Company Overview

You have to select a Company and apply 4ps of Innovation on that Company.

This report basically describes about the creation and innovation done by an organization in Australian market. For the discussion, company Planet Innovation Pty Ltd. has taken in this report. Creative designing techniques are helpful for the company to develop highly innovative solution for the complex situation. This report provides the critical analysis and examination of the innovation done by the company to meet the customers’ expectations by the continuous innovations (Brenner & Uebernickel, 2016). The report explores 4P framework of innovation which are used by the company in the innovation process. The report also describes the innovation portfolio used by the company while doing innovation in the business. At last report provides the information of targets for the strategic innovation of the company.

The framework includes four factors of innovation i.e. product, process, position and paradigm. 4P framework for the company Planet Innovation Pty Ltd is given below.

This is the most common form of the innovation. The product innovation include the improving the current product which is already offered to the customers. The company is focusing on the most innovative solutions to expand the market share. The main innovation done by the company is the new hearing solution app. The company has developed a hearing aid system as the smart phone app. This is a Bluetooth programmer named Incus. This app is for those people who are unable to hear properly. By the help of this app, patients get rid their hearing problem. The company is continuously focusing on the innovations so that it can provide new technologies of such useful products for patients. Plant Innovation has to innovate continuously to identify the future needs and requirements of the customers.

This form of innovation includes the way by which the product is created or delivered to the customers. Planet Innovation develops many useful products and apps for the customers. The company has proper framework for the production so that company can identify the requirements of the customers in the operating market. By the framework, company is able to develop the products according to the customers’ requirements. The company uses the framework of idea generation, the company is able to know that what type of product should be generated and what are the requirements of the customers in the market. The development of new product includes the process of design, building up ideas, drawing logic, imagination and identifying the possibilities of success (Herring, Jones & Bailey, 2009).

4P Framework

Planet Innovation is famous for designing of the products of clean-technology, biomedical, industrial and commercial market. The company is very famous for its innovated products among the customers as it is focusing to be more customers focused by designing more innovative solutions. Customers perceive the hearing app very useful for those who have hearing loss. Among the customers, the products innovated by the company are very beneficial as the innovation of the company includes new ideas to meet untapped customer needs. This new hearing app can be the most important and integral part of the Australia’s innovation system. For the patients, this is the consecutive action taken by the company to develop innovative solution (Financial review, 2016).

This type of innovation is related to the mental models, which defines about the business activities of the company. In case of Planet innovation, the innovations are done in various different areas i.e. biomedical and the medical process. There are the people who are specialists in these areas. The company is using wireless technology in medical instruments. There are four ingredients used by the company in the innovation process i.e. flexibility, learning, reframing the problems and co-developing with the market place (Keeton et al, 2014).

Figure 1: 4P Framework

Planet innovation is develops and manufactures the commercialize products. The company has own portfolio of the products including research, design, manufacture, engineer and market new products at the global level. The company has simple philosophy i.e. product should be commercially successful then the product will be considered as successful in the market. In the product development, the company has the staff with depth if expertise, high level of experience and facilities required. Planet innovation has established the medical device manufacturing facility to manage the manufacture and regulatory compliance of the products offered by the company (Cavagnoli, 2011). The company has commercial partnership with the Genea to manufacture and develop a suite of innovative products. Company has ‘design and manufacture’ business model to offer lower risks terms in the business. Further, Planet innovation has the partnership with the medical diagnostic company to develop a diagnostic device. The company is investing in the development of diagnostic device for the co-ownership of the intellectual property. Further, Planet innovation has long term partnership with the Ventis to manufacture and supply of innovative products to the customers. Along with this, the company is funding the product development and generation of IP for the exclusive supply agreements. The company has also licensed in some IP in the new business to minimize the costs and risks (Nagji & Tuff, 2012).

Present portfolio of innovative activity

Planet innovation is basically operating to develop the innovative products which have positive impact on whole world. The company is providing technology innovation, product development and expertise companies in all over the world. There are some portfolios for the innovative activity and those are as follows:

The company has around 160 passionate and commercially focused product developers i.e. engineers, scientists, technicians, industrial designers, project managers and QA managers. The company is specialist in Hi-Tech connected and biomedical devices (Zhou & Li, 2012).

The company is currently focusing on the biomedical and Hi-Tech devices innovations. Biomedical includes diagnostics, instrumentation, life science, medical devices, mHEALTH, Point-of-care. Along with this, Hi-Tech includes smart phone integration, wireless solutions, custom automation, smart energy solutions and software and electronics.

