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Innovation Essay

727 words - 3 pages

Importance of Innovation has been discussed for decades and continues to be the most talked about management issue these days. Today, knowledge in all its forms plays a crucial role in economic processes. Organizations with more knowledge systematically outperform those with less. Within the knowledge-based economy, innovation is seen to
play a central role. It was believed that an enterprise can maintain competitive advantage through quality and price. However, the research at the Ernst Young Centre for Business Innovation (CBI) has revealed that innovation isone of the most valuable differentiator for sustainable competitive advantage. Firms innovate to defend their competitive position ...view middle of the document...

The purpose of this article is to discuss process of management innovation and role of consultant in this regard.
UK Office OF Science and Technology, 2000
Conceptual Framework
What is Innovation? Innovation is about selecting and implementing the right ideas into useful new products, processes, services or management systems for improving profitability and growth of an enterprise. An idea or project is not an innovation unless it is applied in practice and put onto the market. Innovation is different from creativity and invention. Creativity is the ability to produce new and original ideas and products. Innovation makes the ideas practicable and useable. Innovative activities in an enterprise depend on the creative contribution of its employees.
Invention is discovering things that have never been discovered before. Innovation is discovering new ways of creating value and successfully
introducing and commercializing new products, processes and new ways of adding customer value through innovative business models and management systems. An important distinction is normally made between invention and innovation. Invention is the first occurrence of
an idea for a new product or process, while innovation is the first attempt to carry it out into practice" (Fagerberg, 2004: 4).Innovation
can be incremental or radical. Radical innovations are major changes in the productsand processes and management systems. Incremental modifications involve minor changes to products and processes. Under

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