BM304 Leading Innovation Assignment Sample

Introduction Of Leading Innovation

Innovative principles state the challenging status quo that embraces creativity and promotes experimented solutions. Contrasting this with Genomics plc, it can be said that developing an innovative idea involves the identification of gaps in the market whereby leveraging emerging technologies and collaborating with diversified stakeholders enables the creation of disruptive solutions in Genomics.

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Different types of innovation

Innovation can be of different forms whereby in Genomics plc it differs with unique characteristics, benefits and some challenges. There is a product-based innovation involving the development of new products that have been used to address unmet needs in Genomics Plc ⁽¹⁾.There can be the development of Genomics sequencing platforms that are being offered for increasing accuracy by fastening turnaround times and implementing more cost-effective solutions ⁽¹⁰⁾. Secondly, there is a process innovation that is used for the introduction of a new process for streamlining smooth workflow by enhancing the efficiency of operations ⁽²⁾. In this regard, Genomics plc can develop and innovate a new data management system in order to fasten the data processes and analysis. Thirdly, there is a market innovation that involves the development and improvement of new marketing strategies in order to measure the innovation level ⁽³⁾. Incremental innovation helps the organization to take necessary changes in the process and sustain it for the long-term to avail better facilities to the customers. These types of innovation also called continuous innovation that concentrates on improving the product and the service of the market. Adjacent innovation expands the business of the organization and it becomes successful by existing capabilities of the organization such as technology and knowledge. This type of innovation generally observed in big companies that help to integrate their products into one frame.

Disruptive innovation generally observed in smaller companies that shake hands with large companies and gradually change adopting the segments of the large companies. Initially the prices are low and similar services provided as large companies to attract the audience abd the gradually increases the prices of the product once believe of the consumer retains on the products and services. Radical innovation refers to creation of new brand by adopting unique types of services and the ideas that tends to impose on the use of consumers., Different companies experiment with the innovation and research team to develop new products that is beneficial to mankind in this era.

Furthermore, this will help in increasing the brand awareness of Genomics Plc and thereby will have the tendency to attract new customers by engaging them in an advanced way. In this regard, Genomics can use social media marketing platforms or influence marketing to reach new target customers. Fourthly, there is an organisational innovation that involves development in the organisational structure in terms of enhanced agility, flexibility and adaptability of Genomics Plc⁽⁴⁾. In this regard, the company can develop its methodologies by preparing a cross-functional team in order to improve organisational performance by embracing data-driven decisions. Stating the fifth innovation of Genomics Plc it can be said that there is a business model innovation that has been used for developing the business models in order to create greater value to the process indulging in business development⁽⁵⁾. In this regard, a new revenue stream along with strategic partnership can be introduced for innovating a subscription-based business model.

Genomics Plc uses combination of incremental and radical innovation in acquaintance with technology to prosper changes in the system and attract the audience with the new valuable product. The companies with its innovators and research team tries hard every day to implement successful changes in their product and use irt efficiently to prosper the marker and had long-term sustainability. The organization is looking upon new genomes of the organization by incorporating elements from the genetics.

Reasons for innovation

The reasons for the innovations in Genomics Plc may include several areas of improvement. Among them, the first reason is to address the unmet needs whereby innovation of products and processes can be helpful with the instance ⁽⁶⁾. This may include the development of sequencing platforms in an accurate and cost-effective way for the development of trendy data management systems. This will help in enabling fast data processing and furthermore, fast data analysis. Another reason for implementing innovation is to become competitive in the market ⁽⁷⁾. Genomics, in this regard, is a rapidly evolving field. This implies that the company is facing difficulties in innovating risks behind the competitors. With the help of innovative market and business models, it will be easier for Genomics to frame mitigation measures for the risks identified by implementing the information gathered from the current marketing trends. Another reason for innovation is to enhance the overall performance of the organisation ⁽⁸⁾. This can be done by implementing innovative measures for boosting organisational performance. This will further help in enhancing the agility, flexibility and adaptability of the company. Furthermore, there is a need to address social and environmental challenges as these are the common reasons for every industry for adopting innovations. Therefore, it can be said that this innovation is required for developing solutions in order to improve the outcomes delivered by the patients for personalised medical care. By leveraging the sequencing platform the company can frame new treatments and therapies in order to contribute to a broader goal towards improving public health.The innovation is the essential part of the organization to sustain with the marketing trends by incorporating innovation in their products and services. Radical innovation helps the organization to flourish efficiently in the market.

