Business Frontiers

Innovation is a mode that meets new needs of a customer. It gives license to explore new boundaries and use these ideas quickly and effectively. One extraordinary example of the failure to innovate was one of the largest DVD rental companies, blockbuster with a very high popularity and customer loyalty, blockbuster was a popular name. Company invested huge resources at its peak and were determined to lead the market with digital innovation. However, failing to innovate, its overhead cost started to lose the base of Postal services.

Each has a different purpose and requires a different strategy: Incremental innovations help keep a company in the game and provide short-term revenue. Game changers transform markets. They introduce new product categories, for instance, which can ensure long-term success for a business.

There are numerous such examples in the corporates. There is a constant dialogue between executives whether to go for incremental innovation or go for a game changer but this is a wrong division. Even if Blockbuster purchases Netflix it still needs gradational changes to give its product a life. This gradual changes in the form of technology advancement, new strategies, using new tools and other aspects of marketing. For example Lego made several innovations like packaging style, manufacturing, employees customer relationship and way of communicating.

There are a number of companies who have a number of ideas from inside as well as outside the firms. Companies can use small ideas with proper time and investment. They can ensure operational efficiency, and let employees participate in building change. This creates space for development and testing. Innovation cycle is open, transparent and flexible. ideas can come from any department of any organisational and teams. HCL has made priority in artificial intelligence and Tata in renewable energy. So we can say that Innovation and gradation works together.

Innovation is an extremely powerful force for positive change that should be more explicitly acknowledged and encouraged. Governments should listen more to the insurgents and resist being captured by the incumbents.Please use the sharing tools found via the share button at the top or side of articles.

Innovation is an extremely powerful force for positive change that should be more explicitly acknowledged and encouraged. Governments should listen more to the insurgents and resist being captured by the incumbents. But governments, regulators and civil society organizations do have a legitimate and essential role in deciding how some innovations are released into the wild and how they are deployed.