Write an Essay on Power of Innovation?
Answers
There is an increasing attention or support to Innovation, that innovation development is key to create/maintain/improve economic/organization competitive and secure organization sustainability growth. “Innovation is driven by the ability to see connections, to spot opportunities and to take advantage of them” [Tadd, Bessant, 2009, p1]. Most of organization or companies today face a fast pace of technology and market external change, and these external changes haves push organizations and even economic growth. Some organizations’ successful have few comments are they have ‘competencies, backgrounds, and networks of relationships compared to their competitors or previous incumbents’ [Birkinshaw, Bessant, Delbridge, 2007]. Innovation became even more vital for organizations towards new century. And driven by advance machinery and excellent labour resources, and these products produced by people’s innovative ideas to use external and internal resources and gain advantage and opportunities in the market than competitors. Management innovation and changes Therefore, innovation is increasingly seen as a powerful way of securing competitive advantage and a more secure approach to defending strategic positions, and success.
In response to massive increase demand, the requirement of products or services increase and most of organization seek to use innovation methods to get strategic advantages. As innovation can helped organizations to better identify market opportunities and exploit them effectively and build a sustainable competitive advantage. For example, most of organizations have R&D department to combine market trend patterns with social and cultural observations on a daily basis, and provides innovative ideas and analysis to help organization hit upon the big ideas, setting products and services apart from competitors. Innovation usually from trial and error experimentation, ‘R&D plays a considerable role in the product innovation process. Indeed, there is often continual interaction with R&D throughout the development of the product’ [Trott, 2005, p305]. Innovation not only limited to manufactured products and also includes services.
Innovation contributes in several ways, like research evidence suggest a strong correlation between market performance and new products. In contrast, innovation refers to taking different new ideas and creativity is one of element of innovation process through which new ideas lead to new products, procedures, or services. Excellent performance of organization can indicates overall organization’s operation very well and sufficient and new products innovation can help capture and retain market shares and increase profitability over competition. Innovative not only involve generating new ideas and applying into production or management system. It is also involve opening new market, new products, new methods, new management system ect.
Innovation can influence individual enterprise and even to one countries economic growth. There are many new market for some companies in china, especially, china’s economic dramatically develop and have rich labor resources and nature resources as back up. Many firms and organizations approach to Chinese market through applied suitable strategies and also change and innovation the management style in china.
Innovation is important but the key is to making invention work technically and metrically. ‘Innovation is the successful exploitation of new ideas’ [Innovation unit, 2004]. Continuous improvement of the research development by organization and then can improve product quality and productivity through received innovation ideas about new products/ services, or management system, in order to gain sustainable development during the fierce competition.
Answer:
Power of Innovation
Innovation, by definition, is the introduction of something new. Without innovation, there isn’t anything new, and without anything new, there will be no progress. If an organization isn’t making any progress, it simply cannot stay relevant in the competitive market.
Because organizations are often working with other individual organizations, it can sometimes be challenging to understand the impacts of innovation on our society at large. There is, however, a lot more to innovation than just firms looking to achieve competitive advantage.
Innovation really is the core reason for modern existence. Although innovation can have some undesirable consequences, change is inevitable and in most cases, innovation creates positive change.
Macro perspective: The role of innovation in our society
Over the last decades, innovation has become a significant way to combat critical social risks and threats.
For example, since the Industrial Revolution, energy-driven consumption of fossil fuels has led to a rapid increase in CO2 emissions, disrupting the global carbon cycle and leading to a planetary warming impact.
The fundamental outcomes of innovation:
Because innovation has an impact on so many different parts of our society, it would be almost impossible to go through everything in one post. Therefore, we’ve decided to focus on the most significant aspects related to the importance of innovation.
In general, the result of innovation should always be improvement. From the society’s perspective, the fundamental outcomes of innovation are economic growth, increased well-being and communication, educational accessibility and environmental sustainability.
Economic growth:
Technological innovation is considered as a major source of economic growth. Economic growth refers to the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP.
There’s generally two ways to increase the output of the economy:
1) Increase the number of inputs that go to the productive process
2) Come up with new ways to get more output from the same number of inputs
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