Innovation is production or adoption, assimilation, and exploitation of a value-added novelty in economic and social spheres; renewal and enlargement of products, services, and markets; development of new methods of production; and the establishment of new management systems. It is both a process and an outcome. Two main dimensions of innovation were degree of novelty (patent) (i.e. whether an innovation is new to the firm, new to the market, new to the industry, or new to the world) and kind of innovation (i.e. whether it is processor product-service system innovation. Specifically, innovation involves some combination of problem/opportunity identification, the introduction, adoption or modification of new ideas germane to organizational needs, the promotion of these ideas, and the practical implementation of these ideas. Innovation can become a catalyst for growth.
Innovation is not just represented by introducing or implementing new ideas or methods. The definition of innovation can be defined as a process that involves multiple activities to uncover new ways to do things. It should not be confused with creation since this can be defined as the act of making, inventing, or producing something. However, new innovations can be realized with creativity. People need to think outside the box in order to create incremental enhancements. Innovations create bigger opportunities and are critical for the survival, economic growth, and success of a company. Innovating helps developing original concepts and is a driver of optimizing operations. Companies that innovate are able to set the organization in a different paradigm in order to identify new opportunities and best methods to solve current problems.
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