Innovation is a process by which a domain, a product, or a service is renewed and brought up to date by applying new processes, introducing new techniques, or establishing successful ideas to create new value. The creation of value is a defining characteristic of innovation.
What it means to be innovation?
An innovation is an idea that has been transformed into practical reality. For a business, this is a product, process, or business concept, or combinations that have been activated in the marketplace and produce new profits and growth for the organization.
What are the benefits of being innovative?
Some of the key practical benefits of innovation are:improved productivity.reduced costs.increased competitiveness.improved brand recognition and value.new partnerships and relationships.increased turnover and improved profitability.
What are positive effects of innovation?
Innovation is the only way to generate a sustainable competitive advantage and market success. Innovation secures tomorrows revenue, lowers costs, and differentiates companies from the market.
What are negative effects of innovation?
These are: Lack of foreknowledge, habit, myopia, basic values, and self-defeating predictions. Lack of foreknowledge, an effect that is easy to fall back to as an explanation, explains unanticipated consequences as an effect of not having enough foreknowledge about what you are about to change.