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Innovation is the process of creating and implementing a new idea. It is not the same as change but they are closely related. Change often involves new ideas of some sort. The
New idea may be the creation of a new product or process, or it can also be an idea Which can change completely the way business is conducted .Successful organizations understand that both innovation and change are required to satisfy their most important stakeholders.
A dynamic changing environment makes innovation and change more important for an established organization than a new organization.Succesful organizations can\u2019t rest on their prior success because if they become complacent competitors are sure to woo Customer\u2019s away.Organisation decline and extinction may follow sooner or later.Innovation and change is an essential part of a managers competence
Distributing existing goods etc.
Administrative Innovation- Here computers use networks and virtual organizations
Convergence of fames- E-business,
Even in the absence of new products innovation can still occurs.
TRANSLATION OF NEW IDEAS INTO A NEW CO.
INTO A NEW PRODUCT
INTO A NEW SERVICE
ORGANIZING for innovation continues to be a challenge for many companies. It is not enough to craft a strategy or to build innovation processes, one needs to build and embed innovation into the overall organization. Successful innovation requires choosing, building and preparing the right people for executing and scaling the innovation. Many large firms have struggled and, by their own description failed in the attempt to integrate innovation into their organization.Organisational antibodies are released that kill off innovations and often the structures, resources and processes responsible for the innovation. Because of this, some believe that it is not
large, established organization. Therefore one has to do the following;
Developing an internal marketplace for innovation.
Balancing Creativity and Value creation
Making Good use of one\u2019s partners
Integrating Innovation within the Organization
In the end one has to understand that no single structure is appropriate for all types of innovation. The organizational structure needs to vary based on the innovation strategies and the characteristics of the portfolio. But for an organization to innovate successfully, it needs to foster a balance of creativity and value capture. Maintaining that balance requires support from metrics and rewards, and also has cultural components. However, the organization is at the core of the internal marketplace that provides for balanced creativity and value capture.
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