Innovation Management At Local And International Business Levels

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

Employees are a major source of innovation and new ideas that have organizations. Above all, the factor that makes it so interesting is the fact that the generation of new ideas is produced internally, making it easy to process of innovation as long as the company counts with the channels and means to enhance and channel the creativity of its workforce (Gumusluoglu&Ilsev, 2009, pp. 461-73). That is why it is so necessary to adopt techniques and procedures aimed at channeling such creativity.

Innovation is a cornerstone for any organization aspiring to set their visions high. The accentuation of an enterprise that needs to develop technology expeditiously would be: advertisement insights, analysing major trends and the need of a flair for professionalism which often brings us to crowdsourcing alternatives. "Innovation is: production or adoption, assimilation, and exploitation of a value-added novelty in economic and social spheres; renewal and enlargement of products, services, and markets; development of new methods of production; and establishment of new management systems. It is both a process and an outcome." (Edison & Torkar, 2013)

B. the reduction in the amount of inventory needed by manufacturing firms due to technological improvements in inventory management.

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 will be the solution to many problems including who has the issue, the number of organizations who have it, and what is the value to them.

Innovation is a term that is so widely used and thought of as simple inventions, but it is truly so much more. Innovation is a complex thought process of new ideas that can be implemented for the betterment of many. Change and adaption within any environment is the foundation of innovation and identifying its sources make it easier to implement innovation. The easier it is to foster an innovative environment and inject innovation; a positive impact on a business is instantly seen

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

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.

Being an innovator sometimes means that you have to stand on your own. While setting the tone for others who have become the master of their field, once can face great barriers. Content employees use language such as “this is the way we have always done things”. They are quick to shoot down the ideas of an innovator with terms such as “they are not going to listen to us”. However, it is Barry’s belief that a well thought out plan and presentation to save money and time thus being effective and efficient will open the ears to upper

Sánchez, A., Lago, A., Ferràs, X., & Ribera, J (2011) Innovation Management Practices, Strategic Adaptation, and Business Results: Evidence from the Electronics Industry. Journal of Technology Management & Innovation; 2011, Vol. 6 Issue 2, p14-39. Retrieved from Ebscohost

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”.

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.

Companies live and breathe innovation; or, at the terribly least, notice it basic to their success. Such companies are those that others ought to emulate for they recognize that to do business, as Peter Drucker prompt in an exceedingly recent Harvard Business review article, “Every firm—not simply businesses—needs one core competence: innovation.”