Innovation Design and Planning Essay

Innovations form the main sources of competitive advantages and are always of significance for the growth of a company. Companies or organizations put their greater efforts in improving their performance by finding new ideas and knowledge on the best way of beating their competitors and therefore give satisfaction to their customers. There are various factors involved in the innovation design system which can be either internal or external.

Alongside the entrepreneur spirit, Innovation is the process of taking new ideas and implementing them into the market. Key word being “new”, an innovation can be sometimes viewed as the application to better solutions that meet new demand-requirements, inarticulated needs or existing market needs. Innovative ideas range from: goods, services, products, processes, services, technologies or ideas that create value for which customers will pay for. For an idea to be an innovation, it must be replicable at an economical cost and must satisfy a specific need. This means is that one must be ready and willing put their new idea to the test. On the other hand, there is recognition that “innovation is also critical to cultural, environmental, social, and artistic progress as well” (Bullinger, 2006). With this stated, high-tech innovation is ultimately the reason why we can be thankful for the many new conveniences of the 21st century. Although we might see the forefront of innovation being very prominent in today’s world, innovation is truly nothing new. From the start of modern man times, innovative ideas have paved the way for civilization to advance and develop into what we are today and at the same time, we have barely begin to chip away at the tip of the iceberg of our true human potential. Some scholars believe that innovation is a

The framework consists of a cohesive set of practices that inspire imaginative teams to look beyond the obvious, explore a broad range of possibilities, identify significant opportunities, make informed decisions about the most promising paths to pursue, create a shared vision for growth, define pragmatic action plans that “bridge from the future back to the present” and align the organization around the requirements for success.

Innovation starts with an idea in mind that creates new technology, processes, and products. In order to bring that idea to fruition, a company needs to understand what it takes to innovate and how take that idea and make it into a reality. “A well-defined innovation process will encompass an entire "end to end" innovation capability, including these phases:

Innovation is normally used to denote the process that takes place when a product or a process is developed, from idea to market; the concept of invention only denotes the process that takes place when new ideas or solutions are generated. Baumol (2002) argues “is it possible to have lots of inventions and still lack innovations. Nevertheless, inventions are a necessary precondition for innovation”.

The players that are necessary in an innovation process are the innovation champions, managers, the research and development team, the production team, the marketing team and other supporting teams, such as accounting (Moore & Tushman, 1982). In addition to the production team, a managerial support team is also necessary to ensure that all policies and procedures are correctly followed in an innovation process (Moore & Tushman, 1982). Keeping the processes organized as well as addressing complexities and issues as they arise is vital to ensuring that the innovation is successful, as disorganization can impact the success of the innovation (Smith &

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 key factor to defeat path dependency and stay competitive in today 's economy. Yet, Innovation is not necessarily about new technology, excessive research and development or about creating completely new ideas. Most of the time innovation is learning from others and re-inventing. Most of the successful firms adapt, refine or combine the innovations. They also apply creative imitation.

Innovation is defined as a method to doing or creating something different or new. Before starting the innovation process, it is imperative that the plans create opportunities to add growth to the company. When innovation

innovation (Schilling, 2009), that it allows people and companies to come up with new ideas and

“Innovation generally refers to changing processes or creating more effective processes, products, and ideas (Business, 2017). Innovation mean to put in to place new ideas, generating powerful products, or improving your existing services (Business, 2017). Innovation can be a spark for the growth and success of a company, and help them to adapt and grow in the marketplace” (Business, 2017). Innovative is not only inventing, but changing your business model and adapting to changes in your environment to deliver better products or services. Successful innovation should be an in-built part of your business strategy, where you create a culture of innovation and lead the way in innovative thinking and

Innovation offers the companies a competitive advantage. Presently and within the future, more than any time in history, the key to competitive advantage is innovation. However innovation will facilitate businesses meet all of their strategic challenges, not simply competition; to illustrate, in confronting accelerating rates of change, globalization, apace advancing technology, a additional numerous workforce, associated a modification from an industrial to a knowledge-based economy. Meeting all of those challenges helps the firm attain competitiveness, and meeting these challenges suitably depends on innovation. Innovation allows a firm to workout its challenges in distinctive ways in which build competitive advantage either through relative differentiation, a relative low-priced position, or few acceptable level of each. Innovation cannot assure success, however success cannot be achieved within the end of the day without it.

It can be said that there are many descriptions of the innovation process. Rothwell & Zegveld (1985) view innovation as a process of interaction between the firm and its environment. “The overall pattern of the innovation process can be thought of as a complex net of communication paths, both intra-organisational and extraorganisational, linking together the various in-house functions and linking the firm to the broader scientific and technological community and to the marketplace (p. 50)”. This indicates the importance of communication between the internal functions of a company and the knowledge of external parties.

Alecusan and Dimitrescu (2016) states that innovation is the carrying out of new combinations. It can be carried out by means of a detailed innovation process that can be come up with in different steps. Also, It is defined as how a product or service is come up with in market and how new challenges and opportunities are met. It relies on advanced technology, technological development and exists technologies. Moreover, it is driven by the ability companies has to provide network, to find chances and to get benefits from them (Lopes, Kissimoto, Salerno, Monteiro de Carvalho, and Laurindo, 2016). However, some may have different versions of innovation definition. It shows that there is no common definition of innovation publicly. Moreover,

Historically, most managers equated innovation primarily with the development of new technologies or products. However, innovation is increasingly seen as the development of new service offerings, business models, pricing plans, distribution channels, or management practices. There is a greater recognition that great ideas can transform any part of the value chain and those products and services represent just a small segment of innovation. This broadening of focus has implications for those who are responsible to innovate. It used to be just a selected group of employees, usually within R&D: designers, engineers or scientists, whose job was to generate and pursue new ideas. Nowadays, organizations are trying to induce an innovative culture across the hierarchy to achieve holistic transformations. Making innovation everyone’s business sounds intuitively appealing but is hard to implement. Employees face capacity issues, time constraints, and motivation issues that restrain them. There is often a lack of consistent follow-through of well-intentioned schemes. Additionally, there is typically some level of disconnection between the priorities of senior management and the efforts of those lower down in the organization. This becomes more evident in large corporations where established processes are already in place and leave very little room to innovate.