Innovation is often described as introducing something new; it is useful only to the inventor unless it is offered to the public. Such invention can improve some products, process or services by turning creative ideas in to practice
With innovation, organisations can gain a competitive advantage through the ideas they have and by producing a product that is innavative, this innovation will result in an added value to the organisation which consequently result in a competitive advantage.
There are three different approaches that influence innovation: Continuous Innovation, Disruptive Innovation and Business Innovation; For continuous innovation, it is all about minor changes towards existing products or services, although this innovation process is frequently and often on-going, this is in order to be able to make better products via research and development. On the other hand disruptive innovation can be much more risky compare with continues innovation due to the fact that employees must embrace a radically different approach towards the product, this include introduction of new technologies, products or services so overall promote changes and gain advantage over the competition .
There are three different approaches that influence innovation: Continuous Innovation, Disruptive Innovation and Business Innovation; For continuous innovation, it is all about minor changes towards existing products or services, although this innovation process is frequently and often on-going, this is in order to be able to make better products via research and development. On the other hand disruptive innovation can be much more risky compare with continues innovation due to the fact that employees must embrace a radically different approach towards the product, this include introduction of new technologies, products or services so overall promote changes and gain advantage over the competition .
Innovation is the creation of the new or the re-arranging of the old in a new way – Michael Vance.
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