Innovation Is A Back Bone For Business In Current Scenario

Business organizations look for more competitive advantages over competition to survive in market. Additionally corporations target to maximize their own profits. To gain also obtain competitive advantages, companies put all their efforts into game. Sometimes, real innovation is even substituted by simple replication also only incremental improvements.

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Innovation is basically misunderstood most of time. Innovation is not just a mere change in technology or methodology. It is a situation in which companies embrace technological changes while keeping upcoming trends in mind. However, outperforming also overdesigning doesn't help a lot in long term. Obviously, it can grab attention of masses in short term.

But don't waste time responding to moves of your competitors only. Rather you must spend your energies to set new trends in market. This is real value of true innovators. They are able to build innovation engines or an innovation funnel inside a company.

It is vital truth that in 21st century organizational growth is very much linked to innovation. However, within organization there are leaders who always oppose implementation of such innovation strategies. They most of time argue with risk associated arguments also tend to go for what is less risky also comfortable for them. Also here lies issue. It must be understood that, unless you are not open to challenges also you don't have courage to face change; you must not expect any kind of growth at organizational level.

Why a Business Organization Needs to Go for Innovation?

Look around yourself, world is changing day by day also changes are happening overnight. Speed of globalization has shifted one gear up. You also your company are part of this world. In this world, novel rules are applied which need to be addressed accordingly. Contrary to what some of organizational no sayers believe, you are not part of a world of simple, linear change. Opposite is true. You are moving towards indisputable paradigm shifts that are marked by rising disruption also discontinuity of old methodologies, technologies also businesses trends. Hence survival of business organizations is pretty much associated with acceptance to innovative changes.

"It's no longer survival of fittest. It's survival of most innovative."

Importance of Innovation in Current Era of Business:

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An indispensable ground to start any business is to make profit also growth of revenue over time also innovation is central subject in economic prosperity. Businesses, whether dealing products or services, are facing transformation like never before. Introduction of new or improved product decides fate of any company these days. Innovation is successful introduction of specific novel also useful things. It typically resides in lap of creative ideas but is not identical to it. Innovation involves acting on those creative ideas to make some specific also substantial differences in sphere in which innovation has been done.

However, just coming up with something that is 'out-of-the box' doesn't mean that it will always work, because, thing that is required more than just generation of a creative idea is to put that thought into a process of action to make a visible difference to product or service that is considered to be innovated. Hence innovation typically involves risk. A key challenge in it is maintaining a specific balance between processes also product. According to this viewpoint, creativity can be typically considered as basis for innovation also innovation as successful implementation of creative base into a tangible product or an intangible service. Innovation can be easily distinguished from invention. As Invention is conversion of cash into ideas also Innovation is conversion of ideas into cash.

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Innovation can be viewed well in context of businesses. As every organization has a unique stance to face any challenge or adopt any modernization also this viewpoint differentiates one organization from other. Success or failure story of any business depends largely on how well a system or culture is managed within an organization. This 'innovative culture' can often be difference between a 'successful' also a 'not-so-successful' organization. An organization with a well managed innovative culture almost always expands more rapidly than an organization without this understanding.

Consider success story of Nokia one of first companies to enter market for cell phone handsets, now has become undisputed market leader through its high quality also wide product range, in various countries. Instead of relying on importing products with proven technologies in western markets, it carried out extensive study of its customers, got close interaction with them also developed products based on customer insight. Consequently, we got rid of carrying those heavy huge mobile phones of early days also now we enjoy almost every aspect from listening music & taking pictures to internet surfing in our handsets. But it became possible just through process started from generating a creative thought to realistic conversion into a "mini-world" for all of us, way we see it now.

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