Innovation

INNOVATION ADVANTAGES AND DISADVANTAGES Innovation is a key factor of success for companies toward the last of the 20th and the beginning of 21st century due to the growing of international competition. It happens in every industry from refreshing industries such as electronics, telecommunications, automotive and aerospace to former(a) industries such as shipbuilding and mining. Most businesses these days atomic number 18 making money by innovating and Kelly, one of the most famous names in cultivation Technology, states that: wealth flows directly from innovation, not optimization; that is, wealth is not gained by perfecting the k this instantn, but by imperfectly seizing the unknown. Even though innovation is vital for businesses, there are many risks and difficulties are coming along with the innovation process. For this reason, the friendship would be better or worse because of innovation. According to Lewitt: respectable as energy is the basis of life itself and ideas the source of innovation, so is innovation the vital spark of all human change, advantage and progress. Why innovation is becoming more burning(prenominal) for companies these days?

Technology in recent years is ever-changing rapidly; therefore, if the company does not have any queer product in the marketplace, customers entrust stop buying their old products and services because of new products provide be beed from new competitors. Thus, this will lead to the drop in sales and lose market share which will cut total revenues, stock prices etc... In addition, with the fast change in technology, good idea is pronto copied and this makes products hard to distinguish. For this reason, pressure is put on companies to continuously invent new products and services. However, innovation keeps companies to be updated with high technology which will reduce the cost of production and increase revenue. Customers are now more complicated and demanding, and they are always asking for new product with higher quality and better price. Krill (2006) said: The... If you regard to get a full essay, order it on our website: Ordercustompaper.com

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