Innovation is one of the key concepts of business. Innovation has been defined by Wikipedia as “…a progressive innovation that helps create new products or services, or enhance existing ones, as an outcome of scientific, technological, economic, cultural, and social discoveries”. Innovation is a key strategy for businesses to remain competitive. A successful business needs to continually be innovating in order to keep up with or outpace its competitors. The need for innovation can not be denied.
In innovation processes, an idea is given a different form, or innovation is introduced into a process through different kinds of steps, the process is directed and motivated by an idea or goal. Innovation can be done by introducing new processes, products or services, innovations can also come from adopting new systems of organization. It involves a series of different methods and steps. The first step towards innovation starts with definition. Define what type of innovation you are trying to accomplish. Define what you want to achieve.
In order to create new products or services and to promote an innovative change, we need to have a culture. An innovation culture is a group of people that work together in a team to apply and maintain an innovative culture. Innovation is an inclusive word that includes all disciplines and activities concerning technology. Innovation can mean various things.
Innovation can be done through product innovation, technology innovation, eco-innovation, environmental innovation, social innovation and other related areas. Product innovation can involve new or modified versions of previously manufactured products. Technology innovation can be used to develop new or improve existing systems. Eco-innovation can refer to environmental innovations around a company’s facilities. Social innovation can refer to the social aspects surrounding company and its employees.
A successful innovation process needs to include product innovation, technology innovation, eco-innovation, social innovation and a variety of other associated activities. The innovation team should brainstorm on the most appropriate way to implement the techniques of the program. They should develop strategies for achieving the desired effect. Once the strategy is developed, it needs to be implemented. The team must work together in order to create value and make an improvement to the processes and methods involved.
There is no defined method to determine when an innovation is ready to be called “innovation.” This is dependent upon the nature of the product, the market at the time, and a variety of other factors. Often, it is an ongoing event that evolves as a response to changing conditions. This can be a good or a bad thing; it is up to the innovator whether they are good at it or not.