Topics: Innovation, New product development, Supply chain management Pages: 3 (773 words) Published: February 9, 2013
Innovation is about "bringing ideas into life. Innovation is linked to performance and growth through improvements in efficiency, productivity, quality, competitive positioning and market share. Innovation takes place at different levels from modest improvements on an existing product or process to dramatic and even historically significant breakthroughs in how we relate to the world. In all cases, the capacity to innovate will be a function of our commitments, what we want to accomplish and our relationship with the circumstances we perceive we are in. If we are resisting or coping, we see no innovation and whatever change we generate will be as a reaction to the circumstances and part of the process by which those circumstances persist. When we are responding or choosing we are in a position to innovate and will do so naturally and consistently as a function of what we observe to be possible or what we observe is missing in our perspective of the world.Change based on this view is likely to be an improvement on what already exists.

A successful organisation that turns its focus to innovation is looking for achievements. Innovation shows up in the quality and quantity of ideas and the efficiency and effectiveness of implementation of those ideas. These two parameters are independent, however, when combined they form the definition of innovation performance.

Innovation is not only about technology, but is also about understanding and exploring untapped user needs that require to be addressed in an efficient manner. It must occur at every stage of a product or solution development and release cycle. Thus, managing innovation is fast becoming priority in a global business environment. Firms which innovate tends to survive and grow to a greater extent. The most successful individuals, managers and team leaders in latest business world are the ones who are not only innovative in their own work, but who...
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