Importance Of Innovation In Business Environment
Innovation can be referred as “a series of activity steps, characterised by creativity and undertaken for the purpose of successfully commercialising ideas and inventions.”
In business, when a product (whether tangible or not)’s life cycle comes to an end, it is necessary renovate or replace the outdated ideas. Creativity is no doubt the essential foundation for any organisation despite their trait or history; however, innovation is the most successful application of creative ideas.
Nowadays, due to the incredible speed of technology explosion, business more or less introduces improved results or simply mimes. Therefore, innovation seems more like a “should” than a “must”. In general, a creation whether …show more content…
Larger companies have higher levels of adoption of management practices for sustainability and business performance. The number of associations between the management practices for sustainability and business performance is higher in larger companies.
A business entrepreneurship directly impact on how long it has been in the market. Once innovation occurred in a business, it will gain new entities, activities and networks. Younger businesses during the process of employment growth show an increase in sale rate. Base on their majority important substances such as diverse expertise and apply latest scientific base methods, they more likely to introduce more new innovative products and services than an older one hence their outcomes most likely become exclusive not only to the organization but to the market.
As a business ages, there are reports of deterioration or no change at all even though their absolute result for productivity is higher. After 10 years of stable growth, a firm’s acceleration decrease the firm now faces the thread of complacency, destruction and depreciation. However in older firms, they have become skilful in management and operation therefore maximize the …show more content…
When a company seeks for innovation, there are assorted sources that they can gather inspiration from: internally from the company itself or from the market and externally from the community. On the other hand, innovation can be seen as a process considering three main steps of idea generation, idea evaluation and idea implementation. (See Figure 3.1 in appendix)
A common tool for any business regardless of size to identify the opportunities and develop them is the Schello screen. In this screening technique they take a snapshot of current situation: product feasibility, market feasibility and economic feasibility hence conduct a thoroughly business plan.
In addition, Rebecca O. Bagley has stated on Forbes that the current situation requires organization to keep their eye open for the market and emphasised on three main things define a firm’s success:
1. A company that thinks out of the box
2. A company knows what the customers want or will want and provide them.
3. A reason that prevents a business to step forward and become outstanding is overly focus on out dated numbers and