why it is important for organisations to be innovative?
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Innovation Helps Organizations Differentiate Themselves If your organization is using innovation on its processes, it's because doing so will save you time, money, or other resources, and give you a competitive advantage over other companies stuck in their systems.
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Innovation, on the other hand, is defined as the process that transforms those forward-looking new ideas into real world (commercial) products, services, or processes of enhanced value. ... But the relationship between creativity and innovation, how they depend on and work with each other, is critical to business success.
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Knowledge management is important because it boosts the efficiency of an organization's decision-making ability. In making sure that all employees have access to the overall expertise held within the organization, a smarter workforce is built who are more able to make quick, informed decisions that benefit the company.
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Fostering the growth of a business or organisation by modifying the business plan and business model and putting new projects in the pipeline. Making sure supporting departments such as Research and Development, Sales, Marketing, and Manufacturing are ready to take on new growth opportunities.
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For businesses, productivity growth is important because providing more goods and services to consumers translates to higher profits. As productivity increases, an organization can turn resources into revenues, paying stakeholders and retaining cash flows for future growth and expansion.
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An innovative workplace is stimulating for employees. Cultivating pride in your products and a desire for your company to be an industry leader should reduce workplace turnover and boost productivity. That can, in turn, lead to still more innovation success because employees are often a company's best source of ideas.
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Creativity concerns the creation of novelty and value. Entrepreneurship is concerned with novelty in business, new business ideas and the reality of achieving positive returns in market and in existing and new business models.
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Radical innovations are focused on developing revolutionary new technologies, markets, and business models that change the world. Incremental innovation refers to innovation processes that seek to improve existing systems and products to make them better, cheaper or faster.
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['High deployment coverage in early phases.', 'Earlier return on investment.', 'High visibility of organizational changes.', 'Higher impact to organization.']
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Interview Answer Apple is all about Innovation. Due to constant changing of customer requirements, Apple ensured that the organization is able to adapt based on the current customer requirements hence, they evolutionize and innovate their products. I want to join Apple because I want to be a part of something great.
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The first and most important reason for any new development is to provide new value to the customer. Without this, there is no reason for them to trade their money for the new device. However, if the product or service offers overwhelming value, then customers will flock to it.
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Competition among companies can spur the invention of new or better products, or more efficient processes. Firms may race to be the first to market a new or different technology. Innovation also benefits consumers with new and better products, helps drive economic growth and increases standards of living.
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Second, learning builds on past knowledge and experience – that is, on memory. Organizational memory depends on institutional mechanisms (e.g. policies, strategies, and explicit models) used to retain knowledge. To make innovations is necessary manage knowledge to generate organizational learning to make innovations...
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['Innovative.', 'Unique.', 'Problem solving.', 'Profitable.']
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One competitive advantage you can leverage consistently—a differentiator that can't duplicated—is your company culture. Your culture is unique to your organization, helping to shape your company's brand identity, improve employee retention, and inspire and motivate your people.
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Improving people skills- Organisational Behaviour helps in better management of business as it helps in improving the skills of the people. It provides insight into the skills that the employees can use on the job such as designing jobs and creating effective teams.
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['Embrace a Multi-Faceted Approach to Innovation, Starting at the Bottom. ... ', "Empower Your Employees and They'll Provide Value in New Ways. ... ", 'Understand That Failing Is OK. ... ', 'Choose Your Approach to Innovation Metrics Wisely. ... ', "Don't Be Afraid to Take Action — and Quickly. ... ", 'Learn from the Past and Look to the Future. ... ', 'The Burning House.']