Reference no: EM132323178
A minimum of 100 words each question and References(IF NEEDED)(Response #1-6) KEEP RESPONSE WITH ANSWER Make sure the Responses includes the Following: (a) an understanding of the weekly content as supported by a scholarly resource, (b)the provision of a probing question. (c) stay on topic
1) Innovation plays a large part when it pertains to nations, leaders and individual employees, and companies. Many factors come into play such as research and development spending, manufacturing capability, and concentration of high-tech public companies (Jamrisko, 2019).
South Korea is currently ranked as the world's most innovative country (Jamrisko, 2019). It is imperative for a country to be innovative to support their population. Being innovative as a country allows for better control and planning for its future (Nicholas, 2015). This is important when looking at future budget planning and educational improvements throughout their population (Jamrisko, 2019).
Being innovative can be considered a requirement to be successful when it pertains to being competitive amongst other companies and organizations. As our textbook states, General Motors has spent more on R&D than any other company in the world (Gibson &Skarzynski, 2008). Utilizing innovation as a tool in their company allowed them to be ranked as the world's third largest automaker (Schmitt, 2017).Repetitiveness in the workplace has the potential of demotivating employees, therefore negatively effecting production. Having leaders that can stimulate their employees by providing innovative ideas can help in maintaining the employment of employees, and improving their productivity. Employees that apply innovation in the workplace allows them to stand out amongst their peers. Showing innovation and a will to improve their organization sets not only themselves, but also the organization up for success.
2) Innovation is the leading way to stay ahead in the modern world that is constantly in a fast pace forward movement.
The process of translating an idea or invention into a good or service that creates value or for which customers will pay. To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberate application of information, imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products. In business, innovation often results when ideas are applied by the company in order to further satisfy the needs and expectations of the customers.For an employee the use of innovation can bring a task into simpler form of completing the task, this can also be an open door for someone who has a skill set to see things in a new light and who has an innovated mind that could possibly change things into a new form.For an organization innovation can lead the business forward with new ideas to place on the market for sale to customers, or other businesses. Trends are constantly changing leading to new ideas, new products, and technology. For a business to stay competitive innovation needs to happen to be able to stay ahead of the game.For the nations innovation can create new jobs for the people and continued advancements in the way things are done including new technology. This also includes safety for people who are working dangerous jobs, medical technology, life saving devices, and cures for medical issues that people may have.Without innovation our world would never change and the same stale environment would always be here. Problems we face might never find a resolution to them, and we would be stuck in a rut of never finding new discoveries that have happened over time that have been a huge benefit to the way we live our lives.
3) In order to stay competitive or gain any type of advantage innovation allows one's company to have a sound, strong, stable, foundation, creating the ability to compete against domestic as well as foreign competitors, without the assistance or the total dependability of others. "Many organization leaders proclaim innovation as an imperative and corporate value" (Chen, Muller,2010). In order to compete, creativity, and innovation plays an important part.
Leaders are expected to find new ways to stay ahead of the competition, increase revenue, decrease waist, have motivated employees, and create an environment that employees as well as themselves can strive in. "To stay competitive in a rapidly changing world, companies need to constantly innovate, and to remain healthy, companies need to constantly grow their revenue" (Seitchik,2019). A leader being innovative creates the condition for all those actions to take place.
Employees can lose motivation, or have no sense of commitment, or loyalty if they are not given the tools to accomplish their task, innovation helps create a better working environment. "Innovative work behavior (IWB) is imperative for innovation and one of the most widely studied construct. IWB is an intentional behavior of an individual to introduce and/or apply new ideas, products, processes, and procedures to his or her work role" (Akbar, Haider,2017). Employees who may not see a future in their current position, innovation gives them something to look forward to, it gives them sense of learning, and growing with the company they work for, innovation helps with keeping employees interested, and loyal, for an individual employee, innovation is something they can be a part of allowing them to have a better sense of purpose.
4) Innovation is very important in all facets in keeping the competitiveness of nations, innovation within companies, leaders, and individual employees. To be able to argue why innovation is important you must first understand what innovation is.According to Merriam Webster dictionary the definition of innovation is: "the introduction of something new, or a new idea, method, or device: Novelty" (innovation, n.d.).Innovation is competitive to nations because it allows countries the ability to stay competitive in the market place, and within the world trade market. It allows countries to introduce, and open up new markets as well as allowing them to grow easily. This could be through the engineering sector, or even space travel.Innovation within companies allow them to grow easier, and to open up new markets that may be untapped. Growing in an ever changing market especially in the technological age we live in now is something that is needed within companies to keep them competitive. Also keeps pace with the growth of the economy, and the direction it is headed.Innovation is important for leaders because it keeps the goal on growth. It is one of the most important ways for companies to accelerate change. It also allows growth in business processes.Innovation is important for individual employees because it can alter the way they work by innovating ways to make their work easier. It also keeps their eye on the prize with employee growth. Lastly it allows employees to connect and communicate through all channels of the company to ensure company growth continues, and innovation happens at all levels making the company a better place to employees up.
5) Innovation to me means, you're testing something new, a new way of doing business, eliminating steps from the old process, or testing out new equipment that gives you an edge over your competitors; always staying a step ahead. It's a way of doing things better. If your current process was 20-steps now it is only 10, you eliminate half of it. The right innovation can help you save time and money (Henderson, 2018). It means you are moving in the right direction, thinking outside of the box. You're looking at ways to improve your organization, bring in more investors, and boost income. According to Merriam-Webster, Innovation is defined as the introduction of something new or different. The act of innovating leads to the introduction of new ideas, devices or methods.
6) After doing a lot of research this week regarding innovation the best definition that I have come up with is:Innovation-The process of creating an idea or invention into a product or service that will create value for a company or organization. The idea or concept is thought up for a company to remain relevant or up to date with the times and where business is progressing. This concept or idea will need to be communicated effectively and executed to the best of the company's abilities. It must be feasible and the offering needs to be adopted by customers of the business (in order to be deemed successful). Innovation is really to generate more value to the company or organization. Simply put innovation is the movement into positive change for an organization.