M/508/0494 - Hakim Group Implement Innovation In Their Business Process

University: Regent College London

  • Unit No: 8
  • Level: Undergraduate/College
  • Pages: 12
  • Words: 3000
  • Paper Type: Assignment
  • Course Code:

    M/508/0494

  • Country: UK
  • Downloads: 1
Question :

The scenario of this report determine that in today’s competitive world innovation take a place to ensure that the company remain competitive in front of their target rivalries. In this regard it is required for CEO of HAKIM group to implement innovation in their business process within a limited time period by considering:

  • Provide a clear explanation of innovation and compare it to invention.
  • Determine different types of innovation in the context of HAKIM group.
  • Evaluate the procedure required to commercialize the innovation in HAKIM group.
  • Discuss different type of methods that can be used to protecting ideas of intellectual property as well as state its advantages and disadvantages.
Answer :
Organization Selected : HAKIM group

INTRODUCTION

Innovation is a process of invention of new product and services which helps to gain competitive advantage at market place. It can be defined as new ideas and methods of completing all task in given time frames. In this report, HAKIM group has been selected that runs their business activities into an optical industry (Bagchi-Sen, 2010). They believe in independences and work with diversification of commodities thus gaining competitive benefits to firm in long period of time. HAKIM was established in 2001 and have achieved nationwide reputation for their innovation by using hybrid approach which ensures best opportunities has been provided with practical benefits at market place. In this report, importance of innovation and its comparison with invention is covered. It’s also includes firms culture, teamwork, commercialisation, vision, mission and four P’s of innovation. Assignment includes development as well as importance of frugal innovation and makes innovation business case etc.  

TASK 1

P1 Importance of innovation and its comparison with invention

Innovation can be defined as turning ideas into reality which helps to increase some additional value in their existing products and services form perspective of consumers . Management of firm is participating with all staff members into changes which help to completing task in new ways to get target in limited period of time (Aarikka-Stenroos and Sandberg, 2012). When organisation has used creativity in their commodities then they are able to increase brand value in industry.

Importance of innovation has been explained as follows:

  • Various kinds of issues arise during completion of whole enterprises activities so that innovation helps management of the company to operate business which helps to sustain in future.  
  • Through creativity, organisation has capability to take benefits of global entrepreneurship movement that provide higher profits and market share.
  • Latest technology provides a competitive advantage by offering diversified goods as compare to their competitors. Through this, HAKIM group had increased their brand value and market position. 
  • Through innovation, enterprises have been able to enhance international connectivity to gain global presence.

Invention: It is a process which is beneficial in producing completely new goods that cannot sell before or introduced by any other organisation in same industry. It is creative capabilities of the company (Bogers and West,  2010). Invention is a unique and novel process of completing task to produce goods. Comparison between invention and innovation has detail below:

Basis of difference

Innovation

Invention

Meaning

It is an activity of modification of product and services by adding values in present goods.

Firms have developed completely new commodities in order to full fill consumer's needs and wants effectively.

Objective

To add some component that enhances value in the original commodity. 

A firm has offer some something new to their clients that make their life easy. 

Skills

All staff members of the enterprises have skilled and technical thus help to contribute into add feature by new thinking process (Bogers  and West,  2012). 

It needed higher professional knowledge and skills as well as creativity to identify opportunities at market and find out effective solution in given resources. 

Concept

Its initiate new thought at work place which has come into mind of employees.

Firstly, management of firms has to find out buyer's needs, wants and accordingly produce commodities.

Creators

An entire team must work together to do modifications in existing goods.

Department as R&D section of an organisation has to develop innovative ideas to manufacture products and services with new features.

 P2 How organisational vision, culture,leadership and teamwork can shape innovation and commercialisation 

With in an organisation, management of the set vision, mission in order to run whole business activities in right path. For this, manager of the HAKIM group had developed strategies to achieve their visions effectively for longer period. It is an administrative responsibility to build a healthy working environment that helps to build a positive working culture thus motivates employees to participate into innovative activities (Ettlie and Rosenthal, 2012). Its show change in consumers behaviour and attitude that is arise due to implementation of creative idea in firm thus help to boost employees self confidence and moral. Some time, organisation set unfeasible objectives which cannot achievable so that it is very important to make their vision should be SMART. Impact of culture, teamwork, vision, leadership on creativity at work place is explained as follows: 

Vision: Owner of the company has established vision and management has developed strategies which help top achieve this vision effectively. Thus help to run business on right direction and they are made some short-term objectives to competing task in an appropriate manner. Human resources manager of HAKIM group has conducted training program for their employees who help to enhance their skills and professional knowledge. Through this, all staff members have able to give contribution in innovating work process in an effective ways.  

Leadership: Leaders of  company has been able to influence their team members’ behaviours and motivate them to competing task in new ways in order to achieve objectives. They play a vital role in planning, managing, organising and directing employees within work place. A leader has an ability to build a positive attitude in order to execute creativity among members which helps in producing goods with some additional value (Gambardella and McGahan,  2010). For an organisation, it is very important to provide training to their leaders to build innovative skills that manage all inventions effectively at work place.      

Teamwork: It is most important factor for an organisation, they are focus on their team because all work are done into group and no one single person not able to achieve entire task in an effective ways. When whole team has work together then they are capable to achieve goals by developing new innovative ideas that increase profitability of firms.

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