Distinguish Between Product, Process and Organisational Innovation. Which Is Likely to Be the Most Important for the Growth of Your Business over the Next Three Years?

3075 Words13 Pages
The construction industry is currently in a state of turmoil – as the economic situation begins to improve, we are finding that the challenges of securing contracts and motivating people throughout the recessionary period are being replaced with different challenges including retaining people, maintaining the business ethos and controlling growth in what remains an incredibly competitive industry. Through recession and as we exit, a strategic approach to business management is key to longevity and sustainability of an organisation. In the context of Read Construction Holdings Ltd (the writer’s organisation), there are significant changes currently underway – a new business plan targeting significant growth over 3 years, new directors and…show more content…
According to Blayse & Manley (2004) a broadly accepted definition by participants and academics within the construction industry is the definition of Slaughter (1998) who suggests: Innovation is the actual use of nontrivial change and improvement in a process, product or system that is novel to the institution developing the change. 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. Being innovative does not only mean inventing. Innovation can mean changing the business model and adapting to changes in the environment to deliver better products or services. Successful innovation should be an in-built part of a business’s strategy to create a culture of innovation and lead the

More about Distinguish Between Product, Process and Organisational Innovation. Which Is Likely to Be the Most Important for the Growth of Your Business over the Next Three Years?

Open Document