Strategies for Encouraging and Facilitating Innovation in Business

This report delves into the critical role of innovation in business, particularly within the context of digital technology. It begins by defining innovation and its importance for business growth and competitiveness, highlighting how organizations can foster it. The report then examines specific examples of innovation, such as Marks and Spencer's sustainable store initiatives, Burberry's marketing strategies, and the Raspberry Pi Foundation's technological advancements. It also explores various types of innovation, including technological, marketing and branding, and product and service innovation. Furthermore, the report investigates the ways organizations encourage and facilitate innovation, including hiring diverse employees, rewarding innovation, encouraging teamwork, promoting risk-taking, promoting open communication, and maintaining work-life balance. Finally, the report outlines the processes involved in different types of innovation within organizations, emphasizing the importance of adapting to changes and leveraging new ideas to drive business performance and growth. This analysis provides valuable insights for businesses seeking to enhance their innovative capabilities and maintain a competitive edge.

INTRODUCTION
Innovation is mainly the process which aims in defining about
undertaken different activities with introducing new idea for innovating as
for adapting the dynamic environment for fostering the growth with
adapting the changes. It is important for the business as to innovate and for
achieving growth in the business this helps in attaining competitiveness
while operating in dynamic market. The Ascension ventures is mainly
founded for providing capital to the companies as for gaining high growth
potential with exchanging the equity.
Ways organizations encourage and facilitate
innovation
 Hiring employees from diverse backgrounds
 Rewarding innovation
 Encouraging team working
 Promoting risk taking
 Promoting open communication
 Maintaining work life balance
REFERENCES
Poernomo, B and et.al., 2021. The importance of creativity and innovation in
maintaining business in the pandemic situation: A case study of micro
small and medium enterprises (MSME) managed by millennial groups
in Jakarta. Budapest International Research and Critics Institute
(BIRCI-Journal): Humanities and Social Sciences. 4(3). pp.6357-6367.
BM 565 Digital Technology and Business
Conclusion
Innovation is business plays important role which help in advancing growth by adapting
new ideas in the company as by positively adapting changes for fostering growth. The concept
innovation mainly helps in investing and producing new things with creativity.
Explaining specific examples of innovation within organisations
Innovation is mainly defined as the process of developing new ideas and concepts for the business as
by adapting the changes.
Marks and spencer is mainly recognized as the multinational retailer established for serving food and
non-food products to serve large number of target consumer market. The company took an sustainably
stores for adopting more greener products and services by launching its innovative hub as to decrease
CO2 emissions for attaining zero waste neutral stores.
Burberry the company is mainly by serving with wide range of fashion apparels to the consumers, the
company is mainly using high tech revolution in the traditional retailing by using the social media as
for increasing the annual sales (Christa and Kristinae, 2021).
The raspberry pi foundation is the UK company which is mainly using the raspberry pi computer as
for helping the kids world by accessing the machine with plunging in the TV and keyboard.
Processes of different types of innovation within
organizations
Technological innovation: For innovating in the technical innovation it
mainly includes the process as by researching about the impact of
innovation in applying to the company and by ascertaining its benefits and
limitations. With applying the research with developing the solution for
ascertaining the needs by developing new product of service with using
technical up gradations.
Marketing and branding innovation: In the marketing and branding
innovation is the process in which the business mainly aid in examining
the market opportunities as for attaining the long term growth by taking
insights with understanding the target audiences. Further, in the ideation
connecting and cultivating the brand experience.
Product and service innovation: In the product innovation it mainly
includes about developing with launching the new and innovative product
in the market as for attracting the target consumers as for earning revenues.
By innovating with improving the existing products as to retain the target
consumers as for satisfying the needs and wants.

