Leading Business Model Innovation, Strategy, Culture, Best Practices
Introduction
Innovation is the fundamental driver of growth and profitability in the business organizations and is at the top of virtually every corporate agenda. This is because organizations have realized that efficiency and operational performance are solely inadequate to generate a sustained and competitive distinction in today’s global markets, which are always challenging. Therefore, every organization is looking towards improving innovation, which is highly dependent on the corporate culture and people involved in the process. Innovative approaches majorly focus on obtaining the best out of the innovative potential of consumers, partners and people. The major step in improving innovation is framing a strategy, which addresses the crucial components of culture, technology and processes in an organizational way. Strategic innovation refers to the creation of various growth strategies, innovative product categories and services or new business models, which are capable of generating significant value for the consumers as well as
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This is because innovation has become a means of differentiating and competing for scarce demand, especially during financial crisis. Furthermore, the commoditization of industries is taking at a faster pace, which urges the need for looking for ways and means to create a value and set the organization apart. Since most of the organizations implement similar approaches of achieving operational excellence, innovation is the only best alternative to stand out in the competition. Another reason for looking towards innovation is that the organizations have already drained of the value they might achieve through operational effectiveness. Innovation is essential as it promises a top line of growth, greater margins, enhanced market share, and maximum market