Innovation is very important for any competitive company, because by innovation company can improve and enhance the performance and help to growth and stability at the global market. Also by the innovation company can get more of market share. almost the company spend more of many for innovation to get more of market share but in fact spend more of money to get more of innovation is not the right way. The study revealed the biggest 10 company in the world are not spend more many for innovation but
On the other hand, Innovation is important because it can give value with the new ideas and helps to change the world thought innovative things and go out from the traditional methods, making it worth. In my opinion, it is really important to motivate and let people bring up new ideas, because one day these ideas can turn into brilliant idea which will change the company in a positive way and increase the market share (Shlomo & Seshadri, 2007). I do like the way how the author Shlomo & Seshadri (2007)
the daily operation and its success. Innovation architecture is important to profitability, growth and sustainability. Innovation is, therefore, an integral component in most profitable and successful business models. Companies and organizations must embraced innovation architecture to improve the efficiency, remain competitive and make their business operation sustainable throughout the changing market and its demands. Microsoft Microsoft uses an innovation architecture framework, which is geared
Also, producers can come up with the incremental innovation to improve the product line that suites to the recent lifestyles of consumers or users such as Apple that has developed their phone series from a normal touch screen phone to a touch and face ID to unlock the devices. However, there are some importances of innovation in entrepreneurship as it is considered as a key value for a business longevity. If there is no innovation in entrepreneurship, the business would not be able to survive
Innovation has to be ingrained into a company’s culture, which means having the right people on your team, people who are willing to take calculated risks. Businesses need to think outside the box and be aware that customers do not always know what they want until they have it. The ability to identify what customers want could be either be an obstacle or a catalyst for innovation. In general, customers describe what they want by the solutions
utilized, it would surely stand out among the rest. Innovation should be part of any business no matter how small or large it is. Employers should be able to gauge how they can penetrate the business world in a way that people would never
competing with others. They believe that today, they need to better than they were yesterday and tomorrow, they need to be better than what they are today. They always strive to create something new and leverage their creativity and potential for innovation for long term success. Knowledge, curiosity, evaluation and imagination make up creativity. The greater the level of curiosity and knowledge base, the more patterns and ideas one has, which then translates to creation of
Innovation is not a new concept. It is as old as humanity itself. There is something naturally “human” about the propensity to think about new and better methods of doing things and try them out in practice. Without it, the world in which we live would look altogether different. The ability to innovate and to offer innovation effectively to the market will be a critical determinant of the global competitiveness of countries over the coming decades. Today, innovation performance is a vital determinant
The Oxford Dictionary describes innovation as the process of “mak[ing] changes in something established, especially by introducing new methods, ideas, or products. According to the OECD Oslo Manual, “innovation is the implementation of a new or significantly improved product (good or service), or process, a new marketing method, or a new organizational method in business practices, workplace organization or external relations”. The word implementation plays a key role in order to determine what is
in services, where social innovation and service innovation are progressively overlapping. Nowadays, social innovation practice is often implemented in service sectors such as social services (e.g. social entrepreneurship), tourism, finance, health, and education (The World Bank, 2015). Although the paradigm of social innovation attracts the attention of practitioners and policy makers, there is currently no clear agreement about the concept of specific social innovation activities that are translated