Importance of Innovation in survival of organizations
“You will never influence the world by trying to be like it”
Innovation in firms is the application of Ideas for firms whether they were used for products, processes, services, marketing system or management.
Innovation is one of the most important and most complex issues organizations faced with today. Innovation is the success key for organizations. Innovation was the subject of organizations for long times ,Although by producing a new product you may be able to attract customers temporarily but more important than innovation and invention is the process which can be flowing like time cycle and by reaching to maturity period other competitors could Gain its production technology and you could benefit from it.
Innovation in firms is the application of Ideas for firms whether they were used for products, processes, services, marketing system or management.
Product Innovation includes successful exploitation of a new knowledge . And so it depends on two conditions: Freshness and usefulness. Product innovation is a process which includes industrial design, management, R&D, production and economic activities related to marketing or improved product.
It’s no secret: innovation is difficult for well-established companies. By and large, they are better executors than innovators, and most succeed less through game-changing creativity than by optimizing their existing businesses.
Yet hard as it is for such organizations to innovate, large ones as diverse as Alcoa, the Discovery Group, and NASA’s Ames Research Center are actually doing so. What can other companies learn from their approaches and attributes? That question formed the core of a multiyear study comprising in-depth interviews, workshops, and surveys of more than 2,500 executives in over 300 companies, including both performance leaders and laggards, in a broad set of industries and countries. A set of eight essential attributes that are present, either in part or in full, at every big company that’s a high performer in product, process, or business-model innovation.
Since innovation is a complex, company-wide endeavor, it requires a set of crosscutting practices and processes to structure, organize, and encourage it. Taken together, the essentials described in this article constitute just such an operating system, as seen in Exhibit 2. These often overlapping, iterative, and nonsequential practices resist systematic categorization but can nonetheless be thought of in two groups. The first four, which are strategic and creative in nature, help set and prioritize the terms and conditions under which innovation is more likely to thrive. The next four essentials deal with how to deliver and organize for innovation repeatedly over time and with enough value to contribute meaningfully to overall performance.
To be sure, there’s no proven formula for success, particularly when it comes to innovation. While our years of client-service experience provide strong indicators for the existence of a causal relationship between the attributes that survey respondents reported and the innovations of the companies we studied, the statistics described here can only prove correlation. Yet we firmly believe that if companies assimilate and apply these essentials — in their own way, in accordance with their particular context, capabilities, organizational culture, and appetite for risk — they will improve the likelihood that they, too, can rekindle the lost spark of innovation. In the digital age, the pace of change has gone into hyperspeed, so companies must get these strategic, creative, executional, and organizational factors right to innovate successfully.
Big companies do not easily reinvent themselves as leading innovators. Too many fixed routines and cultural factors can get in the way. For those that do make the attempt, innovation excellence is often built in a multiyear effort that touches most, if not all, parts of the organization. Our experience and research suggest that any company looking to make this journey will maximize its probability of success by closely studying and appropriately assimilating the leading practices of high-performing innovators. Taken together, these form an essential operating system for innovation within a company’s organizational structure and culture.
Innovation is one of the most important and most complex issues organizations faced with today. Innovation is the success key for organizations. Every company should has innovation process from creation to playing, when a product enters growth step, the company must play a change in product for supplying to market, because, another companies have reached the technology for producing.