Uncertainty of Innovation - Dissertation Example

The fact that innovation is not only a process of investigating into an entirely new concept or idea that is envisaged to improve the existing product lines promoted by an organization or introduce a new product range in the market, but also a process involving the expense of time and revenue makes it a critical element demanding success. This further makes it clear that the effectiveness of the innovation is much more critical to the efficiency in which the research is conducted on an innovative idea as argued by Joe Tidd et al (2003).

Furthermore, the process of innovation in an organization not only demands an effective return on the investment but also the quick and easy deployment of the process to gain a competitive advantage in the business. Some scholars further argue that the process of innovation in an organization should not only provide the company with an edge over its competitors but also mainly enable the increase in the revenue generated by the organization through an increase in the market share at a high-level perspective.

Although, innovation is an essential element for the sustainable and continuous growth of an organization, the need to effectively manage an organization’s revenue to control loss of revenue leads to the need in investigating the uncertainty of the innovation in an organization. This is apparent because any research and development project undertaken by an organization internally or externally always involves the risk of uncertainty. In other words investment in an innovative project accompanies the risk of losing the investment in case of the failure of the project so financed by the company.

The fast-changing and uncertain manufacturing environments in the twenty-first century require enterprises to be agile and responsive in the conditions of change and uncertainty.Innovation being the backbone for the development in the West has reached a mature state where the management of innovation in an organization is more into play than its uncertainty.