Comprehensive Report: Innovation and Enterprises in Business Context

This report delves into the critical role of innovation in driving business success, emphasizing its impact on improving processes, products, and services within the marketplace. The analysis covers various approaches to innovation, evaluating different strategies enterprises can employ to gain a competitive edge. The report discusses the significance of innovation in attracting customers, enhancing customer engagement, and improving overall business operations. It highlights the importance of adapting to market trends, managing inventory, and leveraging technology to foster innovation. The conclusion underscores the necessity of strategic marketing plans and the alignment of business policies to meet customer needs effectively. The report provides a comprehensive overview of innovation's multifaceted impact on business functions and its role in achieving organizational goals.

INNOVATION AND ENTERPRISES

Table of Contents
INTRODUCTION...........................................................................................................................3
LITERATURE DISCUSSION........................................................................................................3
CONCLUSION................................................................................................................................5
References........................................................................................................................................6

INTRODUCTION
Innovation is a strategy which helps an organisation to develop or increase business
operations. Successful exploitation of new ideas is important for business and it helps to improve
processes, products and services at market place (Eid, 2016). This leads to increase efficiency
and also improves profitability of a business company. The reports consists various aspects of
innovation which includes approaches of innovation, evaluation of different options which are
available in business and so on.
LITERATURE DISCUSSION
According to Skillicorn, (2020), turning a particular idea, thought, opinion in specific
result may add different range of values in order to gain customer’s trust can be defined as
innovation. Basically, innovation plays an important role in company success because in today's
highly competitive environment and customer more demanding about different products and
services. Entrepreneurs need a new edge to improve products and services, which will directly
help them in increasing profitability of the company. There are various approaches of innovation
which are helpful for enterprises to develop a new insight so they can easily survive in
competitive environment. Considering this, it is may be possible that organisations can improve
sales and customer relationship. Investing time and money in innovation would help firm in
retaining customers for longer duration of time. It also affects productivity and whole process of
organisation. Innovation also helps to reduce waste of business and improved operational
efficiency in order to increase mass production. It reduces overall cost, improved customer
service and better profit margins are available. On the other hand, it has also been found that
innovation aid in boosting market position through making a range of decisions considering
different marketing trends.
According to view point of O’Leary, (2020), innovative products help in attracting
customers in the market because the company that is offering final items stays unique in nature.
This directly increases the demand of consumers and help an organisation in gaining competitive
advantages. It also help in inventory management process which includes accurate way to count
number of products in the stock and improves shipping process as well. Record keeping is the
process in which proper way to record its customer and staff member so organisation uses

innovative method to track record. Enterprises looks forward to provide great customer service
and in order to do so, they uses various innovation strategy in order to increase customer
engagement and keep them satisfied as well (Gerlitz, 2016). Organisations uses different kind of
innovations in which company shares knowledge to research communities as they believe that
the information will help them in taking right decisions in correct time. It also attracts experts
who gets opportunity to share their views and reviews with new aspiring professionals in order to
enhance development in industry (Kahn, 2018).
Companies choose innovative ideas on the basis of market trends which is major role
play by research and development department of company. It has also been found that,
innovation is said to be a new idea which enterpriser implement them to achieve organisational
goal and objectives. Thus, successful innovations is a adding value in the business. Improving in
existing product of company so it is called process innovation and examine customer taste and
market trends n accordingly developed new products so it is known as product innovation.
However, innovation is said to be a creative process where ideas do comes into existence in real
life. In present context, primal ideas do comes from internal business environment of an
organisation where employees delivers suggestions as per the requirements. Secondly, other
ideas to comes from from suppliers, media report, customer, researcher, universities and or
research organisations. Innovation matters lot in that way to improve employees relationship and
it is directly help an organisation in boosting the productivity as well as performance level.
Feedback is crucial so mangers must take feedbacks from each and every employee in the
organisation.
Proper planning is essential in context of innovative ideas because it is a part of business
strategy. Also, monitoring the business model and putting efforts on most important areas would
help a firm in sustaining in the market for a longer period of time. It will impact a lot on
organisation in business process and practices, extra training provided to staff, extra resources
and financing. There are various ways to promote innovations on basis of processes and events,
friendly working environment, rewards, imagination and creativity. New technologies helps to
develop innovation and building network as well. Many organisation missed an opportunity of
gaining competitive advantages due to lack of information, management risk, cognitive biases
and risk-averse culture (Ke, 2019).

CONCLUSION
From the above mentioned information, it is concluded that innovation plays a vital role
for companies at the time of achieving desired goals in much effective and efficient manner. It is
essential because to attract a large number of customers towards their organisation. An analysis
of the concept, approaches of innovation it helps to improving the business functions in effective
manner. Furthermore, this concept is interrelated different aspects of business to produce a high
quality of services to their customers. New technologies, business strategies and policies of the
business also support the innovations so that pre defined the target of the company will achieved.
At, last with the help of innovation in order to appropriate strategic marketing plan, managers
will be able to provides the product ans services according to the requirements and needs of the
customer at the marketplace.

References
Books and journals
Eid, H.A., 2016. The museum innovation model: a museum perspective on open innovation,
social enterprise and social innovation (Doctoral dissertation, University of Leicester).
Gerlitz, L., 2016. Design management as a domain of smart and sustainable enterprise: business
modelling for innovation and smart growth in Industry 4.0. entrepreneurship and
Sustainability Issues, 3(3), pp.244-268.
Kahn, K.B., 2018. Understanding innovation. Business Horizons, 61(3), pp.453-460.
Ke, X., 2019. Impact of Corporate Culture on Enterprise Innovation Ability. Argos, 36(73).
Li, G., 2019, August. Research on Innovation of Enterprise Management Accounting
Informatization Platform based on Intelligent Finance. In 1st International Symposium
on Economic Development and Management Innovation (EDMI 2019). Atlantis Press.
O’Leary, D.E., 2020. Driving innovation using enterprise crowdsourcing. Journal of Information
Technology Teaching Cases, 10(1), pp.2-10.
Serrat, O., 2017. Harnessing creativity and innovation in the workplace. In Knowledge
solutions (pp. 903-910). Springer, Singapore.
Squicciarini, M., 2017. Entrepreneurship, innovation and enterprise dynamics. Small Business
Economics, 48(2), pp.273-278.
Online
Skillicorn. 2020. [Online]. Available through:
<https://www.ideatovalue.com/inno/nickskillicorn/2016/03/innovation-15-experts-
share-innovation-definition/>.