Essay about The Utilisation Of Innovative Processes

1355 Words Oct 29th, 2015 6 Pages
Innovation is generally defined as the process of change or creation in order to generate optimum effectiveness amongst products and ideas (Business.gov.au, 2015). In accordance to Business.gov.au (2015), it is suggested that the utilisation of innovative processes can increase the likelihood of a business or organisation’s success as it enhances more efficient work and higher quality performance and productivity. Within a business context, innovation may include the implementation of new ideas, improving a pre—existing product or service or creating dynamic products. While innovation doesn’t necessarily mean inventing new products of services, by changing a business model and adapting it to changes within your surrounding environment, innovation can be seen as a catalyst for your business’ growth and success as well as assist in adapting to your chosen market. In order to deliver the optimum products or services whilst simultaneously develop your organisation, successful innovation should be implemented into your business strategy where it enables you to create an innovative culture and progress in the path of innovative thinking and creative problem solving.

Innovation Process and Types of Innovation
Joseph A. Schumpeter often argued that anyone seeking to make profits must innovate (Śledzik, 2013). Schumpeter believed that innovation is considered an essential driver of competitiveness and economic dynamics, being the centre of economic change in…

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