Introduction Innovation In the past years of knowledge on innovation and its effect on entrepreneurship, a massive variety of literature has been presented and researched on this specific topic innovation. Innovation as the name suggests refers to thinking out of the box in other words being creative or innovative. Innovation in terms of business refers to creation of products, services and processes in a more effective and efficient way and at the same time establishing a culture or environment capable to absorb the creativity (Crumpton, 2012). In Kotler(1997) words it is a method/process/system/product/service which is either significantly new or totally improved and also has been a complete success in the market. Entrepreneurship The word
It has been around and shaped our life for thousands of years. In global world, corporations can copy and succeed .Global competition shows that imitators end up winners and global copying is now not only far commoner than innovation in business, but a surer route to growth and profits. However, today 's companies obtain their competitive advantage and economic interest largely from innovation. Apart from that, we can state product innovation advantages both to the company and to industry respectively. (Nebojša Zakić, 2008) Product innovation may increase companies ' knowledge inventory while its contribution to company outcome which can be determined by sales and profits, new products/ services and also by changes in market share.
However, innovation is defines as the act of creative thinking. Innovation is defined as the development or creation of new idea taking from the mind, defining ways to transform it to physical form. Innovation can be used in different ways; it can be used to upgrade a system or a process and coming up with new idea which will bring in the form of all together. Innovation is a thorough process which generates new ways for effective business practices. Creativity and innovation increase the performance and productivity of business as well as help business leaders to managers and drive their business towards success (Adams, 2001, p. 1).Creativity and innovation comes in the form of technological advancement or a change in business process which can bring advantages to the firm and help them in managing risk through effective systems.
Still finding new opportunities for improvement and creation of value is a must nowadays. The companies should understand how emerging technologies can affect their competitive advantage and strategy, how they can help them retain their customers and bring new ones and thus implement changes that will help them to play competitive. Successful innovation means that companies should match the market trends and customer expectations with internal processes and invest into
Research shows there are proven methods of improving the innovation process in the brain. Capital One Financial provides employee teams with the time, tools, training and settings to address specific business challenges in creative ways. 8. Put in place a formalized or structured idea/innovation review process. When the creative ideas come flowing in, the next step is to create gates that allow purposeful review of those ideas, so that budgets for new projects can be allocated correctly.
(“How does technology affect the economy?”, n.d.). When the long-term economic growth, the firms using the best technology they have, to get their competitive advantage in the market. Technological progress leads to an increase in income levels and make the economy in a positive state. According to Amit Seru, “If innovation were only about McDonald’s getting ahead of Burger King, we wouldn’t really care,’’. The innovation of technology is expanding from changing and positively affect the economy.
Without a doubt, these days the world is turning out to be progressively competitive and it is increasingly challenging to stand out from the crowd. Innovation does make an extraordinary difference to all kind of companies – from small family businesses to highly competitive international companies. By not changing our products and services and the way we create and deliver them, we are subjecting ourselves to the risk of being overtaken by others who do. At the present time, in order to thrive in the competitive business environment, one must tirelessly innovate to achieve success, and companies that do not innovate eventually die ( Kodak, Polaroid, Nokia, etc.). In today’s world, where the only constant is change, the task of managing innovation is vital for companies of every size in every
Introduction This essay will be focusing on business analysts as innovators in organisations and why innovation should not be viewed as just a ‘’Lightning strike’ ’that cannot be planned for. . Innovation is the introduction of new ideas, methods, and processes to the business organisation, there are two types of innovation product and process innovation which will be discussed later below (Davenport, 1993) Firstly, the author will discuss and evaluate the introduction of innovation in the business organization. This is followed by an explanation of the principles of innovation and the role of the Innovator within an organisation with focus on the business analyst. Conclusions are then drawn demonstrating the importance of innovation in business
Because emerging markets are redefining pathway of innovation and representing the next big growth opportunity for international business. Besides, in emerging economies, how to design and create product innovation to meet affordability or acceptability criteria of mass markets is also important for emerging markets. Moreover, lowering cost, risks and uncertainties can be realized by innovation of synergetic partnerships (Sangeeta, 2011). For example, Mercedes Benz built a joint venture with Tata Motors to manufacture commercial trucks in India. After making each distinctive competence synergy, they created the lower and cheaper car to meet emerging economies.