In my view innovation is a radical process that collaborates
new ideas, utilizes available resources and amalgamate them with new thinking to
produce commercially viable and differentiable solution to the costomer. It is more
imporatant in this economic up-and-downs and ever-changing business
environment. Innovation gives flexibility to the business model and ensures the
sustainablity and sucess of it.
Innovation enhances effectiveness of physical capital enabling
reduction in cost and ensuring sustainability of the product and in this way it
becomes complementarity with the effort invested. By the utilization of
tradition thinking and methodology and resources available innovation ensures magnified
productivity of resources which shows the organization the way to sucess. Apple
has shown the world how innovation can redefine market space. On the other hand
during economic slowdown many companies have faced ground becuse they could not
be innovative enogh to adapt to the situation.
With the advent of new technologies and drastically-changing
customer needs innovation has not only become a necessity but also a reality
for the retention of sucessful business. Innovation help the business to discover the opportunities
exist now, or are likely to emerge in the future enabling the practitioner to
anticipate future trends.
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