their problems in an effective manner.
Solution: For remaining in the superior position it is necessary that Talent Plus works according to the current market situations. other than this, they must optimist the latest tools and technologies through which they can evaluate better results and solutions.
Why products are innovative: The services that Talent Plus is providing is unique in nature because they are taking help from experts for resolving it in an appropriate manner.
Customer’s research: Before launching their services Talent Plus has to look out for targeted customers so that they can attain maximum benefits form their business.
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P7 Tools used to develop, retain and protect knowledge and intellectual property
Talent Plus is a consultancy firm in the United Kingdom which deals in recruiting candidates in other firms. In order to gain profitability and raise productivity, it has made various changes in services (Boons and Lüdeke-Freund, 2013). For example: With the development of technologies, this association has changed its techniques and redefined organizational culture. Hiring employees in other industries as per requirements of various jobs includes various risks as sometimes fraud candidates have recruited. Hence, for reducing such issues, it has taken some type of tool to track the background of persons whom they are hiring for recruitment in a unique way.
Trademark: This form of an intellectual property gives rights to associations to protect their ideas from being copyright by other firms. Through trademark, customers can view a difference of the same type of commodities of various companies i.e. it helps organizations in product differentiation (Anderson, Potočnik and Zhou, 2014).
Copyright: It is a legal right created by constitutions which protects only the original idea. Duration of these rights spans from 50 to 100 years i.e. valid for lifetime.
Patent: It is an alliance of exclusive rights that are formulated by the statutory bodies of a country. These rights are sustained for a short period of time which provides rights to persons who made innovations to protect from commercial making.