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Innovation Essay Example

by Suleman

The secret to a profitable organization is to emerge new ideas and operations for new services and products. The method of introducing innovative and fresh thoughts to the company is known as innovation. In this method, the first move is to think about it. Organizations related to the business aim to make much greater tasks. Design is a process to turn the actual product or services to create customers (Educba, 2017).

The improvement embodies something new for the evolution of effectiveness, convenience, and efficiency. Sustainable success considers the most considerable risk that innovators face in the competition. The types of innovation are open, disruptive, reverse, incremental, and breakthrough. The free design includes the internal and external idea that is profitable to the organization. The innovation potential is to reduce the cost, increase the market differentiation, revenue streams, and accelerates time for the market (Brooks, 2013).

The disruptive innovation transforms the existing market into a niche market. The effect of design on business is to improve marketing, finance, and management. The best example of innovation is Uber’s success story. The taxi cab services and Uber network is revolutionized with the change in information technology. In the case of marketing, the design improves methods of marketing, such as using social media. The financial analysis of a company can be optimized with new strategies. The use of modern technology in the business improves the management process, such as using SPSS and Microsoft for the scheduling process (Brooks, 2013).         

  • Brooks, C. (2013, 11, 23). Entrepreneurs Answer the Question: ‘Why Is Innovation Important.’ Retrieved from www.businessnewsdaily.com: https://www.businessnewsdaily.com/5167-innovation.html
  • Educba.com. (2017, 01 02). 10 Innovative techniques to Bring Innovation in Business. Retrieved from www.educba.com: https://www.educba.com/innovation-in-business/

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