Impact Of Innovation On Business Environment

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

Companies find opportunities in product innovation by providing new products and services to customers. This keeps current customers interested in doing business with the company and has the potential to attract new customers. Sometimes this is done by creating new products, greatly changing an existing product or by just changing the way the current product is presented. Another form of product innovation is branding. By creating a more positive brand image a company can keep the interest of consumers.

·The product innovations can be a key driving force because it can widen the degree of product differentiation among the rival sellers.

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.

Product and process innovation is another area of technological change. One of the effects of product innovation has been that expertise in a particular technology is no longer a barrier preventing competitors entering an industry. New entrants in an industry can benefit from the falling costs of technology or may be able to bypass the traditional technology by using some new and alternative technology. Palmer and Hartley provide a number of examples of this type of change:

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

Although innovation can enable a company to achieve higher profit margins, the very newness of innovative products makes demand for them unpredictable. In addition, their life cycle is short – usually just a few months – because as imitators erode the competitive advantage that innovative products enjoy, companies are forced to introduce a steady stream of newer innovations. The short

Innovation is a key element of modern business. In a world full of modern industrialised nations it is essential for big business to innovate. Ed Rhodes and David Wield identify innovation as; "the implementation of new technologies" (Rhodes, E, 1994, page 79) for a firm to rise above its adversaries and create brand loyalty innovation is key. There are two fields of innovation, Ed Rhodes highlighted

Innovation, the ability to change and take risk; is a key attribute to success. No company has become successful by keeping their old ways, or staying to the “tried and true” (Foster, 1986). No successful business can stay successful regardless of how much money or technology they have, if they do not know how to keep evolving with time. Success isn’t built off one tool; it is built off a variety of tools. This book taught me that one must constantly adapt to the world around you, because it won’t slow down. We live in an ever-changing world. One must be willing and able to change. This book teaches how to be “unsafe” in the world of business, never stick with one way, never rely on one source of success; be ready to change it and find

Innovation: The term innovation generally refers to making a change or creating newer products and ideas or newer procedures which can result in the success of the company. Sanitarium utilises the innovation concept in various departments and ways.

Innovation refers to “creation of new products and service usually via R&D” (David Johnson,2001) there are four types of innovation these are

In addition, Amit, R. & Zott, C. (2012) described that there are many reasons for what the generation of new ideas is becoming critical for different businesses. Though, every company has its own main concerns and issues to handle and balance. The companies that cannot avail opportunities and fail to innovate mostly lose their ground to their competitors, lose their efficient and talented human resources and decrease their organisational efficiency and productivity. Most importantly, innovation can be a competitive advantage and a key differentiator of an organisation. Additionally, innovation can be a remarkable difference between leaders of a specific market and the rivals.

Innovation is a common phenomenon among the organizations around the world in the current business scenarios. Finding a new solution to an existing product, process, services, technologies or ideas and meet the newer constraints of the market or society is innovation. The term can be used in the sense of finding

In a market where competition is at its peak and there is a new technology introduced every other minute, companies need to prove that they are the best by using different tactics. Even though majority of the people see innovation in terms of technology, it may also be in the form of production, marketing techniques, market value, product resources and its capabilities. These products (physical goods/services) have to sell themselves using the above factors to be a market leader. Innovation may even be found at any stage of the product from basic raw materials to the various marketing mechanisms used to promote them and outrun their competition.

The business world today is overstretched on what it is supposed to offer to the market. Today, an organization that does not embrace involution and technological changes in its operations is as well doomed to fail. There is no choice left other than that of deeply venturing in innovation and technological changes. Clients, in this century, are on the lookout for that organization, which is offering more than just a product to satisfy their needs. The client needs have evolved and other preferences, which include elements of modernism, are redefining what customers are looking for once the go out for shopping. Therefore, if an organization wants to survive the hostile business environment, it cannot underscore the importance of change. With this understanding, business organizations have ensued on measures that position them on the right track to achieve innovation and embrace changes on the products they offer to the market. Today, these organizations are setting aside large amounts of cash to fund research and development activities that will ensure they are up-to-date technologically. However, the chief goal of this paper is to explore and critically analyze the correlation between expenditure on R & D and the state of innovation level. The main question is to whether investing heavily on R & D activities really makes a company to be very innovative or whether it is worth it. Alongside this, the paper also examines other elements