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Essay On Successful Innovation

753 Words4 Pages

Innovation is not only inventing new products generally it refers to changing or creating more effective processes, products and ideas, and can increase the likelihood of a business succeeding. Innovation is a business strategy that aims towards creating more efficient work processes, better productivity and performance. In practice it means implementing new ideas, creating dynamic products or improving existing services. Innovation could likely be the fire starter of the growth and success of a company. The primer goal of innovation for a business is adaption and grow in the marketplace.
As said, being innovative does not mean inventing, it is more about changing business model and adapting to changes in company’s environment to deliver better products or services. Successful innovation should be an integrated part of a business strategy, where you implemented culture of innovation and leads the way in innovative thinking and creative problem solving. Businesses that innovate are to have more efficient …show more content…

Being open to new ideas is just not waiting for them to rise in the horizon. One needs to be continuously in pursue of new opportunities. That includes conducting analysis in the market environment – within customer’s wants and needs and competitors. Besides that a remarkable innovation in business processes could come from the company itself. Promotion of ideas of employees carrying out business’s activities pay tremendously important role in this part. A wise manager knows how to connect the outcome of external analysis with internal indicators about improvement to reach for prosperity.
Having the knowledge about trends, about how to be one step ahead and how to best implement in the environment does not solely lead to innovation. In most cases risky decisions have to be taken. In this step homogenous support from the lead of a company is

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