Innovation and Change Essay Example | Topics and Well Written Essays - 3250 words

trigger and Change - Essay ExampleInnovation and commercialisation differ considerably from each other. Different types, sizes and markets of knowledgeableness have been intelligibly depicted in the paper. Several factors such as culture, organisational structure, its core competence and environmental scanning that play a vital part in invention strategy have been mentioned in detail. Various issues and factors that make an organisation innovative have been discussed by citing examples. 2.0 What Is Innovation and Why Is It Important? Definition Innovation refers to an use of improved or new ideas to products, process, marketing or various other activities of a firm in order to increase its value. Value represents a wider approach to incorporate higher value added to the firm, benefits to consumers or other firms (Princeton University Press, n.d.). Innovation implies the process by which different degrees of quantifiable value improvement is planned as well as achieved in commerc ial activity. The processes by which innovation can be achieved are introducing new or improved products and services, executing improved in operation(p) process and implementing new managerial process (Business.Gov.in, n.d.). Importance In the present scenario, innovation is a key factor to maintain long run of business and organisation. Innovation facilitates to achieve competitive advantage over others. An organisation is involved in various innovative activities in manufacturing procedures, brand building, product improvement and others. Innovation facilitates to structure corporate life and also helps a company to develop various strategies. Various other significances of innovation in the persistence encompass return in total cost of production, increase in income opportunity and maintenance of well-organised operating system. It also enables to observe probable acquisitions on the basis of cost as well as accelerating profitable top-line revenue growth along with increasi ng capabilities. The research and development of the country can be expanded by innovation by means of most up-to-date technology in the country (Business.Gov.in, n.d.). Difference between Commercialisation and Innovation Innovation implies improvement with innovative technologies in various sectors in an organisation. Innovation process varies considerably depending on different industries and their product lines. In certain industries, such as pharmaceuticals, innovation depends greatly on scientific breakthroughs, while in electronics industry innovation develops from product and process design. Innovation takes on several characteristics during product as well as industry life cycles (Princeton University, 1995). Commercialisation refers to increase in profit from innovation in an organisation by integrating new technologies into processes, products and services and then selling them in marketplace. Commercialisation is contingent in industries of pharmaceuticals along with airc raft while receiving sanction of products from suitable organisations. Commercial success depends on the ability and skill of firms to develop and protect a proprietary benefit in the marketplace as it does on their capability to produce new scientific and technical advances (Princeton University, 1995). Several innovations are developed to the specimen stage and are produced in lesser amount, but it is not totally commercialised because the financial