AI521820 Innovation and Commercialisation

Augmented furniture is basically the reality app that is developed to encompass all the furnitures from different manufactures of furnitures as well as professionals. It assists the customers to take the right decision and thus help them to choose the best manufactures of furniture for their house or commercial place.

This report gives a brief about comparison between invention and innovation and their importance, sources of innovation, role of organizational culture, vision, teamwork and leadership in innovation, 4Ps of innovation and innovation funnel, frugal innovation in organisational context.

MAIN BODY

LO1

P1 Comparison between invention and innovation and their importance

Innovation

Innovation is basically the process which helps the organizations to generate new ideas and hence develop new process, practice and procedure that will help to achieve organizational goals. The importance of innovation inn Augmented furniture are

Continuous improvement

Innovation helps the company to make continuous improvement in the various products, services, processes, practice etc. Through innovation Augmented furniture is able to recognize and identify the need for innovations and therefore makes improvement. This improvement in turn help the organization to achieve their goals and objective and also gain the competitive advantage (Dincer, 2017).

Branding

Making the brand successful is the major goal of each and every organization which enables them to achieve the competitive advantage and gain edge over their competitors. When the company innovate its product, services or their structure then it gains the different image within the minds of customers and the customer perceive that organization as good and reliable. Thus, this helps them to take the branding message to customers and capture the great market share. Therefore, this innovation capability helps Augmented furniture to gain the market share and establish position within the hearts of customers. Thus, eventually becomes the unique selling point of the company which enables them to enlarge customer base (Ahn, Minshall and Mortara, 2015).

Invention

Invention is predominately the method in which organizations produces the new process or the product or any practice that is totally different from the existing ones and hence help the company to protect its intellectual property.

Protecting the property

When an organization invent any new thing like product, service, processes, machines then it eventually helps them to protect their intellectual property. The company have their rights on that particular product which cannot be taken by any other organization or competitor. Therefore, through invention Augmented furniture is able to protect its intellectual property like trademark, copyrights and this will help the to remain differentiated in the eyes of customers from their competitors (Mazzarol and Reboud, 2017).

Improvement

Invention is basically done when the organization feels that there something missing in their existing product or service thus in order to build the new pyramid of these products, company generally innovate the process through which it is manufactured. Invention helps the company to improve its products and services and deliver the customer the best possible outcomes which will satisfy their needs and demands. It enables the company to manufacture something new which is more efficient, healthier, reliable as well as faster in all the aspects which will at the end fulfil the needs and requirements of customers.

M1 sources of innovation

There are basically various sources of innovation which helps Augmented furniture to derive value and thus chive competitive advantage. These are

The unexpected

This is the first and most important source of innovation which states that innovation generally occurs unexpectedly. It assumes that innovation occurs by chance and is not pre-planned (Pynnönen, Hallikas and Immonen, 2019). Organizations does not plan the years before for innovating the product and thus in short, it is unexpected that at the end shocks humans. For example- the management of Augmented furniture while looking out for something like customer preference for furniture innovates a new product which has all the essential feature that customer wants.

Incongruities

This is the second sources of innovation which addressees that when needs and the demands are incongruent along with supply then innovation takes place. In short, this is basically the large difference between customer needs as well as the product or service which is delivered. For example- for resolving the problem of customers as which furniture will go with the interior of their house like paint, augmented furniture developed the smart app where the customers can easily try the furnitures from different manufactures directly within their house.

Market structure

This is considered as the important determinant of the innovation and thus becomes an important source. The existing structure of market also leads to the development of innovation. Market structure is the prime parameter for the organization to know where they stand in the crowd and helps in measuring their overall performance. When company gets the information on the market trends and structure then they come to know that what customer needs and leads to innovation (Amponsah and Adams, 2017). For example- After market research, Augmented furniture finds out that most of the customers want the technology where they can easily view their room on the mobile and select the furniture which will suit their house thus this led Augmented furniture to develop technology where customers can browse through the products and place that product in their room with the help of 3D technology.

