Companies, in the earlier days, were successful if they focused merely on improvement. However, the information explosion and the global economy have conspired to change the rules of the game. Hence, the order of the day for the companies is not to do something better but to do something different, that is to innovate. Besides discussing the need for innovation, this article introduces a concept of competitive intelligence that aids companies in beating competition.

An innovation is like a small ray of hope that more than often clears the dark clouds of uncertainty and spreads like a viral fever. Few of the revolutionary innovations that changed the world include the square-shaped eco-bottle that took top honors for its ingenious thought; Lego-puzzle design that leapt into the realm of greatness; Disney, considered to be the ultimate power to create new unimaginable characters; Denim which is truly global and represents a Japanese concern that innovated a process which could conjoin visuals and designs in barcodes; Nike an innovation that has transcended and given birth to brilliant ads year after year; Johnie Walker that created the punch line `it is not the destination but the journey that matters'.

An innovation is a new idea/concept or a thought that is given a definite shape, the outcome of which could be a tangible product or an intangible service. An invention, then is the outcome of the innovation, is the conversion of a new idea into revenues and profits. An idea or a concept or just a thought that looks great in the lab and fails in the market is not an innovation; it is, at best, a curiosity. Invention is needed for innovation to take place.

Innovation lends a helping hand to the leaders of the corporate world to unearth the absolutely-unknown corporate strategic options. Innovation also provides an opportunity to clear the fence and the decks by penetrating and skimming the unexplored territories deeper and quicker and gives birth to a newly concocted product or service. For instance, Nokia has become the number one in India by using innovative techniques and has created a strong database of loyal, satisfied customers by positioning the image of mobile sets in such a way that whenever a customer wants to buy a handset, he thinks of Nokia. This is because Nokia has observed the unique needs of the Indian market, specially the rural segment where the majority of the population resides and has provided those new features which are desirable to the target market.

Advertising Express Magazine, Marketing Innovations, Hewlett-Packard, Globalized Environment, Corporate Strategy, Production System, Competitive Intelligence, Natural Resources, Global Economy, Business Models, Relationship Marketing, Reva Electric Car Company, RECC, Innovative Techniques.