Customer inserts His/her Name Customer inserts Name of Tutor Customer inserts Grade /Course (Date) Innovation in business In the present world, where competition in business has become one of the greatest concerns, where resources continue to diminish in the face of new markets and new realities, the imperatives of innovation in business cannot be overemphasized…
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Well, innovation is all about the betterment of the existing state of affairs with a view of simplicity and efficiency. It is necessitated by the pursuit for excellence and survival, failure to which a business cannot find room to exist in this generation. Each and every business will generally require a very efficient strategy on innovation so as to generate new and great ideas that can enhance progress. Sadly, this is what lacks in most organizations. It is known that product development is one thing and maintaining the product in the market becomes one of the greatest challenges producers face. It then begs the producer to always better the product through innovation so as to win the trust of the consumers. It must be remembered that innovation is never a one time affair. It is meant to be a continual process that gradually improves the quality and efficiency of a product in the market so as to ward off competition. Innovation is fundamentally a function of ideas. These very ideas will normally emanate from the employees within an organization. It then creates the need for a diverse workforce that will effectively avail a rich ground for idea generation and product development. ...
loyees are meant to brainstorm and formulate better ways of product development, marketing and any other idea that can trigger positive change and ward off competitors. In most instances however, such sessions never lead to any notable innovation inasmuch as they bring some measure of success into the organization. The management should therefore be very cautious in its approach to the whole idea about innovation. Without much thought, efforts to innovate may end up being too costly to the organization thereby canceling the whole process. Contrary to popular belief, innovation is not merely limited to product development. It is about the whole organization. It should be reminiscent in all the processes and activities conducted in the whole organization. It is meant to exist in employee management, business models, production process and even marketing. Considering cost and benefit analysis, innovation costs should be much less than the benefits it brings to the organization. In that case, a manager should motivate employees and set up an incubation center within the organization where new ideas are formulated, nurtured and if deemed innovative and efficient can be adopted within the organization to enhance success. It must be emphasized that nurturing ideas within the organization is never simple. It demands that the manager be well acquainted with ways and means of enhancing teamwork and inculcating the pursuit of change into the minds of the employees. Innovation is about tools and strategies which have to be learned and adopted into the organization. As indicated, innovation is never a static process. It is a gradual procedure that normally involves a lifecycle methodology which is formulated by an organization as a function of its need to innovate and lead the
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