What is Innovation? Innovation is the process of translating new ideas or inventions into a new, improved and quality product process or service. This also means applying better solutions to meet existing as well as new requirements and market needs.
Innovation is the process of implementing new ideas to create value for an organization.
It is not just the invention of a new idea that is important but the invention must be replicable to address a specific need. This means the idea must lead to a new product, better services, improved systems or improved quality. Innovation process is a culture that can be cultivated and harnessed. Leadership is the most key factor in enhancing a culture of innovation in any organization.
The leadership of today needs to be ready and able to exploit new technology and employing new thinking to generate new value and to bring about significant changes in their organizations and communities.
There are several reasons why the generation of new ideas can be critical to your business’s success. Although every organisation will have its own priorities and sector-specific issues to balance, businesses that fail to innovate run the risk of losing ground to competitors, losing key staff, or simply operating inefficiently. Innovation can be a key differentiator between market leaders and their rivals.
At CLIG we guide leaders how to successfully build a culture for continuous improvement and other change initiatives by engaging stakeholders in the organization while maintaining the balance between order and change.
The difficulty lies not so much in developing new ideas as in escaping from old ones.— John Maynard Keynes