Innovation Management- Innovation vs Creativity

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Creativity and Innovation:

With the very accelerating and dynamic aspect of the competition, the main source of the competitiveness of the successes does not lies on the continuously re-applying the same processes. The need for more creative and innovative strategic planning and actions is now vastly exercised. To transform creative ideas into a very successful innovation requires very careful management and evaluation of the strategic planning and actions. Innovation means to create new product or process which is unique. The firms those have a successful and varying differentiation of their products and processes have a very strong competitive advantage and very successful in their business. The firm that has a strong competitive advantage over its rivals is as twice profitable. And the core of having competitive advantage is the innovation. Innovation provides a company unique and good product which provides the company a very deferring edge which its rivals do not have. innovation allows the company to produce a product or process that gives the company a very strong competitive advantage which may allow the company to differentiate its product that allow the company to charge a premium price and/or allow to lower its cost structure that also allow the company to keep its price level than its rivals. Basically today’s competition is dependent on the innovation. Another aspect is that the company that engage its employees to create new ideas and share it to the company’s decision making enforce motivation into them which allow the success implementation of the new ideas because of the high level of the interest of the employees. It is very risky and difficult to plan and manage the innovation because in many cases the innovated technologies do not result into desired or profitable product or processes and may cause a huge loss of the valuable time and money. Innovation may increase the competitiveness in case of differentiation, but it can increase the...
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