Innovation is a key element of modern business. In a world full of modern industrialised nations it is essential for big business to innovate. Ed Rhodes and David Wield identify innovation as; "the implementation of new technologies" (Rhodes, E, 1994, page 79) for a firm to rise above its adversaries and create brand loyalty innovation is key. There are two fields of innovation, Ed Rhodes highlighted technical innovation as "one of the most critical areas for companies ' survival and growth." (Rhodes, E, 1994, page 79) However technical innovation is innovation based purely on machinery and systems, knowledge-centred innovation. Knowledge Information is "The creation, evolution, exchange and application of new ideas into marketable goods and services." (Entrovation International, 2006) The process of innovation is based around capitalising on new ideas. There are a few different categories of innovation, paradigm innovation is rare and occurred during the industrial revolution, it is not wholly relevant to this topic as it affects the economy as whole. Process and position innovation are relevant, with product innovation it is simply the creation of a new product. Process innovation is related to knowledge innovation, it relates to the way a service is delivered. Position innovation relates to innovative shifts in a specific market.
(Chris Land, 2006, Lecture 2)
In this essay I will discuss the different perceptions of knowledge and how technical innovation differs from knowledge information. I will highlight which innovation approach is of the most significant benefit to a business.
A breakthrough improvement for a
Bibliography: Operations Management - Nigel Slack, Stuart Chambers, Christine Harland, Alan Harrison, & Robert Johnston, 1998 The Innovation Environment - Ed Rhodes & David Wield, 1994 http://www.entovation.com/innovation/knowinno.htm - entrovation.com http://www.raeng.org.uk/news/publications/ingenia/issue24/Dyson.pdf - James Dyson on Innovation AC205 Autumn Term Week 3 Lecture 2 - Chris Land, 2006 Managing knowledge work – Sue Newell, Maxine Robertson, Harry Scarbrought & Jacky Swan, 2002