Innovation

Business strategies have been evolving with the course of time. In the last 20 years, there has been modifications in the business strategies that affect customers and competitors. As well, as the development of new IT systems and innovations in the business field. Customers and competitors weren’t the same in 1995 as they are today. Competition has been at the heart of corporate strategy. Today, one can hardly speak of strategy without involving the language of competition, as dictated in…

only possible through constant innovation, repositioning, and improvement of its products and services. Companies thus innovate to differentiate their products from competition. Conversely, lack of innovation leads to loss of business, staff, and revenue. Moreover, companies innovate to keep up with consumer demands who are preferring better products day after day. Therefore, innovation is the best way for companies to respond to competition and trends shifts. Innovation is also done as part of…

facing the challenge of competition in all kind of industries. Innovation is one of the most important factors to business success. This essay will identify why innovation is the most significant characteristic in business success, which includes competition with innovation, customers as the core of innovation and system innovation. Innovation is essential for competition between companies. Queensland Government (2015) argues that ‘ Innovation will help you stay ahead of your competition as…

Patents Encourage Innovation The two ideas that raise the most to support the positive role of patents to encourage innovation are: a) The utilitarian-based argument; and b) The Knowledge spillover argument. a) Utilitarian-Based Argument The solidest theoretical explanation about patents is the utilitarian incentive-based argument. In which patents reward the inventive skills of the innovator to continue working beyond in such field (Rai & Jagannathan, 2012). Patents encourage Innovation because…

In “Accepting or Rejecting Innovation”, Jared Diamond explains three reasons why people adopt technological innovations. The first factor is the comparison of the economic advantage with existing technology. Wheels are known to be useful in modern industrial societies, but in other societies, they may not have been. Native Americans in ancient Mexico used wheeled vehicles as toys instead of using them for transportation because of the lack of domestic animals at the time, which did not offer any…

Disruptive innovation As of late 20th century, pursuit of sustaining innovation has been the major objective in benchmarking and achieving R&D under rapidly globalised world. In essence, it is the pursuit of efficient product access methods and the continuous global demand of change in product variety which allows disruptive innovation to both a benefit of providing newly decreased marginal utility and value propositions (Adner 2002) to high end product and services which otherwise would only…

Innovation is about researching and developing products that solve industry challenges and ultimately help organizations to be relevant and add differentiation in the market in order to be competitive. According to an article. Establishing an Effective Innovation Process Architecture, “an effective innovation process architecture is the foundation on which to build for innovation-led growth. This clear, top-down, leadership establishes the framework for delivering effective innovation…

technology driven innovation, companies usually develop new technology and then attempt to find market. With failure rate of 90 percent and R&D under scrutiny many American companies realized how costly it was to continue using this hit and trial method. This approach was costing corporation ton of money. For example Motorola sold Iridium project for $ 25 million which costed them $ 5 billion. It was clear there is need for innovation in innovation process itself. To make innovation process more…

Paul Trott and Dap Hartman (2009), propose that a false dichotomy exists in the open vs. closed innovation debate, instead the two paradigms are not mutually exclusive with most, if not all, firms carrying out principles of both. I believe that this is the case with the firm PowerbyPoxi, hence I agree with the statement “PowerbyProxi has adopted both open and closed innovation processes”. This can be demonstrated by analysing the relationship between PowerbyProxi and some of its major…

Technology-enabled innovation comes in many aspects. These aspects may include using cutting-edge analytics to improve the decision-making process, engaging digital technologies to reformat manufacturing, and connecting mobile capabilities to improve marketing and sales, to name just a few. The root in all these cases is the establishment of a platform that can be properly leveraged repeatedly to deliver the best possible outcome. Health care has been slow to innovate, especially in financial…