Necessity

It is generally considered as the mother of innovation and leads to the fulfilment of needs and demands of customers. When the organization comes across the needs of the customer or the entire society they begin to engage in the product which will satisfy that needs hence it gives rise to innovation. For example- When Augmented furniture find out that due to busy schedule, people nowadays does not have time to visit shops and outlets then they developed their own app where customers can just by sitting at home purchase their products.

P2 Role of organizational culture, vision, teamwork and leadership in innovation

Commercialisation is basically the method through which organizations introduce the new product and production method within their business for the market.

Organizational vision

Vision is basically the statement which guides an organization towards achieving their strategic goals and hence tells that what path to take for achieving it. It has a direct link with innovation. On one hand, When augmented furniture will innovate their products and products then they will be able to achieve their vision which is becoming the leading furniture app across the world and enlarge customer base. On the other hand, its vision will guide the company towards the right direction that what innovative approach to take for enticing customers. For example- the vision of augmented furniture is to become the market leader thus to achieve this company is constantly involved in making innovation like 3D images of the furniture(Tsai, 2015).

Leadership

This is another most important aspect within organization which drives the innovation in right direction and shares a close relation with innovation and commercialisation. When the leaders guide their employees by adopting the correct leadership style according to the scenario and encourage them to contribute equally towards innovation and commercialisation then at the end it helps to make this innovation successful. For example- If the leaders of Augmented furniture encourages their employees and guide them as to how to correctly persuade customers for new product then employees will give their best and this will make that innovative product a success.

Culture

This is another determinant of innovation and commercialisation. When the company have supportive and teamwork culture along with the culture of continuous innovation then the employees will be more committed towards their work and will try to give their valuable ideas for innovation and commercialisation. On the other hand, continuously innovating the products, organizational structure etc. that are in favour of all the employees and stakeholder will make the organizational culture more imperative and transparent. For example- the culture within Augmented furniture is directed towards teamwork where the ideas of all employees towards innovation are given equal weightage and due to this they are able to constantly innovate every aspect.

Teamwork

This is the most important part of organisation which shapes innovation and commercialisation (Abdul Razak and Murray, 2017). When employees work in a team then each one of them have their own perspective and thus give different ideas towards different project. These ideas help the company to innovate the various attributes and establish their position in market. For example- The employees in Augmented furniture works in a team and each one of them give their different views for innovation and the company then takes the most relevant ideas which eventually helps them to make innovation a success.

LO2

P3 4Ps of innovation and innovation funnel

Product

This is basically innovating and inventing the new product or the service which is offered by the organization. In this, innovation is mainly measured in terms of product and a new product is developed which will fulfil the needs and demands of customer. For example- Augmented furniture developed an app where customers can easily choose among the various furniture which will best suit their house (Paré, 2019).

Process

This basically defines the way and the manner through which products are being delivered to the customers and clients. This forms the most important part f innovation where the innovative product is being supplied to customers. For example- Augmented furniture generally takes the use of augmented reality where after the customers have booked their furniture set seek the support of their supply chain where the product is delivered and a continuous tracking of the product occurs.

Position

Position tells the company that where their products as well as service stand within the market. It generally refers the way in which products are introduced within target market and what position they hold in the eyes of customers. For example- Augmented furniture generally takes the support of social media where they make customers aware of their new and innovative products through social media websites like Facebook, Instagram and also advertise it on various other internet tools like SEO.

Paradigm innovation

Paradigm innovation predominately addresses that what the company does and for what their products are being used. It generally consists of various theories and models which shoes that how organization actually works. For example- the main aim of Augmented furniture initially was to leverage the technology with the organizational goals to provide customers with a broader view of innovating within furniture and interior. After this, a paradigm shift took place where company then used augmented technology to provide customers with 3D view of the furniture (Maritz and Donovan, 2015).

Innovation funnel

Innovation funnel is basically the mechanism which helps the organization to have a continuous stream of the ideas which can be later on screened fir the viability. Thus, it is the main tool which help organizations for innovating their business. Innovation funnel helps the organization in various ways in shaping the innovative ideas.

