INNOVATION

Innovation in Irish Firms



Innovation In Irish Firms

Question One

Define Innovation

There are always unarticulated needs of the customers, the process through which the businesses develop new customers value to meet those needs which remain unarticulated is the innovation. Invention refers to creation of an idea and innovation refers to better use of same or collection of different ideas. Simply put, innovate means to change and this change means doing same thing in better way so as to create the novel solutions (Daft 2011: 175). Innovation sources differ, however, knowledge, expertise and non-conventional thinking patterns seem to give turbo boost to innovation (Forfás 2006: n.d.). Today, many companies tend to deliberatively mange innovation through research and Development.

Describe company examples of area one New product

The need for having quality graphics rendering in computer games was being felt with great force. Havok identified this opportunity and came up with a revolutionary application of rendering graphics in run time. This substantially improved the experience of gamers on multiple platforms. Havok is an Ireland based software firm that stated as a campus company in the Department of Computer Sciences, Trinity College. The software of the company is now used by Xbox 360, Pc, PlayStation and a number of other games formats (Brendanhughes 2009: n.d.). The application identified by Havok is speedy and better in rendering to produce quality graphics and this speedy solution is the key to its success. The unique position of the Havok makes it better off in the market place, as a unique advantage is a solid base for competing in the today's market (David 2006: 8).

Describe company examples of area two Service Development

The International Financial Services Centre, which is based in Dublin, Ireland. The IFSC was developed under the legislation by government in the year 1987. The objective was to lift the country out of economic troubles that were prevailing in the 1980s. The strategy adopted in the service was to lower the corporate tax rate of 10% (Brendanhughes 2009). The strategy of the government to offer low tax service really paid off. Very soon, 50% of the world's top insurance companies and banks located their operations in Ireland. This influx of new businesses increased employment, billions of tax revenue despite of low rate but large base and urban regeneration. This same technique of low tax service has resulted in the world's largest companies placing their operations in Ireland. This has made the labour force of Ireland disproportionally clever.

Describe company examples of area three Operation

Ryanair is a successful example of process and operations innovation. The company grew dramatically in the era of 1990s. This growth came out of innovation in the online purchasing innovations and no frills approach (Brendanhughes 2009: n.d.). The big shots of the airline industry were soon surpassed in terms of stock exchange's company's vale and had to opt for same strategies of no frills. Customers started buying their own tickets online and expected no meals, in return of low cost but high efficiency in flight operations ...