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Innovation of Tata Groups

Question :

This assessment will cover:

  • Elaborate the innovation and invention with their major differences.
  • Elaborate various types of innovations in the Tata group
  • Elaborate the commercialize innovation process.
  • Explain different range of methods and understanding in Tata group.
Organization Selected : TATA Groups

INTRODUCTION

The present business trends requires the innovations and inventions for the future revenues and growth of the business. The innovation can be defined as the creative ideas, new imaginations in form of method or technique to upgrade or innovate the existing products or services. innovation refers to implementation of better solutions that can fulfil new requirements, emerging needs, or existing market demand (Horbach, Rammer and Rennings, 2012). Moreover, the term 'Innovation' can be use in different ways of business as, the innovation may be termed as transforming organisation model and accepts the changes in the environment and use to deliver accordance with the current change for providing better products or services. Successful innovation is the part of the integral business strategy for better culture of innovations and it involves innovative thinking skills and creative problem strength.

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This report pertain the innovative knowledge about the TATA groups and their innovations in field of cars, motors etc. there innovative strategies are also pertain in this report.

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TASK 1

P1 Explanation of Innovation and it's importance to organisation in comparison with invention

Innovation may be defined as the creative thought and adapting new techniques to upgrade the version of existing products in order to meet the requirements or the current. Overall, the innovation can be termed as the process of creating something new in respect of existing thing. The innovation is the different context and the invention is different. The innovation process is mainly perform with help of Research and development department of the organisation which is regularly engaged in process of creating the innovations and inventions for the company(Maroda, 2013). The innovations not only increase the comfort and satisfaction level of customer but also increase the productivity and revenues of the business entity.

Increment in productivity of the business entity: the innovations leads to increment in the productivity of the organisation. The innovation of new upgraded latest technology and new attractive features of the existing products leads to increase the sales as well as it results in increase the productivity. Besides this, the latest technology helps in increment of productivity by reducing the cost of production also(Ellis, 2014).

Helpful in better communication process: The process of innovation is a lengthy process and expensive also, so it requires the effective communication in the business entity. The effective communication is crucial for completing the procedure of the innovation. The communication enhances the control over innovation process, coordination among employees and employers and is also crucial for advance working environment in the business entity.

Helpful in wastage of useful resources: The proper innovation helps in effective and efficient utilisation of the resources or the optimum utilisation of useful resources by reducing the wastage of these resources. This is beneficial in reduction of final costs of products by increasing the productivity by reducing the wastage of resources held with the entity(Schubert, Van Langeveld and Donoso, 2014)

Helpful in improving the working environment: Introducing the advancement in technology enhances the smart working environment within the business organisation. It helps in reducing the risk associated with the employees health. This increase the morale and satisfaction of employees in respect of their job profile.

Beneficial for facing the competition: The innovations are very essential part of the growth and the progress of the business entity. Advancement of technology attracts more customers and increase the sale of products and promotes the satisfaction level of customers by fulfil their needs(Schumpeter, 2017). although it is beneficial for company in capturing a larger market share by competing the other entities.

The above benefits depicts the importance of innovations for the TATA groups and other business entities also, or helpful in ensuring effectiveness and efficiency in business operations.

Invention: it refers to the creation of new technology or products instead of making additional improvement in existing products of the business entity. It is also done with the help of the research and development department of the business entity. There are some basis of differences which differentiate the innovation and invention context.

Basis

Innovation

Invention

Meaning

Improvement in existing technology or products by implementing new ideas, concepts, features in existing product for the very first time is known as innovation(Fink, Mülhaupt and Brintzinger, 2012).

Introducing the new technology or product for the first time and that has never being invented before or creation of new product or service is known as intervention.

Concept

Implementing new innovative ideas to existing product.

Implementing new idea for creating something new.

Activities covered

Its activities are dispersed throughout each department of organisation.

Its activities are secretly practised under R&D department of business entity.

Concerned with

Process of developmental changes in various products.

Process of creation of a new product.