Sources of Innovation and innovation networks

Innovation requirements can emerge due to the emergence of different sources that involve both internal and external sources along with research and development and acquisition and merger⁽⁹⁾. Internal sources of innovation emerge from the working environment inside the workplace. The internal sources include employees, managers or executives within the organisation. This kind of internal innovation can be fostered by the creation of cultural background and experimentation that poses creativity within the organisation. This can be done by promoting a collaborative environment in the workplace by using a cross-functional approach whereby the employees will be provided resources for pursuing innovative ideas with full support. These innovations help the employees increase their morale which further contributes to increased efficiency in the workplace. This will help in the proper use of resources without any wastage and increase productivity. The company will be able to stand on the competitive edge of the target market by serving the customers in an efficient way in order to maintain sustainability.

Stating the external innovation sources it can be said that the external environment helps in the innovation of the companies in order to be served in a better way. This external source includes ideas from different customers, stakeholders and suppliers in order to increase the efficiency of the business or industry. This can be done by engaging with the customers, suppliers and stakeholders through different modes of communication including social media. Other than this the research and development will help in gaining insights into the current market trends that will be helpful in framing innovative measures within the organisation in order to meet the demands of the target market. Research and development can be further focussed on developing new products, and methods of production that can help them lead in the top position of the market. Lastly, the merger and acquisition will help in bringing new ideas, talents and technological advancements to the organisation. Acquiring and merging with other companies is termed as beneficial as it can help in having access to new market trends along with technological advancements for having a better instance in the field of innovation.

Principles of Leading and managing innovation

Leading and managing an innovation involves encouraging an environment that includes creativity, and experimental and risk-taking measures. This also includes providing a structure that supports turning innovative ideas into successful products and services. The principles that can affect the leading and managing of innovation in a workplace in a positive way include. Fostering a culture of innovation that implies a culture that values creativity, and experimental and risk-taking measures should be encouraged by the leaders and managers of the organisation. This can be taken forward into proceedings by increasing the efficiency in communication for recognising innovative ideas. This will help in setting a clear goal and objective with respect to innovation measures. These goals and objectives should be elaborated to the employees in a clear and precise way in order to reduce the chances of getting confused with the plan. This will also contribute to increasing collaboration measures as the doubts of the employees will be cleared by the manager or leader in order to have efficiency in work. The increasing collaboration will thereby help in framing risk mitigation measures with different sets of creativity in order to lead a sustainable business that will rather contribute to providing better service to the customers. This implies that there will be the creation of a strong team that may involve old employees and also new employees with skills and innovative measures. This will require proper training and development for the existing as well as the new ones in order to sustain the new innovative measures that are being taken into consideration for sustaining the target market. Hence, the customers will be attracted towards the implemented innovation measures in order to have benefited from the organisation that will thereby increase the profit of the organisation.

Digital Innovation

The innovation in digitalized manner helps the company to leverage its technology and amplifies its efficiency thus enhancing its productivity and generating lots of revenue. The best digital innovation adopted by Genomics Company is artificial intelligence and Machine Learning that helps to drive their objectives in an advanced way and helps the consumer to take use of services and facilities swiftly and quickly ⁽¹⁰⁾. The four stages of digital transformation that the organization underwent to provide faster and more secure services to the customers are Planning, Implementation, Acceleration and Measurement. Planning is the first stage of digital transformation that looks upon the strengths and weaknesses of the organization and the opportunities that the organization can bring by implementing digital transformation in the environment.

