Innovation - Level 5

Task 1

P1 Define innovation and determine its importance within an organisation

For a business organisation, it is required to use innovation in their business process to improve values of their services in target market easily. These thing include uses of creative and new ideas in operational and functional activities of firm to develop innovative things. Fordway solution is an IT solution organisation that develop various software and consultancy services for different companies. For them it is require to use innovation in their services to develop creative ideas in their products and services.

Innovation is a appropriate procedure that use to translate new ideas and creative thoughts in organisation's products and services. Through this Fordway solution can easily adopt appropriate changes in their products and software to provide quality services to customers. Through this firm can easily rebuild their goodwill and competitive advantages in target market. For this, company should have to provide effective training to their employees to enhance their skills and working ability easily. These kind of ideas helps to getting desired outcomes of organisational strategy (Bagchi, 2010).

Invention is very different to innovation because it is determine to invent something in new and different then others. In this procedure individual person develop and invent new products and things in target market. It is uses as scientific skill and creative to invent new ideas and things that never been uses before. Through this firm can easily build their new image and goodwill in target market by offering new and creative products. Innovation and invention are very different to each other as -

 Importance of innovation in Fordway solution -

• Through this firm can easily serve creative solution and software to their customers.
• Innovation always helps to make desirable modification in organisation's products and services.
• It can aid to rebuild new and positive image of firm in market.

Importance of innovation for workforce-

• This procedure helps to build group and team in organisation to implementing new plans in firm easily.
• By using innovation, employees of Fordway solution can easily enhance their working skill and knowledge as well.

P2 Organisational vision, leadership, culture and teamwork can shape innovation

Fordway solution is an IT solution organisation that use effective practices and technological ideas in their business procedure to design quality software and solution for several business organisations. In this process innovation will helping them to adopt new and creative ideas easily to offer effective combination of quality products and services as well. Through this they can easily transfer skills and thoughts to their customers. Before implementing innovation in business organisation it is require that management provide effective training for their employees to enhancing their easily (Bogers and West, 2012). This process helps to build effectiveness in firm by enhancing working approaches and knowledge skill of workforce. There are different terms are determine that requires to shape innovation as -

Vision – These are known as organisation's long term objective that requires to fulfil properly. Fordway solution is a It solution and consultancy organisation that wants to create new and creative software for different business companies. Through this Fordway solution can easily build their image and goodwill in target market or in front of customers. Main vision of Fordway solution is to build a large software solution chain that can easily solve problems and issues of different organisation. In this process innovation provide its own contribution to build creativity in firm.

Leadership – For a business organisation, it is required that their workers provides own contribution through their quality services. In this, leader of firm provides their own contribution by motivating their peers toward firm's future objectives and goals. For this leader can use innovative ideas that helps to provide appropriate guideline and direction to their employees. Through this procedure leader of Fordway solution can easily attain organisational objective and future success easily.

Culture – For Fordway solution, it is require to create positive and innovative culture in their organisation that helps to enhance employees skills and working approaches as well. Organisational culture always make values for customers and workforce to getting desirable outcomes easily. In this procedure innovation helps to enhance firm's values and to attain future objectives in effective manner (Ettlie and Rosenthal, 2012).

Teamwork – In a business firm it is require that all the employees of firm are working together to attain desired outcomes of their future objectives. Innovation is an creative process in which all the member of firm requires to working in a team to make appropriate modification in products and services as per customers demand and requirement. Teamwork always help to minimise issues and problems of firm by equal contribution of their workers.

Task 2

P3 Explain 4Ps of innovation and use of innovation funnel to analyse and shape innovative ideas

Fordway solution is an IT solution organisation that provides quality software and consultancy services to their customers. For them it is require top use innovative ideas in their business process to getting desired outcomes of their future objectives. In it, employees of firm provide their own contribution to create new plans and strategies for their firm. In this process firm require to analyse their marketing values to make appropriate modifications easily. In this 4Ps of innovation helps to make desirable changes in products and services as -

Product – For a business organisation, it is require to analyse their products values and its demand in market. Through this they can easily make positive changes in their overall services to provide higher satisfaction to customers. Fordway solution require to analyse uses and requirement of market and firms for making desirable changes in organisational software. In this process they can use innovation to translate their ideas and thoughts in products and services properly (Gambardella and McGahan, 2010).