Generating new ideas

Innovation funnel helps Augmented Furniture to generate new ideas that will help them to innovate their products as well as services. The core of this funnel is to build as many views and ideas as possible thus it helps the company to have the large pool of ideas from which they can select the most favourable one. For example- for increasing the customer base, Augmented furniture generated various technological ideas like developing app, increasing production efficient, using advance technological tools etc. Thus, it will help the company to have various ideas(Daellenbach, Davenport and Ruckstuhl, 2017).

Fulfilling strategic objectives

The innovation funnel helps the organization to achieve their strategic objectives as well as goals and thus helps in gaining the market share. The ideas which are being generated through innovation funnel is then screened that where they aligned to objectives or not. For example- in developing the innovative product, Augmented furniture finds out that the production efficient would need to increase which will require a large investment which is not aligned to their objective of achieving innovation in low cost. Thus, this will help company to filter out those ideas which does not meet objective.

M3 Analysis of innovation funnel

Innovation funnel helps the organisation to continuously innovate their products and make continuous improvement within products, services, organizational structure etc. Innovation funnel assists the firm to modify their existing products as when the ideas from different sources enter the organization then they are able to utilize the most beneficial ones which will help them in achieving competitive advantage.

P4 Frugal innovation in organisational context

Frugal innovation is basically the methodology and process which helps the organizations to reduce the complexity as well as cost of production and its goods. In shorty, this is concerned with removing the non-essential features and characteristic from the durable goods for selling in developing countries. This frugal innovation has now become a buzz within market which is helping the organizations to become low cost producer along with providing the world-class quality. It has helped them to achieve competitive advantage and establish position in the market. There has been the recent developments in frugal innovation which has enabled organization to develop their business (Lopes and et.al.,2018). The most important development which has taken place in frugal innovation is the sustainability where there has been various advancement within innovation to make the products more sustainable. Nowadays, organization have maintained their focus on keeping their process and products more sustainable at low cost. They are focussing on reducing the production cost and incorporating technology to make the manufacturing process more pollution free by eliminating some of the resources.

Another development which has been observed in this frugal innovation is that it has created a wide technology platforms for the organisation which eventually creates more opportunities for them along with becoming low cost producer. It has allowed the organization to produce their products at much lower cost and thus save money which can be later on invested on other vital resources.

Example in organization

Frugal innovation is being used in organization and thus helps them to achieve competitive advantage. It will help Augmented furniture to establish its position in the market and hence enlarge the customer base. The most innovative approach which this company can adopt while offering frugal innovative products to the customers is that they can lower down the cost of managing its website (Azarmi, 2016). For example- company can seek the clean technology for distributing product to their customers where it can instead of delivering its products in plastic made packaging can make use of paper made packaging that is of low cost and will also be sustainable. Besides this, company can in order to reduce to cost of hiring employees can manage their work through subcontracting where their activities will be performed by some small firms. This will cut down the major cost of hiring the candidates and thus will help them to provide high quality products to different customers residing in different counties.

M4 Role of frugal innovation

Frugal innovation helps the organizations to produce various products and services at low cost and thus reduces their overall cost of production. It is the replacement of high cost methods that are used for innovating the product It not only helps to produce products at much lower cost but also contributes towards sustainability.

D1

Innovation is generally developed within an organization when it comes across the need to innovate and this leads to the unexpected innovation of product or service. It is generally measured in terms of its effectiveness as to how effective it is to achieve the organizational goals and objectives.

CONCLUSION

It has been summarized that innovation plays an important role in an organization which ultimately assist them to achieve competitive advantage ad establish position in market. Innovation does not occur itself but various aspects like organizational culture, teamwork, vision etc. helps to drive innovation in right direction. Besides this, the ideas for innovation mainly comes from various sources and the most important innovation funnel generates a continuous stream of ideas for the organization among which they can choose the best one. Frugal innovation on the other hand, helps to build products and services at low cost and reduces the production cost.

UPTO50%

Avail The Benefit Today!

To View this & another 50000+ free

Enter Email

Submit