Question

Think about what you've learned about innovation. What are at least three things that you have learned that you feel have changed the way you see technology and how it impacts the business environment. Be specific.

Answer 1

Innovation:

The development of new product is called as innovation, as where the product and services would be unique with creative ideas and high end technology.

Importance of innovation in an organization:

The importance of innovation in an organization is explained below:

1. Through innovation the company selects on different ideas and adapt towards the best which fits the business and execute on the same for the growth of the organization.
2. The innovation helps the company to sustain longer in the market on through manufacturing and producing on unique product and services, as where the competitors would not provide the same.
3. The profit of the organization would increase through Innovation, as where the customer attracted towards high technology and innovation.

The following are the 3 important components of Innovation:

1. Technology: Technology plays a major role for innovation, as where the customer would expect their product and services to be unique and they attracted only towards high end technology. The quality and price needs to be considered, as where the customer expect good quality with low price strategy.
2. Culture: The culture which refers towards the change, the individual of the organization are responsible towards innovation, as where it directly impact with the culture of the organization. The rules and regulation needs to be followed on innovation as to develop ethical standard in the workplace and the practice should not affect the business process.
3. Training: The training is a major component needs to be considered in Innovation Management Framework as where each employees needs to be trained on improving their skills and knowledge, only that helps towards creativity and innovation. The internal and external competency level increases when the employees are trained in the organization.