INNOVATION

The word “innovation” is derived from the Latin word ‘Innovare’, which refers to renew. In essence, the word has maintained its meaning up until today. Innovation refers to the ability to modify, improve, or create a product or a service with an aim to serve or retain the operations of the company. It refers to constant improvement of the products and services offered by any desired organization. Innovation is one among the foremost important aspects in most of the business organizations as they strive to achieve their goals and objectives. It brings about changes within the traditional way of management to new and improved methods.

Innovation should not be considered as a mechanical procedure that can be achieved in unplanned way. It needs more of an accurate systematic approach to achieve what is required or desired. It involves flexibility, hard work and dedication. Naturally, innovation in any business is achieved as a result of interaction of three successful forces. These forces are ideas, action and foresight. It is really important to have these forces among the workers of an organization to achieve their goal. The definition of innovation may differ for some organizations. Some organizations may agree on the theory of taking great risks and on the other hand accepting the failure. Others may follow the theory of making small difference in the work environment without taking any risk or failure. Without proper innovations, business organizations may find yourself making huge losses and also loss of employees to other organizations that stand the wave of innovation.

Innovating something is not the only thing which matters, but to maintain and improve that innovation by the changing time and demand is also necessary and this process is called as sustaining innovation it improves existing products. It does not create new markets or value markets, but develops existing ones with better values allowing companies to compete against each other’s sustaining improvements. An example of sustaining innovation is Pfizer, the world’s biggest pharma drug company by revenues.

Innovation initiatives frequently fail, and successful innovators face a very tough time sustaining their performance—as Polaroid, Nokia, Sun Microsystems, Yahoo, Hewlett-Packard, and countless others have found. Organizations may have unique strengths and weaknesses, with reference to planning for innovation. This helps for arising with effective ways of resource mobilization so as to support the method of innovation. After all this stuff are put into place, there's got to appreciating those behind the thought s and also nurturing the idea. This will make sure the survival of the thought and also the organization is assured of continued support from those behind the thought .

The whole process of innovation is not at all easy to go. To complete the whole process of innovation an organization faces many barriers, most common of them are

Fear- most organizations and individuals do not achieve their full potential is because of their fear of failure. There are not any guarantees that any new idea will work. We must accept failing is a crucial a part of learning, development and progress.

Lack of leadership - Innovation must be led from the highest . Often, trustees, chief executives and directors don't support or aren't in agreement on the strategic importance of innovation as a business driver and what it might look like for their organization. Consequently, they still do what they need always done.

Lack of focus and clear process - If an organization is not clear on where to focus, it can easily spend time on activity that won’t make a difference. It’s easy to become distracted by new products and new technology, but if it isn’t helping you achieve your mission then you ought to not be investing time and resource in it. Having ideas isn't a drag for many organizations, but having relevant ideas and progressing them are often incredibly hard. To overcome these barriers teamwork and a positive mind send among employees is required.

Innovation is strongly considered the only most important and effective ingredient in today’s economy, Innovation not only impacts global economies and business models, but the standard of lifetime of people

“Great innovation only happens when people aren’t afraid to try to to things differently”

- Georg Cantor