Submit your assignment as a business report. You can attach unlimited appendices to the report to provide coverage of information. Use Harvard style referencing. Please see the rubric under assessments area on Learnline for more details.
Importance of Innovation throughout Business Life
To be competitive in the global marketplace, organizations need to incorporate more innovations in their products and services by ****(how?). They need to innovate rapidly and cost effectively in order to drive efficiencies and lead to competitive advantage. In the article (“How to drive innovation and business growth” 2012, ***(the name of the guy you think said that)argues that, the future of technological innovations is to reduce bulkiness of devices and improve service delivery through small devices that offer optimum services and are highly portable.
Fuller and Haefliger (2013) are of the view that, technology cannot deliver success without focus on business strategy and goals. In this regard, it is important to have a clear vision of the anticipated future of the company , as it will define and set the context for the role innovation will play in enabling profitable growth, help determine the type of innovation the business should drive and the way it should be organized to effect change. While researchers such as Osterwalder et al. (2010) and Demil and Lecoq (2010) have proposed the business strategy concept should lie within the traditional model lexicon of competitive advantage, Pellisier (2008) argues that, business strategy is a stand-alone concept in its own right and can allow innovations to manifest in multiple ways such as through incremental, break-through, and radical advancements.
Although breakthrough innovation is transformational, it is often the buildup of incremental but continuous innovation around existing technologies and business models that can transform the way a company does business on a global scale. A study by Fuller and Haefliger (2013) has reported that, company executives would be changing the company’s overall innovation portfolio in new products and services within existing business strategies. The purpose of this integration between innovation and business strategy is to yield profitable growth such as surviving adverse changes in operating circumstances as well as making life easier for customers and improving their businesses. In addition, through innovations, a company can protect its market share as well as, according to Demil and Lecoq (2010), reposition itself and raise its market profile.