Process – Before adopting innovation Fordway solution requires to use proper procedure that can build appropriate values in firm. These kind of process always helps to maximise productivity and profitability of company. Innovation procedure basically uses to provide higher satisfaction to customers through creative and impressive thoughts as well as ideas. Innovation is a big process that require appropriate duration to make desirable changes in existing services of an organisation. Fordway solution can use such things in their business to use appropriate data protection technology and methods as well.

Position – For a business organisation, it is require to make their own position in target market through any kind of services or products valuation as well. Fordway solution require to make desirable changes in their procedure to create their own market place easily. It is not depends on promotion activity of firm but it is based on their services, its quality, customer's perception and employees working approaches toward firm or customers as well.

Paradigm – These kind of procedure are based on up to date changes that Fordway solution require to manage in their organisational services. Through this they can easily adopt innovative ideas and creative thoughts to make quality modifications easily in their products and services. These changes should have to be effective and proper that helps to recreate new image of firm in target market (Godin, 2012).

Innovation funnel – This is a proper procedure that uses to make effective changes in firm's products and services as per customer's demand and requirement. This funnel is working with an effective procedure in which firm needs to analyse requirement and demand of market for their services. For Fordway solution this procedure will be consider very impactful that provide proper information of several organisation's demand and requirement toward their software and its several changes as well. In this process innovation takes a specific place to translate such ideas and thoughts in those procedure to rebuild value of these services easily.

P4 Describe frugal innovation and how it is used within an enterprise

Fordway solution is an information technology solution firm that provides its services and products to several business organisations as cloud services, IT infrastructure optimisation , IT consultancy services and data security software. For them it is require to use to use frugal innovation in their business procedure to making desirable changes in their services easily. This procedure basically uses to analyse values and effectiveness of products and services to make proper modification in them. Through this procedure, Fordway solution can easily minimise manufacturing cost, reduce extra wastages and production cost from firm to getting desirable outcomes of their proper services (Huizingh, 2011). Frugal innovation is helpful for those companies that wants to get higher benefits and success easily by putting less efforts in this. In this process, Fordway solution require to use proper procedure of frugal innovation as -

Occupy and literate – In this process, organisation require to analyse proper market and customer's demand to getting their opinion toward different products and services that organisation serve to them. Through this Fordway solution can easily make proper modification through different innovative ideas and techniques as well (Wonglimpiyarat, 2010). This process also known as market analysis to getting proper information of each marketing elements.

Shrink your assets – Main objective of frugal innovation is to put less efforts and provide higher satisfaction to target audience. For this Fordway solution uses analysis process in their business organisation to improve values of their products and services in front of target audience. In this procedure company can use promotional activities, reduce manufacturing cost and serve quality services at appropriate time period.

Make sustainable resolution – This process determine values of new and creative ideas in business organisation that require to adopt for making desirable changes easily. Through this Fordway solution can easily build their new market image and products valuation to recreate new market values. Through this procedure, firm can get higher growth and income as well.

Give shape to consumer behaviour – For a business organisation, it is require to build proper relation with customers to getting long terms benefits. Fordway solution require to manage quality of their products and services to provide appropriate satisfaction to target audience. All these things are very beneficial for company to create positive relation with their customers to getting long term benefits easily (Huizingh, 2011).

Create innovative ideas – After making such things, it is require that employees of firm creating innovative ideas to make proper modification in their services. Through this firm van easily attain their future objective and goals by translating their ideas and thoughts properly in business process.

Task 3

P5 Significance of commercial funnel and application of New Product Development processing

For a business organisation, it is require to make appropriate changes in their procedure to adopting innovative ideas easily. In this process, Commercial funnel uses as authentic tool in which company can adopt one specific approach for their business procedure. Commercial funnel takes a lots of time for implementing this in their organisation (Kim, 2011). Through this Fordway solution can easily analyse market demand and customers expectation toward several services. This organisation serve their quality services to different business firm as cloud services, IT infrastructure optimisation, IT consultancy services and data security software to properly manage their data and business rules as well. These things helps to maximise level of sales and revenue in market. This is working as long process in which first firm analyse market and customer's demand to make proper modification as per their requirement easily. It is includes several steps of commercial funnel for New Product Development processing as -

Idea generation – Before implementing frugal innovation in business procedure, it is require that employees of Fordway solution generating new ideas and thoughts. These ideas should have to have to be creative and different to existing ones. Through this firm can easily recreate their own image in target market or in front of audience. This is a one specific method of innovation (Lindič, 2011).

