In today’s fast-changing business environment, firms (and individuals) that want to remain competitive must be innovative.
Innovation is not simply developing new technologies into new products or services, but in many cases, it is finding new models of doing business in the face of challenges around us.
It often entails changing the rules of the game which can be critical in the attainment of a company’s current corporate objectives by enabling her launch innovative products, find creative ways of entering new markets or improve internal efficiencies. Innovation is also important in changing the direction of a company when necessary.
From another perspective, Innovation isn’t just about coming up with a new product or enhanced service, it also involves a consideration of all the elements of a company’s business model including elements such as what customers should be served and how new markets can be opened? Successful innovation depends on combining a range of capabilities, including understanding market needs, recruiting high-skilled staff and establishing effective networks.
In order for firms and individuals to continually create value and remain in business, they have no choice but to innovate and improve their effectiveness.