Business Innovation is quite simply an organisation’s process for coming up with and introducing new ideas, services and products.
It should aim to enable the achievement of set goals across the entire frontier of the organisation, accomplishing core business aims and objectives. Business innovation is born with idea generation, most often through brainstorming, where ideas are suggested and narrowed down. It is up to the managers and other leading members of staff to choose the business viability and feasibility of each idea.
Improving existing products or services, reaching out to new customers or solving problems is the core concern regarding business innovation. It is not concerned with the creation of new products or services, which is characteristically defined as an invention.
Business innovation’s purpose is to create value for the organisation, whether it’s from new revenue opportunities, or driving more revenue through already existing avenues. Creating ways to save time or money, or improving a product’s performance are ways of boosting value through pre-existing opportunities, leading to higher profits.
It is a vital mode within an organisation because without business innovation companies and businesses would fail to keep up with their market rivals. Business innovation helps a company to grow and continue appealing to its wider audience, as well as helping to reach set aims and objectives.
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