Business Inovation
Business Innovation
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ECO 201
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October 1 2013
Abstract
The 21st century has been marked by increased growth in technological advancement, which is a result of the global economy changes that force organizations to strategize on ways through which, they can improve their efficiency and thus, enhance their competitive advantage. As such, productions of timeless brands and changes in business operation structure have become part and parcel of contemporary businesses. However, one way through which, businesses have managed to produce timeless brands, as well as change their operation structure is innovation. Innovation, as scholars assert has been proved to be the principal factor that influences modern businesses that are success and growth oriented. A good illustration of this is the high innovative companies such as Toyota motor company, which deals with production of cars and spare parts, as well as Nokia, which is a mobile phone company. Innovation has led to increased efficiency and discovery of new ways of operations from time to time; this has been intensified through involvement of open innovation communities, which generate innovative ideas that help entrepreneurs solve problems within their businesses. As such, the organization does not need to establish a research and development unit, whose sole role is to help in formulating strategies that will fit customer demands; a process that is very expensive especially for small and medium sized entrepreneurs, which face diverse financial problems. Nonetheless, innovation whether through organization R&D department or through open innovation communities, results to growth and success of the business as it enhances it competitive advantage, as well as maintenance and expansion of its market share.
Introduction
One of the principal factors affecting the operations of businesses is the level of innovativeness that they adapt. Innovation in businesses allows continuous production
blank
ECO 201
blank
October 1 2013
Abstract
The 21st century has been marked by increased growth in technological advancement, which is a result of the global economy changes that force organizations to strategize on ways through which, they can improve their efficiency and thus, enhance their competitive advantage. As such, productions of timeless brands and changes in business operation structure have become part and parcel of contemporary businesses. However, one way through which, businesses have managed to produce timeless brands, as well as change their operation structure is innovation. Innovation, as scholars assert has been proved to be the principal factor that influences modern businesses that are success and growth oriented. A good illustration of this is the high innovative companies such as Toyota motor company, which deals with production of cars and spare parts, as well as Nokia, which is a mobile phone company. Innovation has led to increased efficiency and discovery of new ways of operations from time to time; this has been intensified through involvement of open innovation communities, which generate innovative ideas that help entrepreneurs solve problems within their businesses. As such, the organization does not need to establish a research and development unit, whose sole role is to help in formulating strategies that will fit customer demands; a process that is very expensive especially for small and medium sized entrepreneurs, which face diverse financial problems. Nonetheless, innovation whether through organization R&D department or through open innovation communities, results to growth and success of the business as it enhances it competitive advantage, as well as maintenance and expansion of its market share.
Introduction
One of the principal factors affecting the operations of businesses is the level of innovativeness that they adapt. Innovation in businesses allows continuous production
References: Daniels, J. D., Radebaugh, L. H. & Sullivan, S. D. (2012). International Business Environment and Operations, Fourteenth Edition, Boston: Pearson Education. Leiponen, A. & Helfat, C. (2010). Innovation Objectives, Knowledge Sources and the Benefits if Breadth. Strategic Management Journal, 31(2), 224-236. Nidumolu, P. & Prahalad, C. K. (2009). Why sustainability is now the key driver of innovation. Harvard Business Review, p1-11. Radjou, N. & Prabhu, J. (2012). Mobilizing for Growth in Emerging Markets, MIT Sloan Management Review, Accessed on 19th September, 2013.