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Organizations have to con-
stantly reinvent themselves
and upgrade their products and services every now and then.
Incremental innovation ensures that companies come up with
something better time and again, rather than something radically new
which might create apprehension in the minds of consumers. Innovation is
a way of life for most organizations and those which fail to innovate
end up in the loser's path.
Businesses, whether for profit or non-profit, are facing changes
like never before. Numerous driving forces behind this change include
a rapidly expanding marketplace (globalization), increasing
competition, diversity among consumers, and technological
developments. Creativity and innovation are often crucial to the success of a
business, whether it pertains to an existing product or a new one.
Innovation can take place anywhere, from the product conception stage down
to the final delivery point. Thus, innovation can form a part of
strategic planning and also operational execution, by way of
product/service management.
The term `creativity' refers to the ability and power to develop
new ideas. Innovation refers to the use of ideas. In an organization, this
can mean creation of a new product, a new service or a new way of
doing things. Innovation is any product, service or idea that is perceived
as new. Organizations have to constantly reinvent themselves and
upgrade their products and services. Innovation, in a manufacturing
or service organization, can be seen across such diverse fields as
product or service innovation, technological change and manufacturing
process innovation and marketing innovation. |