For developing the products for the customers, the company also develops and launches its own products and platforms. The products vary from re-usable software and hardware modules to the technology platforms by the commercially available products.

Based in the Australia, the company is also operating out of Chicago and the customers of the company are located in all around the world. The customers of the company include world’s top 10 biotech companies. The company believes in the quality to strengthen the relationship with the customers.

Based on the above discussion, there are some strengths and weaknesses in the innovation practices of the Planet innovation.

Strengths

The strengths of the innovation activities of the company are as follows:

• The innovated products of the Planet Innovation has positive impact on the world,
• Around 160 brilliant and passionate product developers for the strategic innovation,
• The company has quality system for the medical device development, and
• The company is focused on the innovation of biomedical and hi-tech solutions for the clients.

Weaknesses

Although the company is operating well in the operating market, but there are some weak points which must be considered by the company for the future innovations. Those weaknesses are as follows:

• One of the weaknesses is that due to innovation, the old technology and techniques are left behind and it is becoming challenging to protect them,
• The huge infrastructure costs are incurred in the company due to the continuous innovation, and
• Innovation leads economies of scale, which can drive out competitors and can also be the cause of market failure.

The strategic innovation done by the company to prove the core technology, identify the needs of market and establishing the product concept. According to the Planet Innovation, the big opportunity for the innovation exists before the development process of product begins. The phase of the strategic innovation has the important role in minimizing the risk and dealing with the technical and market challenge (Schroeder, 2013). The targets for the strategic innovation in the Planet Innovation are as follows:

• By the strategic innovation, the aim is to identify existing technologies to cut development effort, minimize the risk, avoid reinventing the wheel, and accelerate time-to-market.
• The aim is to apply the emerging technologies in new ways to deal with the competitors.
• The target of the company by the strategic innovation is to identify the business opportunities and understand end customers need.
• Further, strategic innovation is focused in clarifying the concept, assessing the feasibility and defining the product or process.
• Along with this, the target is to provide some deliverables i.e. business proposals, customers’ needs, project schedule and milestone, design goals and design concepts.
• The aim of the strategic innovation is to generating ideas, identifying the strong concepts based on the key factors and developing the preferred product or service concept (Insead, 2008).

The mentioned strategy will be beneficial for the company to attract more people who are in need. By the innovative strategies, company will be able to deal with the competitors and the strategy would be helpful in indentifying the expectations of the customers to manufacture new technologies. Further, company Planet Innovation is the most innovative company of Australia. The company should conduct various researches and events to identify the requirements of the potential customers.

References

Agbor, E., (2008), Creativity and Innovation: The Leadership Dynamics: Journal of Strategic Leadership, 1(1) 2008, pp. 39-45

Brenner, W., & Uebernickel, F., (2016), Design Thinking for Innovation: Research and Practice, Germany: Springer

Cavagnoli, D., (2011), A conceptual framework for innovation: An application to human resource management policies in Australia: Innovation: Management, Policy & Practice, 13(1),111-125

Financial review, (2016), 50 Most Innovative Companies 2015, accessed on 28^th July 2017 from https://www.afr.com/leadership/brw-lists/most-innovative-companies/50-most-innovative-companies-2015-20160303-gn9ea7

Herring, S.R., Jones, B. R., & Bailey, B.P., (2009), Idea Generation Techniques among Creative Professionals, accessed on 28th July 2017 from https://orchid.cs.illinois.edu/publications/HICSS-idea-generation-2009.pdf

Insead, (2008), Idea generation and the quality of the best idea, accessed on 28th July 2017 from https://sites.insead.edu/facultyresearch/research/doc.cfm?did=42236

Keeton, Kathryn E., Elizabeth E. R., & Jeffrey R. D., (2014), Solution Mechanism Guide: Implementing Innovation within a Research & Development Organization: Aviation, Space, and Environmental Medicine, 85(10), 1061-62

Nagji, B., & Tuff, G., (2012), Managing Your Innovation Portfolio: Harvard Business Review, 90(5), 66-74

Schroeder, H., (2013), Strategic Innovation for Business Performance: The Art and Science of Transformation: Technology Innovation Management Review

Zhou, K. Z., & Li, C. B., (2012), How knowledge affects radical innovation: Knowledge base, market knowledge acquisition, and internal knowledge sharing: Strategic Management Journal, 33(9), 1090-1102