P2 Examining how vision, culture, teamwork and leadership are beneficial in process of innovation and commercialisation

Innovation is a lengthy procedure which requires the effectiveness and efficiency in its activities. Besides this the culture, vision and leadership played a significant role in forming an effective innovation and its commercialisation. The points below supports the above statement.

  • Leadership: Leader is an individual personality responsible for leading the actions of the whole team or the organisation. Also plays an integral part in performing the business entity as well as in the process of innovation by providing directions and motivation to the employees working for the success of business entity. A leader by applying effective operations and planning can better implement the concept of innovation. So it will beneficial for the TATA groups for achieving better outcomes from innovation(Newton and Geissel, 2012).
  • Organisation culture: The Culture of organisation depicts the existing working environment of a entity. Better working and motivating environment enhances employees to work with their full potential take and accomplish the task of innovation. On the other side if the complex working environment leads to stress and pressure over employees in respect of business operations it ruins the process of innovation. So it is essential for the TATA group to maintain the adequate working environment in order to continuing the process of innovation(Kelly, Lesh and Baek, 2014)
  • Vision: Vision refers to the dream destination of the business entity or can be termed as the desired position that company wants to attain in near future. The innovation makes it possible by effective innovation planning and its implementation can results in successful innovation in respect of product and hence results in better outcomes of the business entity and results in better performance, this all will leads to accomplishment of desired objectives and vision of TATA groups and other organisations also.
  • Teamwork: Cooperation, control and coordination among the team members ensures the better working environment and effective planning and implementation can achieved the desired target of the innovation process as well as the business entity. The cooperation, controlling and coordination with other employees are the main elements of the successful team work in an organisation. It promotes the process of innovation to the next level rapidly. Besides this, supportive nature among the employees working in a team increase effectiveness and efficiency of operational activities and ensures the successful innovation. It will beneficial for the TATA groups for the successful innovation launching(Ehde, Dillworth and Turner, 2014).

All the above elements are essential for the TATA groups in order to achieve the desired innovation targets in respect of long survival of business and profit maximization.

TASK 2

P3 Explanation of 4P's of innovation and involvement of innovative funnel for the effective shaping of the innovative ideas

The business survival is now depending on the the latest innovations and inventions of the products and services provided by the business entity. It becomes mandatory for the organisations to provides the goods and services according to the current market demand and changing the preferential trends of the customers, as it is necessary also for the long survival of the business and good outcomes from the operational activities. There are 4P's of the products innovation are described at below.

  • Product: the product is the output of the entity which is produced by the entity in order to fulfil the requirement of the customers. The TATA groups offers the auto-mobile products and services to their customers and it is essential to make innovations in these products time-to-time according to the changes in trends of market and for fulfilling the changing needs and requirements of their customers(Nicholls, 2018).
  • Process: Process refers to the all inevitable requirements to fulfil the procedure of the innovation. There are several requirements like financial, technological, human are used by the entity to complete the process of the innovation. the main requirement of skilled employees in the research and development department of the business entity in order to accomplish the desired target of the inn ovation process.
  • Position: Effective innovative tools are used are use by entity for the promotion of its product and attain a position in market. Technological innovations in cars can be used by the TATA groups in order to attain a certain position in the market.
  • Paradigm: It refers to the process of adding new attractive features into a existing products in order to make it more valuable and useful and with the motive to make it the way of promoting the satisfaction level of the potential level of the consumer and generate the best outcomes for the business entity. The paradigm process is beneficial in targeting large number of customers also in generating more revenues for the business and for the long survival of the business by facing the competition prevailing across the world.

The above 4P's are very essential for the organisation like TATA groups in order to make the proper and effective innovations in different products. So these all points are inevitable to consider by the managers of the business entity for enjoying the benefits generate from the results of implementation of effective innovation.

