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|What is Innovation and Why is it Important|
What is Innovation?
Innovation is the exploitation of new ideas that lead to the creation of a new products, processes or services. Most importantly, the goal of innovation is to bring the idea to a productive position; whether this is a profitable product or simply a better way of doing something. It can improve quality, a service, a process or a management model. In short, it is the addition of value, even if there is not monetary reward. When no monetary reward is achieved, we would assume that the innovation is an improvement to an individual, group or society.
Accordingly, one can categorize innovation as product innovation, process innovation, supply chain innovation, or marketing innovation.
Why Innovation is important?
It has become a foregone conclusion that all businesses want to be more innovative. The majority of businesses believe that innovation is a priority. The importance of innovation is increasing, and increasing significantly. Currently, innovativeness has become a major factor in influencing strategic planning. It has been acknowledged that innovation leads to wealth creation. Although efficiency is essential for business success, in the long run, it cannot sustain business growth.
Today, we need innovators more than any time before. Every organization and business is feeling the impact of globalization, migration, technological and knowledge revolutions, and climate change issues. Innovation will bring added value and widen the employment base. Innovation is imperative if the quality of life in these trying circumstances is to improve.The IAOIP is dedicated to developing an innovation body of knowledge and promoting the global networking by innovation professionals.