Importance of Innovation - Ensoft Ltd.
University: Regent College of London
Question :
Following requirements must be fulfilled so as to complete this report:
- Explain the meaning and importance of innovation and differentiate it with invention.
- Determine the types of innovation for Ensoft Ltd.
- Discuss about the process that help in commercializing innovation in Ensoft Ltd.
- Explain the methods that help in protecting innovative ideas along with their pros and cons.
Answer :
INTRODUCTION
Innovation is consider as one of the important tools and mechanism which can be used in order to bring new changes in organisation. Further, in today dynamic environment modification has been arises due to the technology and digitalisation are coming by various multinational company so it is vital for every organisation so include such methods and mechanism through which they include some new features in their existing products and leads to higher profitability and market share. Under this assignment the company which is preferred i.e. Ensoft Ltd. Which is UK based small software company comprises of 70 engineers that are experienced in developing every aspect of networking software. According to the research this company grow at very fast speed because of implementing different technological innovation in their organisation structure. This project further discuss about the importance of innovation and their comparison with invention, 4P'S of innovation, frugal innovation and tools which were used in order to protecting intellectual property (Adner and Kapoor ,2010). Apart from it innovation and legislation of protecting creativity can be studied through case study of Apple and Virgin group.
TASK1
P1. Significance of Innovation and its comparison with invention
Innovation can be described as that term in which whatever the idea evaluated by individual person are planned to implement in external market in the form of their goods and services for their target audiences. Further, different application, theories and methods has been used in their innovative ideas so that success can be coming in future (Amit and Zott ,2012). Employees working in organisation comprise of various skills and capabilities that must be used in order to improve the products quality and standard so that customer can be satisfy after using that particular services. Apart from it marketing manager must regularly scan the environment so that they update with new technologies and digitalisation in software industries and plan to design such strategic framework which allow them to grab all the external opportunities and earn higher profits that strengthen their financial position and benefits of stabilised position is that investor are ready to invest in such organisation which enhance their paid up capital and increase goodwill also.
Ensoft Ltd. Is currently working in En-quality development methodology and this approach is very effective in embraces innovation of their engineers and also helpful in providing that appropriate framework on the basis of which they collaborate with team and this is very helpful for management to improve their quality standards and allow them to deliver the goods services at stated time period.
Invention:- It is totally different from innovation under which individual want to invent something new which never exist in market before that. This is completely based on scientific methods and logics through which they come with such new gadgets which change the picture of technology world. Company execute this method in order to maintain sustainable position in such external world.
Difference between innovation and invention which are describe below:-
|
Basis |
Innovation |
Invention |
|
Meaning |
Innovation refer to such type technology that help in implementing something new in their products and process for very first time. |
It is basically an creativity and idea through which innovative product coming in market which never exist before. |
|
Conceptual base |
The whole concept is fully depend upon the whole practical implementation of unique and creative ideas. |
Under this method whatever the idea created is new and natural without the mixture of any other source in that principles. |
|
Skill required |
Under innovation different marketing strategies and technical measures for further growth and development. |
Invention is an mixture of scientific and technical skills in order to create something new and innovative. |
|
Activities needed |
This technology is spread in different types of organisation in order to increase growth and profitability both. |
Scope for research is limited therefore it is important to develop different distinct techniques which never exist in market before. |
Significance of innovation from employees of Ensoft Ltd.
- It help in gathering and inherit new skills and capabilities that improve the overall growth and advancement of individuals.
- Ensoft Ltd. is engaged in software development so it is essential for management to organise training development programmes for enhancing creativity and skills in their working style.
- They are able to adopt all the changes which were coming in organisation structure easily which allow organisation to grab external opportunities easily.
- Further those employees who are performing well must be rewarded by promotion, awards and increment in salary that motivate them to maintain standard quality of services in organisation.
Importance of innovation from organisation point of view:-
- Innovation help in improving the overall performance of employees through which they maintain standard quality of goods and services that increase the efficiency and effectiveness of employees.
- Innovation help company to develop such goods and services according to external demand and preferences of customers.
- For better revitalisation of company products and services they are required to include attractive ideas and features that add the values which strengthen the market position in external world.
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