Benefits Of Adopting An Innovative Culture

1245 Words5 Pages
Are brick and mortar bookstores turning into a relic of past times? Over the next five years, it is forecasted that electronic book industry is set to surpass the printed book industry in the United States. (Infographic, 204) Innovation is the most vital process that an organization can utilize today to expand their productivity and development. According to a study conducted by Arthur Little, half of a companies’ yearly revenue in certain commercial enterprises are the result of new items being launched within the past 3 to 5 years. Furthermore, of the commercial ventures surveyed, companies reported spending 10-15% of their sales revenue to finance their innovative strategies. (Little, 2005) This paper will explain the innovative process that must occur for a business in the printed book and periodical merchant retail industry for successful integration of innovation, suggest how a business should take steps to become innovative, outline the advantages of adopting an innovative culture, demonstrate how innovation will permit a company to maintain a competitive edge, and define areas within their innovation process that require extra emphasis. In order to remain innovative or to become more competitive, it is essential that leadership establish a strategic innovative process to guide them through the entire course of action. To begin with, they must choose what type of innovation process that is right for their business. A end goal of this process could include
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