Innovation as a concept refers to the process that an organization undertakes to conceptualize new products, ideas, and processes to approach existing ones in a new way.
In the world of business, there are many different types of innovation that a company might pursue.
These are the efforts tied directly to individual products, internal processes, workflows:
Apple is a great example of an organization that effectively embraces at multiple levels. Philips’ tagline says “Innovation and You”, which brings an idea of how they bring innovation.
Businesses must adapt themselves and bring out to thrive and survive in the changing times and ever-changing markets. It helps companies grow and make them relevant in the constantly changing world. Moreover, it helps businesses to stand out in the competitive world and bring out differentiation. It can help foster competitive advantage as it allows businesses to build better products and services for their customers.
Hence, to drive business growth, stay relevant in changing times, and differentiate from competitors, business leaders must be able to think creatively and embraces it.