Innovation

Innovation

[Name of the Student]

[Name of the Institute]

Innovation

Introduction

The aim of the paper is to discuss the importance of innovation in the businesses and the way innovation strategies are enhancing the performance of the business (Newell, S., Robertson, M., Scarbrough, H., & Swan, J., 2009, pp 191-193). The paper discussed the innovation business strategy of the UK's individual gas and electricity supplier. The paper highlights the latest innovation projects of Vayu Limited and their implication in the business performance. Moreover, the paper discusses how the management of the company is supporting innovation and how it attempts to implement the innovation strategies as well as projects in the culture of the company.

Discussion

In this globalized economy, the needs and demands of the customers are changing rapidly. Today's customers are more concern about latest trend in every aspect of life. This induces the need of innovation in almost all the fields of the businesses in order to meet the expectations of the customer. Innovate strategy is the set of predefined tools that are formulated and implemented by the management of the company in order to gain and sustain an innovative competency over the competitors. In the premises of Ireland, the competition between the small sized companies is getting even tougher. Therefore the small companies are striving to introduce innovate strategies in their culture in order to survive in the competitive environment where the customers have high bargaining power regarding the innovation. An example of Vayu Limited can be used in order to extricate how the small sized businesses can improved their competencies by introducing innovate strategies.

About the company

Vayu Limited is the individual Irish owned business that embraces the energy management. The business basically deals with supply of gas and electricity. The company was established in 2003 and it captured almost 20% of the energy management industry with a remarkable speed. The market of the business is highly competitive and the product that the business deals with requires noticeable innovation in order to keep the track of profitability in the energy industry of Ireland. This induces the management of the Vayu Limited to formulate and implement strategies that and capable to bring positive innovation in order to gain and sustain market share (Vayu: Drilling their way to success - Business & Finance). The reason behind the rapid growth of the Vayu Limited during the last 8 years is that the management of the company is consistently focusing on the innovation trends of the business. Recently the company secured a huge contract of €2.5m with Dublin Airport. Recently the CEO of the company, Colm Kennedy, is focusing on introducing effective innovation in order to enhance the performance of the business.

The company has done a remarkable innovation in the energy industry so far. In 2007, the company got license fro supplying electricity to the commercial as well as industrial customer. Some of the large businesses of the Ireland have handed over their electricity needs to the Vayu Limited for their innovative approaches. The example of TESCO ...