Innovation Ideas and Strategies for Business Development

This report examines the critical role of innovation in business development. It explores various methods for generating and managing ideas to enhance profits and ensure long-term market sustainability. The report highlights the importance of idea generation, creative thinking, and the use of systematic processes, including idea challenges and techniques like the SCAMPER method, to foster innovation within organizations. It also touches on different aspects of innovation such as substitution, combination, and adaptation analysis, while also exploring how innovation impacts the economy. The report emphasizes the need for companies to adapt and evolve by staying relevant through the development of new ideas and embracing opportunities to improve their operations.

Innovation and
Enterprise
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Table of Contents
Main Body.......................................................................................................................................3
References........................................................................................................................................5
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Main Body
There are different ideas which are important for innovating the product and services of
companies. When a companies have an effective and innovative ideas which are executed in
proper manner for enhancing profits and sales of company. Without innovation, there are no
companies which can sustain in market for longer period. There are different systematic
processes used for managing the ideas and generating tons of them for providing effective
quality among the project. There are some activities in which it is difficult for managing high-
quality ideas and follow old routine in order to manage the work. Idea generation is also
considered as the process of creation development as well as communication concrete abstract
and visual ideas. These are known as front end part of Idea management final which emphasizes
upon various solutions in order to perceive or actual problem as well as opportunities
(XU and HOU, 2019). There is requirement of maintaining various steps in order to improve the
innovation so that profits can be enhanced. Ideas are known as first step for making any type of
improvement. There is chance of making progress as human beings on the basis of working on
new ideas and grabbing opportunities. There are new ideas which focus upon different tasks and
managing certain problems that will lead to move forward if someone is stuck with a problematic
task. There is requirement of new ideas in order to explore new opportunities and generating as
well as collecting practical and creative knowledge. There is ability for creating and developing
new ideas that will allow staying relevant and making positive changes within the company.
creative thinking helps in inspiring various challenges of the company and achieving the
organisational goals and improving efficiency of teamwork. The type of Idea used within the
company must be able to achieve purpose of improving the way in which companies operate.
There are economist which are working at larger scale and depend upon innovation for growth
and enhance well-being of people. Innovation consists of different ideas which can work alone or
together to maintain improvement with n normal functioning of the different task. There are
different brainstorming sessions which help in in taking out the best Idea or innovation that can
be used within the company for improving the present condition of functioning (Vézina, Selma
and Malo, 2019). There are a lot of reasons for which train stopping can be the best way for
coping up with different ideas. Some of these include organising and scheduling and
documenting session in usable format that will help in taking up the time effectively and meeting
organisational goals. There are some useful techniques that can be used for challenging
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conventional thinking and improving the abilities of people to be creative and provide their input
in making several organisational decisions. Idea challenge is defined as a focused form of
innovation that helps in raising a problem or opportunity and leading it to make a creative
solution. Main objective of Idea challenge is to participate in different ideation and generating
ideas around a predefined theme that will help in limiting period of time and managing the
functions in a different way. There are two types of Idea challenges which are faced by people
such as problem centric and solution centric. When there is need of organising an idea challenge,
there are four challenges including audience theme time and channels. The concept of Idea
challenge is defined as best technique that is useful for generating lots of ideas and managing
effective way to generate ideas that will involve few experts and developing ideation processes
(O’Leary, 2020). Idea challenge helps in gathering lots of ideas in a fast and careful planning for
managing the efforts and there are no resources which are executed in proper manner. There is a
scamper technique which was created by Bob aberle and it states that the method for solving
problem and creative thinking are most important ways for solving any kind of trouble within the
company. He thinks that main argument of company’s dining sales can be improved by
enhancing the innovation and creative thinking of employees. It is seen that substitution
technique can be used in which a particular product or service is replaced by a new and
innovative product. So, companies can use combined technique that is helpful in exploring
possibility for combining two front ideas into single form. Adaptation analysis is helpful in
analysing possibilities for making the process in flexible manner and managing the incremental
improvements of ideas and processes (Ke, 2019). There are several ways of modifying the idea
and looking for a better solution by enhancing the creative thinking skills.
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References
Books and Journals
O’Leary, D.E., 2020. Driving innovation using enterprise crowdsourcing. Journal of Information
Technology Teaching Cases, 10(1), pp.2-10.
Ke, X., 2019. Impact of Corporate Culture on Enterprise Innovation Ability. Argos, 36(73).
XU, Z.C. and HOU, J.C., 2019. Innovation Investment, Competitive Strategy and Enterprise
Performance Level——An Empirical Analysis Based on Chinese Manufacturing Listed
Companies. Modern Finance and Economics-Journal of Tianjin University of Finance
and Economics, (9), p.5.
Vézina, M., Selma, M.B. and Malo, M.C., 2019. Exploring the social innovation process in a
large market based social enterprise. Management Decision.
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