Importance of Innovation in Business and Society

INNOVATION
MANAGEMENT
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY ..................................................................................................................................3
Importance of Innovation ...........................................................................................................3
Analytical approach ....................................................................................................................5
Critical evaluation of the open innovation with the examples.....................................................7
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11
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INTRODUCTION
Open innovation can be defined as the inflow and the outflow of information in order to
accelerate the internal innovation which will help the company to expand in the external market
(Eckhardt, Ciuchta. and Carpenter 2018) This helps the company in combining the company's
internal resources with the operators available in the external market. Present report lay emphasis
on the Open innovation benefits and challenges. It also focused on the importance, analytical
approach of the Theme. Furthermore, it focuses on the critical evaluation with examples with
some company examples like Facebook, Coco Cola and many more. At last, it lay focuses on
the Conclusion and some solutions.
MAIN BODY
Importance of Innovation
Innovation is considered as something new as everyone knows that without the
innovation there will be no progress. Innovation introduces new things as a firm unable to make
any progress as it cannot be stay relevant within the market (Saebi. and Foss, 2015). It is also
known as the process of taking useful ideas and converting them into the useful products
process, process as well as services of operation. The Useful ideas are outcomes of the
creativity that is considered as the prerequisite regarding innovation. Creativity is considered as
the capacity to combine the ideas within a unique way or as it makes useful association among
all the ideas.
The importance of innovation in business and society.
Innovation influences each and every part of the society so it is not possible to go through
everything but can focus on the most significant part that have the importance regarding the
innovation (Jung.and et.al., 2016).
Economic Growth
Technological innovation is also known as the major source regarding economic growth as it
refers to the enhance in the inflation adjusted market value regarding goods as well as services
as it can produce through an economy over the time
Solve problems easily
There is a need of the creativeness to solve the problem easily as many times an organization
faces the problems that do not seem to go away as for that there is a need to think the out of the
box to get the answer that can be never solved earlier so from this anyone can make product,
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store inventory as well as find solutions that able o makes the business better
(Chesbrough,2017).
Increases the Productivity
When a Firm's top managers can feel that they are bogged down with work as well as
struggle to get everything done as it is the time that a firm becomes more productive. To begin
this start ad find a new process. Such as to work smartly and creatively focus on the things that
should be streamline as well as what things to be cut out (Ettlinger, 2017). So that to increase
the productivity there should be focuses on the programs as well as workflows. Within the
business there is always preferred to teat the new ideas and also it is surprised through the
combination of ideas that will be surprised through the combination of ideas that can be work
together to make the plans that are more productive for the firm.
Market the business
To use various creative ideas as well as innovation to make the business stand out from the
crowd. Here the times when small business marketing can be come in. So that to make people
remember the business there is a requirement for the innovative ideas as also create a new brand
to develop a business that is quirky or also work with a non-profit firm (Galati, Bigliard. and
Petroni, 2016). By developing a unique character within the business and then market it. Here to
innovate a marketing plan that can suits the personality of the business. Here to stand out
different from other business and this will also make a unique identity among the consumers.
Reduced poverty, sickness and hunger
Developing countries also depends on in innovation a new digital technologies as well as
innovate solutions that can create the opportunities to fight with hunger ,poverty, sickness within
the poorest regions of the world. Here Developed Countries are also depends on innovation
capable of solving the issues (Ivascu,Cirjaliu. and Draghici,2016). Such as in agriculture
productivity is considered as the critical one within the developing nations that plays a crucial
role as food is produced up-to 80% within these communities. Sharing and developing
agricultural innovations for example connecting farmers to the information about the
environment conditions that can be proved an efficient way to assist the farmers to stay within
the business. As this is considers as the example that how innovations provides the opportunities
that are endless and simultaneously assist people to continue food producing and also endless
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