Importance of Innovation and Adaptation of New Technologies for Sustainable Competitive Advantage

Essay
“Critically evaluate the importance of innovation
and adaptation of new technologies to create
sustainable competitive advantage for companies”

Table of Contents
“Critically evaluate the importance of innovation and adaptation of new technologies to create
sustainable competitive advantage for companies”.........................................................................1
REFERENCES................................................................................................................................5

“Critically evaluate the importance of innovation and adaptation of new
technologies to create sustainable competitive advantage for companies”
The essay focuses upon the creation of sustainable competitive advantage for company
by leveraging certain market opportunities. In this regard, the main emphasis of this paper is on
leveraging innovation as well as unique technologies for attaining the advantage. By gaining
sustainable competitive edge, a firm is able to ensure its existence in market place for a long
period of time in future context. This implies an increment in the revenues as well as profits of
corporation.
Innovation is considered as one of the most prominent factors which foster a sense of
competitiveness, and facilitate the growth and development of companies in the long run. It leads
to increment in profits and generation of durable value (Fernando, Jabbour and Wah, 2019). It is
seen as a crucial challenge for the overall organisation. It is a constant procedure which provides
opportunity to a firm to leave their mark upon the minds of customers for a long duration of
time. By incorporating innovation in the organisational culture and structure, a corporation seeks
to face the strategic challenges and leave a long lasting impact over the corporate sector within
the confines of which it carries out its operations.
In the modern era, innovation is seen as an integral part of companies. It is viewed by
companies as a driving factor for product as well as service competitiveness. It acts as a catalyst
of growth and fosters companies to come up with market disruptive offerings that can effectively
tap the minds of customers. The organisations having high rate of growth and development are
usually acknowledged to be those which take into account innovation to come up with solutions
to the issues being faced by society at large (Battisti and et. al., 2019). It is even seen that a
substantial proportion of the income of a company comes from the innovative offerings created
and sold by it to customers across the globe. It is a factor which largely inflates the capacity of a
corporation to adapt itself to the alterations taking place within the confines of its business
environment. With this, the firm is able to ensure its sustainability in market place for a long
period of time.
Innovation can be defined as the commercial execution of unique ideas, concepts,
technologies and systems with a view to derive positive results out of the same. Over the course
of time, it has become one of the most essential components of economic growth especially for
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