The company also has to analyze the different consumers' behavior on implementation of their technology to achieve their target goals. Implementation had four attributes to carry out the digital transformation process such as strategy, adoption and innovation. Acceleration in digital transformation can achieve by solving multiple problems, legacy modernization, and informing stakeholders of the changing technology. The last stage is a measurement of the digital innovation that takes place and it can be calculated by employee productivity, performance and adoption of the employees to the new technology system, experiences of the customer and digital return of interest. The digital innovation brought by the chosen organization brought satisfactory results and increases the productivity of the services to the patients in the healthcare system ⁽¹¹⁾. With the advent of digital technology, the reports can be dispatched to the patients securely and digitally to the email id of the patients.

Creating and managing new products and services

The health care system helps to leverage the revenue in the world and creates a lot of revenue for the nation and the organization. The number of patients had been seen to drastically increase in the last few years with the advancement of health problems such as kidney transplants, diabetes, pressure, cancer, heart attacks and others ⁽¹²⁾. Now, the healthcare manager has to look upon the system in such a way that new technology and innovation can drive the changes and can take a load of so many patients at a time. Creating new products in innovation and managing them in a dynamic style help the company to retain their old customers for excellent services and attract new customers to avail the new unique services provided by the organization. Creating new products includes researching the idea, making a prototype of the new product, planning the marketing strategy for the new product, and launching, reviewing and protecting the idea of the product.

The new products in innovation increase theefficiency to function of the product aid by advanced physical appearance. Managing the product is an important concern in innovation such as researching consumer demands, knowing the capabilities of the organization, testing the products regularly and encouraging an innovative environment ⁽¹³⁾. The last is taking feedback from the customers about the new products' creativity and features and their external use tohumankind. The product and services of the chosen organization help to release the burden of the healthcare system such as cardiovascular disease, colorectal, breastand prostate cancer and diabetes, COPD and autoimmune systems. The two key areas in digital technology that provides novel solutions are clinical tools and population health management.

Identification of intellectual property

Intellectual property is the assets such as trademarks, patents, trade secrets and copyrights that help to protect the unique services and products that are made by the organization or the individual. This intellectual property does not allow the other organization to serve similar products and services to the customers and thus the variability of the product can be maintained and restored. Intellectual property in the healthcare system refers to the use of generic medicines and their marketing style in specific geographic locations. Intellectual property evolves the legal framework to protect the interest of the people that innovate them concerning technological, artistic and scientific creation ⁽¹⁴⁾. The technology advancement provides satisfactory results to the customer and the employees that help to boost the revenue of the system in innovation.

The commercialisation of intellectual property boosted company finances and creates multiple job offers for the new era. These intellectual properties help the organization manage their product and increase its competitive advantage in the market. The device used by Genomics for the manufacture of new medicines are efficient and the new medicines that are developed have a trademark in the name of the company which mean not any other company can use the composition of the new medicine and sell it in the market ⁽¹⁵⁾. Intellectual property is very important for any type of innovative organization to protect the interest of the stakeholders,products and services and boost the revenue of the organization as well as for the nation.

Conclusion And Recommendations

Genomics Plc helps to renovate ideas by making innovation a core value in their business. The company is advised to provide a team of innovators that regularly aims to search for new ideas and molecules that5 can give rise to the development of new generic medicines for the well fare and safety health of the common people. The failure rate in drug development is 96% that took the organization to waste lots of money in the innovation process. The clinical trials on human beings need to be advanced and more innovators from around the world that are experts n the healthcare sector need to recruit for experimenting with new products successfully and envelope the losses in innovations ⁽¹⁶⁾. Encouraging collaboration of the employees to adopt the new digital transformation and learn the new skills for a better future of the company needs to introduce better production of services in the firm. The innovations can be successful and willing of the innovators to implement new ideas is increased in case the employees or the team is rewarded for every successful implementation of a new idea. Training is an important concern in the innovative industry about the soft handling of digital tools that helps the stakeholders to provide services swiftly without any interruption.

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