The use of innovation for sustaining businesses have been in time since the advent of businesses themselves. The ability to exploit technological developments in order to solve real problems bring about value to the people using the businesses’ products or services. The value created by a business is the result of proper innovation taking place in a multi-faceted fashion in the spheres of technology and business administration. Hence, innovation theories are a concept to extensively address and analyze real world problems to get the most valuable benefit whilst the solving the problem. Creativity lies the in heart of innovation and it is a critical ingredient that catalyzes the process of value generation via the services and products of the business. Different innovation theories have been coined and discussed globally by businesses to strategically place their products or services in a way that helps their clients or customers the most. This Continue reading
Business Innovation
Effects of Innovative Culture on Organizations
Growth creates a need for structure and discipline, organisation changes which can strain the culture of creativity that is so vital to future success. To sustain competitive advantage, companies need to institutionalize the innovation process; they need to create an internal environment where creative thinking is central to their values, assumptions and actions. Management changes and management generally is about implementation. When the managers of an enterprise feel pressured, the fear-driven response is generally to implement better and which generally results doing more of the same only quicker or cheaper. While this is great for doing more of the same, it is still the same and meanwhile everything else is changing — customer’s needs, technology, society, macroeconomics and geopolitics are all changing. Innovation is the engine of growth. It is also a mindset — meaning it is influenced by beliefs, values, and behavior. Company culture therefore has a huge influence Continue reading
Role of Organizational Climate in Facilitating Innovation
One of the most important roles that the leaders play within organization settings is to create the climate for innovation. Organizational climate is a key factor in innovation implementation. Building up an innovative culture in an organisation is one of the important tasks of an innovative leadership. At the same time, creative organizational climate is one of fundamental elements that leads to success of innovation. Doing so successfully will certainly further secure and strengthen the leadership, which initiates innovative climate in the first place. This success will also bind more followers to the leadership because of its respective contributions for innovation, or in another word future success. A leadership should have a quality and skills to manoeuvre the internal environment of an organisation to create a favorable climate for innovation. Although there is no direct influence between organizational climate and innovation, a favorable climate can naturally drive people to seek Continue reading
Case Study of Apple iPod: Significance of Strategic Innovation Management within the Business
Importance of Innovation Management Innovation is vital for the survival of the business in highly competitive business environment where it is difficult for differentiating products as well as services. Innovation is usually applied to the enterprise in various ways that involves- Product or service innovation, process innovation, business model innovation, marketing innovation, financial innovation, supply chain innovation and enterprise innovation. Innovation management signifies the procedure of managing innovation of the enterprise that begins at initial phase of ideation to the final phase of effective adoption. It mainly encompasses strategic decisions, activities and various practices of planning as well as adopting the innovation strategy. Moreover, the managers of the organizations administer innovation through different stages of innovation cycle. The innovation cycle indicates the activities that are involved in moving innovative service or product to the market. There are two basic activities of this innovation cycle that includes- development of innovative goods or Continue reading
Importance of Innovation Strategies in Organizations
Innovation is significant in terms of bringing new ideas within the operational procedures that are effective for increasing the company performance and overall company productivity. Companies develop innovation strategy in order to implement appropriate innovation tactics, which prevents the company from facing any financial or situational crisis. Appropriate innovation are also beneficial for mapping the unique value proposition of the company for the target customer market. It is important to conduct appropriate innovation planning, in order to organize the innovation initiatives in the organization, in order to create a positive impact on the organization. According to the experts, the impact of the innovation depends on the strategic choices made by the organization. One of the most common method bringing innovation in the organization is to incorporate technological benefits in the company operations. However, in order to ensure the success of innovative ideas in the organization, the management has to take Continue reading
The Role of Leadership in Innovation
Now more than ever, companies are putting more attention to innovation that make their products and services more competitive, thereby enable them to survive and flourish in the changeable and challenging global environment. Innovation is regarded as a key driver of competitive advantage in organizations. Innovation is defined as the first attempt to carry out a new creative idea, and translate it into practice. However, it isn’t easy; it’s a difficult and complex task. There are two primary factors influencing the success of innovation: technical resources (people, equipment, knowledge, money, etc.) and the abilities in the organisation to manage these resources to encourage innovations. Organisation is a kind of breeding ground for generating creative idea and capturing new opportunities. An innovative organisation has several key components: appropriate structure, effective team working, external focus, leadership, key individual, creative climate and etc. All the factors are absolutely essential. All innovative organisations needs Continue reading