An organization’s long time sustenance and growth depends on `innovation`. Innovation is the lifeline of an organization. Innovation may mean many things – maybe, a new product, or an improved product, or a new process, or new method or procedure within the organization, or inventions.
The Business Dictionary defines innovation
“as a process by which an idea or invention is formulated into a good or service for which people will pay. To be an innovation, an idea must be replicable at an economical cost and must satisfy a need. Innovation involves deliberate application of information, imagination and initiative in deriving greater or different value from resources and encompasses all processes by which new ideas are generated and converted into useful products”.
Four ingredients form an essential part of innovation:-
Business Innovation is how a companies improve the way they do business. Dell Computers innovated its operational procedures to become a powerhouse in selling personal computers. Business Innovation also means how a company operates and does business through its internal structure, its marketing strategies and campaigns and its branding and its core mission objectives. Competitive advantage comes from companies who constantly innovate along these lines. It is vital for a company to apply innovation to do things other than products. A company’s innovative operations impact the branding, customer satisfaction, employee satisfaction, costs, etc. If a company out-beats its competitors on these issues, it has the ultimate advantage.
Innovation is progress and growth for a business.