Explaining specific examples of innovation within organisations: Innovation is mainly defined as the process of developing new ideas and concepts for the business as by adapting
the changes and challenges for attaining growth this helps in attaining competitiveness while operating in dynamic environment (Hameed, Nisar and Wu, 2021). It plays important
role in the business this helps in leading higher productivity with generating new opportunities for development by overcoming all the challenges. The specific different examples
which helps in analysing the innovation in the business processes which helps in attaining growth mainly includes:
Marks and spencer Also, adopting leaner machines with using the web and mobile phones helps in refocusing on building the multinational retailer for serving wide range of
consumers.
Burberry With leveraging the wide variety of initiative techniques by the company with live streaming the runaway shows taking marketing initiatives. Also, customising the
products produced by the company for consumers as for ever-increasing revenues by crediting digital investment.
The raspberry pi foundation with registering as charity company it allows for building the new products at the cheap rates. It helps the programmers with using the technology as
for building new products for tracking the weather stations and robots. Different public sector innovation advanced in UK, the government is mainly investing in innovating and to
grow the economy including by introducing the local lottery, this aids in emphasizing on creating the local lottery in this the several local organizations mainly creates the local lottery
as for supporting the good causes for earning additional revenues. Also, adopting as by investing the school meals with taking decisions for supplying the school meal by considering
as an ethical and healthy commercial service. Thus, different types of innovation adopted by the business helps in fostering in attaining growth and advancing the business for
attaining better performance by separating the companies from the competitive environment with producing own new products and services
Investigating the ways organizations encourage and facilitate innovation for embedding in the environment and culture of the company
Different ways adopted by the business which helps in encouraging innovation in workplace as for adapting change in effective manner by introducing and working with adapting
new idea. Organisation adapt different ways as for encouraging the new ideas as by welcoming the employees and encouraging their diverse ideas for taking decisions. As for
cultivating and facilitation innovation in workplace it mainly requires strategising for developing new ideas which helps in encouraging innovation. As For facilitating innovation it
mainly includes:
Hiring employees from diverse backgrounds: with hiring the diverse employees from the different cultures and background this helps in encouraging innovation in workplace as
for generating new ideas for adopting changes and fostering growth in the company by performing better. By prioritising the diverse hires in the business it helps in fostering and
encouraging innovation.
Rewarding innovation: For fostering innovation in the workplace the business mainly reward employees for cultivating the innovative culture and working environment. With
giving rewards by praising employees, giving privileges and sponsoring innovation. Thus with providing reward benefits to employees helps in developing the friendly working
environment which helps in cultivating the innovation by fostering new ideas willingly from employees while working in positive and friendly working culture.
Encouraging team working: By supporting the team spirit helps the employees for brainstorming the ideas, this results in increasing productivity and innovativeness. Thus, with
supporting collaborative workings in the business helps in ever-increasing productivity and innovative workplace culture which results in engaging and retaining employee for longer
time period (Fan, 2021). As employees working with different department and individual helps in encouraging innovation in workplace which results in attaining growth in the
business.
Promoting risk taking: For encouraging and facilitating innovation in the workplace, promoting risk taking by encouraging employees for taking risk with supporting their new
ideas and thoughts (Hohberger and Wilden, 2022). This influence the employees for willingly experimenting by taking risk with implementing their own new ideas helps in being
more innovative and fosters the culture and environment of innovation by taking risk.
Promoting open communication: While operating in dynamic business environment, encouraging open communication helps in generating new ideas (Davronov, 2021). By
promoting openness between the different departments helps in being more innovative by working in teams and sharing opinion with others as for fostering innovation in the
workplace which results in building positive culture and innovative workplace environment.
Maintaining work life balance: For keeping the employees more encouraged and motivated for developing new thought for solving problems with evaluating the issues for giving
opinions in the decision-making (Poernomo and et.al., 2021). As promoting work life balancing helps in encouraging creativeness for innovating and implementing the new ides in
business for attaining growth. However, business adapts different ways as for encouraging and fostering the innovation in the workplace as to attaining growth by reacting to the
changes and latest trends in the workplace environment this results in discovering different opportunities.
The processes of different types of innovation within organizations
The innovation process mainly helps in defining about processing the ideas and implementing as for managing the structure and goals of the company by adopting changes which
persist in the dynamic working environment. The main innovation process mainly includes generating the ideas, reviewing as for implementing in the business process as for attaining
benefits. The different types of innovation in the organisation mainly includes:
Technological innovation: . Further implementing the technology in the business as for advancing in cost and considerations (Yi, Chen and Li, 2022). Also production and
marketing of the new products and service introducing by adapting the technical adaptations helps in effective innovating the products and services in the business by advancing and
processing more quicker.
Marketing and branding innovation: Also, developing the strategic framework which helps in creating solution. With devising the strategy while inviting in branding and
marketing mainly helps in implementing the plan in the limited time limit.
Product and service innovation: Also in the service innovation process mainly includes researching about the potential services which helps in building the company image as for
attaining growth by developing performance. Further creating ideas
Thus, the different innovation in the business involves process which helps in innovating the business by encouraging the new ideas as for advancing the growth and building the
performance in the business.
REFERENCES
Hameed, W. U., Nisar, Q .A. and Wu, H. C., 2021. Relationships between external knowledge, internal innovation, firms’ open innovation performance, service innovation and
business performance in the Pakistani hotel industry. International Journal of Hospitality Management. 92 p.102745.
Christa, U. and Kristinae, V., 2021. The effect of product innovation on business performance during COVID 19 pandemic. Uncertain Supply Chain Management. 9(1). pp.151-158.
Poernomo, B and et.al., 2021. The importance of creativity and innovation in maintaining business in the pandemic situation: A case study of micro small and medium enterprises
(MSME) managed by millennial groups in Jakarta. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences. 4(3). pp.6357-6367.
Davronov, I. O., 2021. Economic Importance of Innovative Technologies for Improving Hotel Services. International Journal of Business, Technology and Organizational Behavior
(IJBTOB). 1(3). pp.169-175.
Yi, Y., Chen, Y. and Li, D., 2022. Stakeholder ties, organizational learning, and business model innovation: A business ecosystem perspective. Technovation. 114. p.102445.
Hohberger, J. and Wilden, R., 2022. Geographic diversity of knowledge inputs: The importance of aligning locations of knowledge inputs and inventors. Journal of Business
Research. 145. pp.705-719.
Fan, Y., 2021. A research of knowledge and technology innovation on business model innovation: From the perspective of Chinese pharmaceutical R&D outsourcing
enterprises. International Journal of Science and Business. 5(8). pp.107-122.
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