INNOVATION is a steps involved in taking new ideas through to satisfied clients. It is the conversion of new cognition into new products and services. Innovation is about creating value and increasing efficiency, delivering Organizational growth in terms of market place percentage and gains. It is a sparkle that keeps systems and peoples going ever onward and upward. "Without innovation, new products, new services, and new ways of doing business enterprise would never emerge, and most organisations would be forever set in stagnation".
Innovation, the development of new ideas, is utterly all important to safeguard and generate high end jobs, successful Businesses enterprise, better productions and services for our consumers, and new, more environmentally friendly processes. There are many Indian and international companies who have gone up to this challenge and drew the rewards for their innovative streaks. Industries that have invested heavily in Research and Development (R&D) have, in recent years,competed successfully in the global economy and have grown faster than the world economy as a whole.
Innovation can be classified on the basis of its Focus, Types and Sources.
FOCUS: Technology, Organization, or External relationships,
TYPES: Incremental or Radical
SOURCES: Technology transfer, or development of new business models/concepts.
Whatever be the type of innovation the key is to follow a strategy to unleash the hidden innovation potential in your organization to achieve high scale growth.
