Innovation is a very diverse term. In general, innovation means exploiting new ideas or change existing ones for the betterment. Innovation focuses on being creative at work. It can be technological, which includes product innovation or process innovation. Also, it can be related to changing business model, exploiting new markets, and developing new processes. The main aim of innovation it so make the business more successful. This can be done by increasing market share of an existing product or introducing a new product or reducing the cost of production. Innovation is important for both employees and the owner of the business. For the owner of the business, innovation helps to keep up with the competition. With the fast growing pace of competition, the organizations have to be on toes to keep an eye on the work of their competitors. The new processes or technologies developed by the competitors can be Continue reading
Business Innovation
Case Study of Walmart: Business Model Innovation for Sustainability
A business model is a plan or strategy that a company uses to attain its goals and objectives. The goals and objectives of an organization relates to the identification of the targeted customer base, identifying the sources of funds and the various areas for revenues. The goals for most companies are to maximize the profit and to make sure that the company expands and grows in the process. A business model is an abstract depiction of a company. It integrates the various processes of a company and highlights the various strategies and approaches taken by a company to achieve its objectives and goals in the process. A business model is developed by aligning the goals of an organization with the structure of an organization. There are various types of business models. Some of them are, “Bricks and clicks model”, “collective business models”, Direct sales model” etc. These are some of Continue reading
Case Study of Dyson: Competitive Advantage through Innovation
Dyson, an electrical manufacturer, is solely owned by Sir James Dyson, and its headquarters are based in Malmsbury, Wiltshire. Dyson was the first company to introduce a bagless solution to conventional vacuum cleaners. After securing a significant market share in the vacuum cleaner industry, the company decided to diversify in to new products and countries. Dyson’s vision is to make products more environmentally friendly and easy to use; his ongoing mission is to promote design and innovation through the production of his products. Today Dyson has a presence in 45 countries and still maintain a 46 % and 32% share in the UK and US Vacuum cleaner market, respectively. Dyson has strong brand recognition, as the qualities projected by James Dyson become associated with the product itself. The product is instantly identifiable by the brand name, because of the innovative design portrayed. Even though Dyson is a leading vacuum cleaner Continue reading
Concept of National Innovation Systems
There is no widely agreed definition of national innovation systems. National innovation systems are built on the assumption that understanding the interconnectedness of the actors engaged in innovation is crucial to enhancing technical performance. Innovation and technological advancement are the outcomes of a multifaceted network of connections between actors who produce, transmit, and consume various types of knowledge. The manners in which these actors interrelate with one another as components of a social system of knowledge consumption and generation, and also the technology they employ, have a significant influence on a country’s creative performance. The most prevalent actors are public research institutions, universities, and commercial enterprises, as well as the individuals who work for them. Equipment acquisitions, cross-patenting, personnel exchanges, joint research, and a number of other methods can be used to establish links. The analysis of national innovation systems emphasis on knowledge flows. The focus of analysis is increasingly Continue reading
Organizational Success through Creativity and Innovation
Creativity and innovation are generally understood as routine drivers of successful organizational growth. Organizations are facing enormous pressure to innovate in order to attain competitive advantage from the global environment that is increasingly becoming intricate and competitive. Due to this, organizational management has to inculcate or reinforce culture of creativity and innovation within organization; however, much of the focus in this endeavor is on the individual level but team work is also essentially encouraged. Individuals are of vital importance in creativity and the innovation process requires a supportive well-managed atmosphere that can translate novel ideas into innovative product effectively. Generally the two concepts are diverse as creativity can be production of new ideas and concepts, which are applied through a process, which then becomes innovation. This states that any innovation is a process that is based on the creativity of mind(s) and creativity is reliant on innovation to become tangible. Continue reading
What is Innovative Leadership?
Just as the Apple CEO Steve Jobs said, ‘innovation is about the people…and how you’re led…”. People are the key assets to an innovative organization. No matter the size of a company, leadership is vital. Without a good leadership, an organisation will fall into chaos. Poor leaderships will have adverse effects on an organisation. Talent is scarce and creative people are highly in demand. Innovative leadership integrates innovation processes with talented people, in another word, to change organisation climate and deploy people to facilitate innovation in organisations through behaviors of leadership, by various leadership styles, or leadership priorities. Being visionary is a typical behavior of an innovative leader. Innovation leader always has some visions of lifting up prospects of an organisation. In this sense, innovative leaders are necessarily innovators, who facilitate inventions to materialize their visions of better prospect of an organisation. Creating visionary strategy is the fundamental task for Continue reading