Use of Innovation funnel to shape innovative ideas

The process of implementing the innovative ideas to the products for converting the existing in new attractive design and along with new features as well as new uses in order to generate more sale of the products for more revenues and to for best satisfaction reviews from the customers this all will be possible only when the organisations like TATA groups focuses on the new change in trends and the current market demand. Thus, only it will comes true as an opportunity to acquire the whole market by implementing the effective innovation plan. For this, several methods or techniques are adapted by business entity to find out the needs of the customers and beneficial in identifying the current trends prevailing in market(Nagamachi and Lokman, 2016).

P4 Developments in respect of frugal innovation and its usefulness in organisational context

The frugal innovation refers to creation of the new products and services for fulfilling the needs of customers and defeating the other competitive entities prevailing in market with the main motive to acquire the whole market. this concept states that taking the advantage of invention by cutting down the costs of products and delivers value to the customers at the same time for the money and for maximising the customer's satisfaction. Concept of frugal innovation enhances several opportunities to business entity to acquire the whole market of the economy and attain the position along with the better outcomes. This will be helpful for the TATA groups for establishing the reputed brand name across the world and building the brand loyalty.

The concept of innovation implemented by enterprises to add more attractive features in products and for the motive of targeting large number of customers throughout the world. This method is used by the by adopt concept of frugal innovation. Concept of frugal innovation based on the following principles:

  • Find opportunity in adversity: This principle states that the issues are inevitable to be analysed by researcher quickly with each aspects and must be in rectified with appropriate framework by the issues solver. All aspects associated with the issues or problems are inevitably analysed and converted into opportunities so that the business enjoys the benefits of that opportunities.
  • Do more with less: Accordance with this, for solving the problem the solver must try to find out the possible solutions for the problem and apply the most appropriate solution for solving the problem.
  • Think and act flexible: It is also necessary that the problem solver must think the possible solutions for the solving the occurred problem and the most suitable solution for the problem applied by the problem solver but, it is essential that the solution must be flexible in nature and must effective in dynamic nature of business entity and environment.
  • Keep it simple: It is inevitable that the method which is applied by the individual for solving the problem must be simple in nature and easy to understand also must be effective because the complexity in applied method sometimes leads to delays in action and can arise complex problems.
  • Include the margin: According to this principle of frugal innovation, it is crucial to quantify potential customers and involve them in process of problem solving, as it will be beneficial in finding more possible effective solutions.
  • Follow your heart: Accordance with this principle, the individual engaging in solving the problem must be passionate towards the allotted work and it will be beneficial for the the business entity, as the solution for the problems find out quickly before the negative effects occurred.

TASK 3

P5 Essentialness of commercial funnel and its applicability to development of new product

In order to make increment in sales of the products the commercial funnel is the technique used by the management of the business entities like TATA groups to promote the sales as well as the turnover to next level by making selling of their products in different countries. The products developmental activities like promotion and marketing are also the integral part of this. This involves the process of identification of the current market requirements ( that is the consumer needs ) then make innovation plan for this and then the begins the process of making changes and convert it into the better product fo4rm and then launch it into market.

Process of NPD (New product Development)

There are important stages involves in the process of the NPD are as follows.

  • Idea generation: The first stage begins with the generation of the innovative ideas in the process of innovation. In this entity starts research regarding relevant aspects that are suppliers, products, process and strategy used by its competitors and then make the research chart ad provides it to manager. Then the manager observes that about what is going on market and provides the instructions or direction in which the business entity stats its operational activities. All relevant information about the market and competition prevailing the market help the entity to generate a idea about the operation that will promote the business to next level and will benefited for the business in capturing the large market in near future. These ideas gathered with the help of business associates, market report and the managers( Uphoff., 2013)
  • Idea screening: at this stage of innovation the generated idea is analysed by the top and the middle level management of the business entity and evaluate the the results of the idea that how much it will be beneficial for the entity. The market experts are involves in this discussion as well as at this stage.
  • Concept development: At this stage the generated ideas comes into existence in form of written document for instructing the whole process.
  • Development of strategy: Under this stage the strategic plan is developed for the effective implementation of innovation in order to present the best innovated products and attracts the large number of consumer.
  • Analysis of business situation: the developed strategy requires the appropriate time and money to invest in the innovation. At this stage the business entity analyse the business situation as the entity is able to perform the innovation process at this time or is there sufficient funds are available for accomplishing the tasks of production etc. overall at his stage the capacity of the business is analysed.
  • Product development: At this stage several efforts are imposed by the entity with the R&D department to make possible features in the existing products as it is the main body of the innovation process.
  • Test marketing: After the production process of the products the company starts the selling in some regions in order to find out the acceptability of the product and get the reviews about the product(Kleinplatz, 2013)
  • Commercialisation: After acceptability of product firm introduce and starts selling its products to whole world. Various promotional tools are use by company for this.

