Importance Of Innovation In Business World

From the past few weeks’ lecture, those talks sharing had inspired me a lot on the concept of innovation and creativity in business world. Since the speakers shared their successful experiences, I found that importance of innovation in business has become more and more obvious. And deeper understanding in the concept of creativity and innovation. As innovation means the implementation or creation of something new that has realized value to others. Creativity is the capability or act of conceiving something original or unusual. However, it is an inalienable part of innovation, it is one of the process that convey new idea to reality.

In those speeches, there are two impressive speech that has influenced my perception to innovative which are

However, innovation is not limited to new product development, but also improves the process of solving problems. Since China’s legislation, which means over 90% of waste tyres cannot processing in there. The threats of processing waste materials can be an opportunity for business to gain competitive edge. For On Fat Lung, it caught the chances and courage to solving problem though innovativeness.

To facilitate innovation and development in recycling service, the speaker (Kenny) mentioned that innovative is another process to handle those tyres, even most of the waste materials rejected to receive by others. Manufacturing in rubberizing paving block and by-product from scrap metallic materials can solve the problem and expand business

To evaluate the product performance, the rubberized paving block is different from quality, feature set, capability compare with current paving block. I think it is a creativity way to reduce the damage to environment and enhance the useless in amount of rubber. From the environment opinion, the new product can replace 50% of sand, which it weighs 1/3 of existing block. Besides, the rubberized paving block can provide the same quality with lower logistic and manufacturing cost. As the raw materials come from recycling tyres, the resources can be highly utilized. Use more rubber and low amount of sand, it can help company to save cost. The sand is mainly purchase from mainland or other counties with low price. The transportation cost can also reduce as a result. The cheaper cost of rubberized paving block is the competitive advantage. I learned that the cost can be another competitive advantage besides quality and uniqueness. Cost is a significant value to emphasis company strengths. The important idea for me is that how to highly utilize company resource is another focus. The product performance innovation can enhance company competitiveness and strengthen the unique selling point of