Unit Number and Title: 8 Innovation and Commercialization
Assignment Title: Report on An Innovative Business Case
LO1: Explain the context for innovation and determine the difference between invention and innovation
LO2: Explain the different types of innovation
Department of Trade and Industry: Case Scenario (Adapted)
To adapt to the changing concepts of customer service, companies need to develop new manufacturing and management processes in order to develop new products and services. This would help give them a cutting edge over their competitors. Innovative companies are those which have a sharp customer focus. The consider the needs and preferences of their customers as essential elements for success. The most successful companies are those which are best able to adapt to changing needs of business.
Innovation is not another word for invention, inventions are very important because they are part of the creative process which helps to develop new ideas and products. But relatively few inventions become products, invention is about developing new ideas, about how to do things, but is not necessarily about actually doing them. Invention may be part of the process of innovation but innovation is much broader. Innovation a s a concept embraces the whole spectrum of ideas, attitudes and structures within an organization. It is a framework within which continuous improvement in products, services and processes can be made. Innovation is the successful exploitation of new ideas; a total process of developing a new concept into a new product or process which adds value to the business, this process has to be recognized and managed.
As a member o an organization, never think innovation does not involve me. Innovation embraces all, people, their jobs, the systems, technology they use and is an essential part of good management. It applies as much to the choo; or college which you attend, the family group in which you live and any company you work for or establish yourself. Innovation is a part of all business functions research, design, development, production, purchasing, personnel, marketing, sales, distribution, servicing, training, finance and administration. It is a dynamic process which is as much a part of long-term strategy as it is a part of everybody practice. Innovation is the process of taking new ideas effectively and profitably through to satisfied customers. It is a process of continuous renewal involving the whole company, and is an essential part of business strategy and everyday practice.
You are appointed as an innovation consultant of the organization (or any organization of your choice) and are required to write a full report covering the following key topics:
- Explain innovation an determine its importance to organizations in comparison with invention.
- Explain how organizational vision, leadership, culture and team work can shape innovation and commercialization.
- Also, critically analyze different sources of innovation and how innovation is developed, embedded and measured in an organizational environment.
- Explain the 4Ps of innovation and explain the use of innovation funnel to examine and shape innovation ideas.
- Explain the development in frugal innovation and provide examples of how it is used in an organizational context
- Analyze and apply the innovation funnel in an organizational context
- Provide an evaluation of the role of frugal innovation using an organizational example