All these are the main steps which must be use by TATA groups to make and offer new products to large number of customers and to capture a larger market share.

P6 Business innovation case of an Enterprise

In order to add more features and improve the quality standards in the product the innovation process can be implemented by the TATA groups. By adapting the use of latest and faster technology and techniques are the prior requirement for the product's innovation process. It is beneficial in saving of time and cost of the production process along with the production of product of standards quality improvement(Greene, 2014). It is very essential that each employee working in the production process of the entity must have knowledge about the features which company want to deliver to its customers.

In order to develop an innovation case of the entity requires the investment of time, money and resources to complete the assigned project. but it is inevitable for implementing the concept new product development (NPD). For build an innovation case following are the main steps which must be follow by TATA groups.

  • Understand objectives: It is essential to make a detailed information about the desired objectives targets or goals of the business entity in order to develop an effective plan. It is beneficial in developing the plans and helpful in effective making decisions to achieve desired goals.
  • Gather input: it means short process of gathering all the resources for the smooth implementation of the planned project. Manager instructs business model for execute business operations.
  • Analysis: After accumulation of all useful resources it is crucial to evaluate by manager to find out all alternative ways of completing the project.
  • Tell the story: It is the final stage of this process as after All accumulated details are presented in front of manager and then manager takes decision after giving his review. In this stage the individual who represent the detailed information have to face many challenges such as use of communication channel, maintain the objective of project etc. It is inevitable that presentor must use simple and effective language to communicate data with managers or the decision maker.

Main sources of funds which are beneficial for the TATA groups in order to generate funds include the following:

  • Entity can take loans from financial institutions.
  • Entity can use own earning as well as retained earnings and reserves.
  • Funds from venture capitalist.

TASK 4

P7 Evaluation of useful tools used by entity for developing, retaining and protecting intellectual property and knowledge

In order to save the intellectual property the company uses the trademark, copyright, patents and etc. the intellectual property is also knows as the result of one's unique idea or creativity. protection of intellectual property is crucial task. Intellectual property can be a logo, designs and secrete discoveries( McLaverty, 2017). Main modes through by which an entity can secure its intellectual property includes the following:

  • Professional help: TATA groups can use professional help to protect its intellectual rights. In this experts provide an password to the owner so only he can use or assess it.
  • Trademark: Under this a sign or logo is used by company so customers can easily identify firm's product.
  • Patent: This is another tool which is used by individual to protect their intellectual property. Owner can register his unique idea so that no one can use it.
  • Copyright: This is another form of getting legal protection under this owner get legal protection for his intellectual property for a particular period of time.
  • Right about intellectual property: It is very necessary that owner of intellectual property should have information about his right and duties. He should have information regarding hid power related with intellectual property.

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CONCLUSION

From the above report it has been concluded that the innovation involves al lengthy procedure and requires several resources like money, machinery, research and development department with skilled members and time and besides this it requires the effective plan for its implementation. But, it is essential to create the time-to-time in order to face the emerging challenges of the business and to meet the changing requirement of the customers. Innovation are also essential for improving the living standards of the people and for the long survival of the business entity. The innovation is crucial for competing the business entities throughout the world and for creation the brand name of the organisation. If you are Looking for Assignment Help services in the UK contact Instant Assignment Help, We offer all types of Assignment help services for UK students.We have the best writer who can solve all your educational problems at a reasonable price.

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