Innovation Plan The Proposed Innovation

Question: Discuss about theInnovation Planfor the Proposed Innovation. Answer: Introduction This includes the proposed innovation and how to achieve it discusses the vision mission and needs of the organisation and how the innovation would help the business to achieve its objectives. The executive summary gives the whole outline of the innovation plan. The Proposed Innovation The innovation involves a mobile networking app that can be used to connect the company and the customers. The innovation is to be done on an existing idea, and software development is to be used to develop the app that can store customer details and location automatically, the app can be used for messaging services and is primarily designed to enhance customer relations and marketing services. This innovation is needed to enable direct dissemination of information between the company and the clients concerning products and customer needs. The innovation is required to put the company in a strategic position to compete effectively in the dynamic market environment. The mission of the organisation is to lead innovation and generate new ideas as it pursues its overall objectives. It looks forward to having a competitive advantage and increasing its revenues in the both the long run and short run by using new ideas and innovations. How to Achieve the Mission The company should put in place a collaborative working environment to foster innovation and budgeting system should be flexible to provide room for creativity and development of ideas into new products for the benefit of the organisation. Therefore innovation should be emphasised in the company and teamwork approach should be used to achieve the desired results. Strategic Change Chart There are major proposed changes in the organisation in the ways of marketing its products and interacting with the customers. Current condition Proposed change Impact Traditional marketing strategies are being used e.g. advertisement and use of sales person. Online marketing platform is to be developed in which a mobile app can be used to connect the customers and the company directly, and information can be shared quickly between the customers and the company. Increased sales and reduction in the cost of marketing is expected, the company can engage with the customers directly without involving intermediaries. Efficient communication is expected through the use of the mobile app. Public Statement Online marketing is to be enabled by the innovation and traditional marketing procedures are to be dropped. The mobile networking app is to change the mode of communication between the customers, the public and the company as their contact details and location are automatically saved in the app and messaging services is also provided by innovation. Proposed Importance The mobile networking app can connect customers and the company irrespective of location and uses a 3g internet connection that is affordable by many people. The app has a direct impact on increasing the volume of sales per day and the company can get more revenue than expected. Marketing costs are reduced since the number of sales forces is to be reduced considerably when the app is put in full operation. Proposed Use The app will store information about the customer tastes and preferences and other changing client needs which can be used to make decisions in the organisation. Mission, Needs and Vision Statement Mission Statement The innovation is in line with core values and mission of the institution. The innovation enables efficient marketing and reduction of costs for the organisation and provides an opportunity to apply the new technology in pursuit of organisational goals and objectives. The innovation is to serve the customers and the general public since information about the company is readily available in the app. Vision Statement The app can be developed in future to meet the diverse needs of the organisation and can be used together with other communication platforms to provide before sales services e.g. description on the use of products and other product display to the customers about the utilisation of the outputs. The company is likely to increase efficiency on its operations once the innovation is put into practice and the company will be done in a strategic position to compete effectively with other business organisations. Statement of Need The innovation is required in the team because of the dynamic changes in the business environment where customer focus is considered a priority. Creating a platform where the company can interact with a client directly is a milestone improvement and the organisation is deemed to improve its operations. The innovation will benefit all the stakeholders of the enterprise and will be vital for the efficient decision-making process because required information can readily be obtained through customer research in the mobile networking app. Barriers Likely to be Faced Innovation comes with benefits, but its application should be used cautiously considering the risks that may be involved. Barriers may include inadequate resources both financially and skilled labour to develop and modify the networking app. Employees may also resist the change. How Flexibility will be Created by the Innovation The innovation will create room for flexibility e.g. the app can be modified to serve the client needs, and information about new products can be shared, and customer suggestions can be considered to streamline the organisational objectives to the dynamic changes in the environment and business dynamics. Schedule of Innovation The innovation is to be developed in 3 phases, where the first stage is communicating to the group members about the idea and discussing ways to improve the concept into a product. The second step is to carry out a feasibility study on the benefits of the advantages of the information, finally, involve experts to develop the ideas. Operation To improve the product, professionals with bias in finance, IT and marketing with requisite skills should be required to develop the innovation into the intended product. Flexibility Chart The current procedure The new procedure Why flexibility is needed This explains the existing situation in the organisation before the change is made. For example, before the innovation of the mobile networking application This shows the new procedure that is necessitated by the novelty. To illustrate this, the mobile networking application may create new ways of connecting customers and marketing the product This shows the importance of compatibility of the innovation with the objectives of the business. The mobile networking app can be used by an organisation whose primary purpose is to provide service or goods to customers. Budget The budget shows the expected expenditures that would be incurred in executing the innovation. It includes the cost of ensuring the change is successful. In the case of the mobile app, proper budgeting is important so as to avoid inconveniences that may result from lack of funds. The source of funds should clearly be known. The firm must also plan appropriately and investigate the financial strength of the business. Capacity of the Innovation Panel The innovation group must have the right powers to develop the project. These may encompass experience, skills, determination and commitment. They should also have the right academic qualifications to execute the innovation. Innovation Time Table This shows the time frame within which the change us expected to be completed. The timetable shows the stages of the whole process. The timing is critical in planning appropriately for the project. The organisation should come up with the appropriate timetable to enable consequential execution of the innovation process. Proposed Goals of the Firm This explains the expectations of the business from the novelty. If the innovation is successful, these goals should be accomplished. The innovation panel should clearly state the expected goals to be achieved by the innovation. This may include efficiency, time-saving, and accuracy of transactions. Attachments The innovation committee must attach the letter of commitment, the qualifications and individual resumes. They should also develop and attach the appropriate business improvement plan.