Idea screening - After generating new idea, it is require to screening them in proper manner to getting desirable outcomes easily. Through this Fordway solution can adopt beneficial and creative ideas in to grab future opportunities and benefit easily. Ideas and plan should have to be screening before implementing it in business process as per customer's and market demand.

Concept development and testing – This is a most effective and appropriate methods in which organisation test and monitor their ideas and thoughts in exact manner. Through this, employees of Fordway solution can easily analyse benefits and objectives of these things that they can get in future. This procedure is properly analysing as per customers demand and their expectation toward firm's services.

Test marketing – In this process, firm require to get proper research of customers expectation and their implementing policy and process that are uses in proper modification of different products and services as well.

Commercialisation – After implementing all these process, it is require that Fordway solution create new ideas and solution for their organisational services to make values of them easily. These kind of services are helpful to providing higher satisfaction to target customer's and business organisation's to getting higher success easily (Snow, 2011).

P6 Develop innovation business case in an organisation

For a business organisation, it is beneficial that they uses innovation in their operational business approaches. Through this they can attract target audience toward their products and services. Changes and modifications are requires to be done on timely bases to getting higher customer satisfaction. Fordway solution requires to use these kind of innovation in their business case to make desired modification properly.

• Collect proper information – This is a most important step of innovation implementation in which employees requires to collect proper information of market and customers as well. Through this firm can easily implement desired changes in their business process. In this process, it is require that firm analyse customers demand, requirement and expectation toward different services. Fordway solution have to collect an appropriate information about present tends of market to implement innovative ideas to attain better profits. This will helps to implement desired ideas or concepts which helps to boost up growth of the company.
• Create organisation's target – After gathering proper information of market, it is require to create organisation's target in proper manner that require to attain properly or at specific time period. These activities helps to provide future growth and success to an organisation (Teece, 2010). Fordway solution have to create an accurate objective as per efficiency of business as well as preferences of clients. It will facilitate attain target easily and improve productivity of the firm properly.
• Make proper analysis – This is a appropriate method in which firm require to analyse each and every element that consider as future modification. Through this firm can adopt creative ideas and plan for their business plan. In case of Fordway solution, they have to put efforts to carrying out an effective as well as efficient analysis of market. It involves to determine current trends along with needs and demands of customers which helps to apply innovative thoughts appropriately to gain better outcomes.
• Funding – This is requirement need of each organisation to getting proper funds through different sources. These kind of services helps to implementing each innovative idea in organisational procedure easily. In context of Fordway solution, they have to manage funds which are required to be allocate into business for implement any innovative idea. It is necessary to maintain funds so that required investment can be done properly to attain desired outcomes by applying creative concepts.

Task 4

P7 Various methods of firm which use for retain, develop and protect intellectual property

This is related to different legal term that regulated by government of a country to protect assets and rights on different properties of its owners. In this, authorised body provides several legal rights to different companies as -

Trademarks – These kind of legal terms are uses to protect brand names and logo of an organisation from furthers organisations (Thore, 2012). Government of an country provide licence to a specific organisation to use their own promotional tools and tag lines to getting attention of customers.

Patents – These legal terms are applied in inventors of specific products. Government of an country provide them legal rights that they can exchanges their products discloser for a limited time period as their own invention. These legal rights are basically implemented for invention products and authorities.

Copyrights – This is known as legal authority that government provide to owner of creators and owners of tangible things (Walsh, 2012). By this creator of a specific things has exclusive right on their services for use them or distribute them by their own choice.

Conclusion

As per the above report it has been summarised that innovation is an effective procedure that use to recreate values of different products and services easily. This procedure consider transforming creative ideas and thoughts in several things as per customer's demand. This project report is based on Fordway solution which is a Information technology organisation that provide cloud services, IT infrastructure optimisation , IT consultancy services and data security software for different firm's.

  References

• Aarikka-Stenroos, L. and Sandberg, B., 2012. From new-product development to commercialization through networks. Journal of Business Research. 65(2). pp.198-206.
• Bagchi-Sen, S., 2010. Strategic considerations for innovation and commercialization in the US biotechnology sector. European Planning Studies. 15(6). pp.753-766.
• Bogers, M. and West, J., 2010. Contrasting innovation creation and commercialization within open, user and cumulative innovation.
• Bogers, M. and West, J., 2012. Managing distributed innovation: Strategic utilization of open and user innovation. Creativity and innovation management. 21(1). pp.61-75.
• Ettlie, J.E. and Rosenthal, S. R., 2012. Service innovation in manufacturing. Journal of Service Management. 23(3). pp.440-454.

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