2.2 Explain The Uses Of Models Of Business Innovation

Innovation may be linked to positive changes in efficiency, productivity, quality and competitiveness, among other factors. Benefits of innovation could be the improvement in the workforce. By improving the workforce an organisation will benefit from increased productivity and improved morale and lower staff turnover. Employees will feel more valued which therefore increases motivation. This is beneficial to employers because it provides the organisation with knowledgeable, reliable staff who will have a more positive contribution to the needs of the organisation. Staff are a valuable source of innovation, even if it is not expected as a major part of their job. An innovative work environment means being creative and try new techniques. As Albert Einstein said “if you always do what you’ve always done, you will get what you’ve always got.”

Entrepreneurs use many tools to propel their endeavors. One of the tools that many entrepreneurs use is the innovation concept. The innovation concept is the development of new disciplines and practices within the frame work of the concept. Entrepreneurs bring about innovation through opportunities that are caused by change. Technology innovation, processes innovation, service innovation and product innovation are some of the ways that the opportunities within the innovation concept can be found. Each of these ways of finding opportunities happen in different ways.

Innovation is a term I’ve frequently heard in the realm of business and technology implying new and or different methods leading to

Innovation is what gives businesses the competitive advantage the company will need to be profitable in the market. Innovation impacts the strategy, process, products and services that a company has to offer. Three organizations that have greatly used innovation are Discover Financial Services, Apple Inc, and McDonalds.

Innovation is an idea that must be cost-effective and must gratify a precise need. Innovation includes careful application of information, imagination and creativity in stemming greater or different values from resources, and includes all processes by which new ideas are generated such as brainstorming and converted into useful products.

Featured in this and many of the other theories and definitions for Innovation, are two strong common elements. Firstly the notion that innovation involves something new, original or improved and secondly the suggestion that this creates value and generally refers to an idea that changing processes or improves effectiveness or efficiency of a product, process or organisation. For businesses, this could mean implementing new ideas, creating dynamic products or improving existing services. Innovation can be a catalyst for the growth and success of a business, and help to adapt and grow in the marketplace.

Innovation within my organisation is about creating and successfully applying new ideas in this particular field. This could be in the form of such as creating and bringing a new product or service to market, or a series of smaller

Business models have a huge impact on how an organizations operate. It is crucial that an organization chose a business model before inception in order to succeed. Basically, business models have become the new basis of competition, replacing product features and benefits as the playing field on which companies emerge as dominant or laggards (Plantes, 2013).

Innovation is not a single activity; it is a process. For businesses, innovation means fresh ideas, developing new products or services and its effective processes. Innovation can be key to any business or company in the future. Bringing innovation into your business can help you save time and money and gives you the competitive advantage needed to grow your business.

Innovation and change that is brought about by it can completely redefine the playing field, new products and services can be created/built/designed. It can add efficiency to current work processes and services and also has the potential to build a whole new market place. All of this should increase a company’s earnings, profitability and competitive advantages over others

Tidd et al (2000) states, “the innovation is a business process of revolving opportunity into new ideas and of putting these into widely used practice. In term of the nature, there are five major types of innovations: novelty, competence shifting, complexity, robust design and continuous improvement. While in term of the extent of change, innovations can be divided into incremental, radical and

Innovation refers to finding new ways to improve the existing products, services, processes, technologies, and employee performance in an organizational setup. In today's competitive business environment, organizations have to focus on bringing innovation in each and every aspect of their business operations; like products or service offerings, enterprise resource planning systems, marketing and promotional efforts, and organizational structure. The market challenges and competitive pressures also force organizations to use a blend of all these innovation processes in their business activities. Therefore, it is vital to give an equal focus on product innovation, process innovation, marketing innovation, and organizational innovation within the limited organizational resources and capabilities.

Innovation is the process by which ideas are created, selected and implemented to bring about profitable change to organisations. Innovations come as a result of an identified need for organisations to change their current processes, activities or operations. Andriopoulos and Dawson (2009) explain that organisational change is ‘new ways of organizing and working’. They explain that change occur in two dimensions – movement of state and scope of change.

Innovation is the progress of change within a business that’s ultimate goal is to lead a business into success. Each business model in every market must understand the constantly changing culture that actually causes the business to change. Busy Bees Babysitting is a company that is in a constantly changing market but has a unique twist to the average process. Innovation can bring a competitive advantage to the business and lead into more organizational success. Innovation requires a recognition of a problem, a proposed solution, an implementation plan and a way to measure it. All these aspects work together and can lead a business into growth.

Six Sigma and Triple Bottom Line models are there to help with the improvement on a business. It really shows what business should go through to have a successful business. The models opens up the conversation about where you business should be. The process that you are going to take to help your business thrive. The models are here for instructions to teach businesses about the steps that should be included when you are questioning your company. Six Sigma and Three Bottom Line models are a great representation of what a business can be and shall be. It opens the eyes of business so that they can learn about their shortcomings. The way to approach these models is give them a test run about where you want to go and how you want use it in