Innovation

Question: Write an essay on Innovation. Answer: Introduction This research paper is primarily concerned with the innovation in the business organization. Innovation plays a significant role in every business organization. Innovation helps the organization to sustain its position in the global competitive market (Abramson and Littman, 2002). With the help of the innovative idea, the organization can able to gat enhance the profit percentage of the organization and this will ultimately helps to increase the GDP growth of the country. The revenue of the business organization facilitates the governing to increase the revenue of the company. Here in this report, the prime ministers Malcolm Turnbull of Australian Government have asked to prepare a report on the role of the innovative ideas in business organization. This report is first going to excavate the definition of innovation and the role of innovation in the society. In the later section of the report, the paper is going to determine the relationship between the ideas and innovation (Bessant, 2009). Before implementing any kind of strategies, the marketing manager of the organization has to understand whether the organization has capacity to handle innovative ideas or not. Development of innovative strategies is easy for the management of the organization but it is hard to implement correctly. Definition of innovation From the definition of innovation, readers can have brief idea about the innovation. Innovation is the sum up of the two terms one s invention and another is exploitation. Innovation is the new way of doing a certain thing. Often business organizations have imitated ideas from different organizations and management of the organization should put innovative touch in those ideas so that it seems real to them. The process of innovation is entirely related to firms position in competitive market (ÄŒeiÄ ytÄ—, 2015). The management of the organization has to undertake different strategic decision for retaining the position in the competitive market. With the help of the Portes Five Force Analysis, innovative ideas can be undertaken. On the other hand, management of the organization can take help of the PESTLE analysis to understand the position of the company in the global competitive market. Along with that, SWOT analysis helps to understand the current position of the company. Innovation means adoption of ideas, which are authentic and new for the business organization (Drucker, 2005). Innovation is known as the adoption capability of the organization in the changing economy or changing market. Innovation can be brought in several aspects of the organization like in the products, prices, processes and strategies (Gorman, 2007). According to the prime minister of Australia, it is said that primarily the innovation brought into the product and processes only but recently due to changing demand in the market, the marketing manager of the organization brings innovation in the business models also. Role of innovation in society Every business organization is the part of the society so business organization can be considered as the part of the society. Every business organization is customer oriented and customers are the significant part of the society. On the other hand, employees are the key stakeholder of the organization and they are the part of the society (Grandori, 2006). Therefore, it can be said that innovation in the business organization definitely affects the societal activities. Entrepreneurs are the engine of the business; a business organization must understand the worth of taking risks and play with the innovative ideas until then business organizations should adopt new strategies. Customers or service users are the part of the business firm and it is the sole responsibility of the management of the organization to understand the demand of the customers and try to fulfill their demand. From the survey, it can be understood that almost 90% of the business organization believes that innovation is the integral part of the organization and innovation is the priority for the business ideas. In case of the strategic planning, innovation is the significant issue (Hossain, 2015). Innovative ideas help to improve the economic scenario of the business and this ultimately beneficial for the economic condition of the country. With the help of the money, governing body of Australia can undertake several policies regarding the welfare of the society. Relationship between Ideas and Innovation Idea, innovation and creativity are three different words, business organizations often misinterpret these three terms. This paper is primarily concerned with the ideas and innovation. The management of the organization is entitled to make the ideas innovative and there is a pathway of giving innovative shape to the ideas (Innovation, 2001). Ideas cannot help to determine the competitive advantages of the organization rather it works on different aspects. Ideas can help to win the competitive advantages only when it is innovative. Managers have to follow the steps to turn the idea in an innovative one. For turning the idea into an innovative one, the management should work on the road mapping. Researcher should build knowledge and make road mapping. In the second step, feasibility of the ideas should be determined, later testing the ideas (Innovation, innovation, innovation, 2009). Third section is the testing of ideas, testing helps to prove that those ideas are beneficial for the growth of the organization and can be useful in practical implementation. After practical testing of the ideas only, it can be determined that the ideas are profitable for the organization or not. If the management of the organization finds that, the ideas are new and useful for the growth of the company in that case, those ideas can be recognized as the innovative one. After development of the innovative ideas, the firm should implement those strategies or ideas in the organizational process (Innovation-oriented projects, 2014). Th is process facilitates in improving the commercialization of the company on daily basis. With the help of the Cornings Five Step Model, the relationship between Ideas and innovation can be determined. Capacity of Australia regarding innovation Innovation capacity of Australia cannot be measured effectively; it is quite difficult for the researcher to understand the innovative capacity of Australia. From the economic perspective, Australia and Belgium are two countries. If it is judge from this respect then it can be considered that there are many industries in Belgium but Australia somehow lacks it (Kavic, 2006). From the perspective of industry, it can be seen that there are many companies in Belgium regarding Creativity but somehow there is no such company in Australia, which is particularly related to creativity. However, Australia is a technologically up-graded country so the company has scope to enhance their market in creative field (Morgenstern, 2007) Among the several other countries in the field of creativity, the most significant one is Electronics NV develops 3D rendering for computer games and Hollywood blockbusters. The organization is famous for its creative development in the sector of computer games. After surveying the market, it has been concluded that there are no such companies in Australia, which culture on development of 3D rendering. Australia has scope to develop their market but due to lack of innovative ideas, the management of the organization has showed no interest. Prime Minister has understood that the market for computer games is innovative and lucrative so it is necessary for the organization to invest a good amount of revenue in this field (Pinchot and Pellman, 2009). Benefit to business due to increased innovation Innovation has several benefits in the business organizations, It helps to maintain the trend and competition in the market. It is the duty of the management of the organization to understand the recent trend of the service users. changes in the trend of the customers, helps to set goals of the organization. On the other hand, innovative ideas help to maintain the competitiveness in the business organization. Competition among the organization helps to check the structure of the organization (Randall, 2005). Innovative helps to bring out most of everything. Australia is a developing country and the economic condition of Australia is fair enough. Even the governing body of Australia believes in free trade so the new business organization has no pressure in setting up the business. Innovation helps in generating good selling points Conclusion and Recommendation From the above discussion of the paper, it can be concluded that innovation is the inevitable part of every organization. The report also helps in determining that there are several reasons behind the determination of innovative ideas. Innovation has direct linked with the positive attitude of the organization. There are some recommendations for the organization regarding innovation and these recommendations help the organization to improve the capacity of the organization. The recommendations are: The leaders of the organization should motivate the employees so that they can increase the productivity of the organization. It is the sole responsibility of the management of the organization to allow the employees to take active part in the decision-making process of the organization (Usselman, 2002). Technological development has become the integrals part of the organization and bringing innovation should be technologically justified or technologically oriented. Training of the employees helps to bring out the innovative ideas. References 1000ventures.com. (2016).NPD best practices: Corning's 5 Steps Innovation Process - from Idea To Successful Commercial Product. [online] Available at: https://www.1000ventures.com/business_guide/cs_npd_corning_5steps.html [Accessed 24 May 2016]. Abramson, M. and Littman, I. (2002).Innovation. Lanham, Md.: Rowman Littlefield. Bessant, J. (2009).Innovation. London: DK. ÄŒeiÄ ytÄ—, J. (2015). Responsible innovation.Journal of Responsible Innovation, 2(2), pp.237-241. Drucker, P. (2005).Innovation and entrepreneurship. New York: Harper Row. Gorman, T. (2007).Innovation. 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