Ethics and Environment Essay

Innovation is express to occur when something is done in a radic every(prenominal)y stark naked guidance. apple has been frequently cited as the knowledgeability leader in technological world. It, nether the leadership of its CEO Steve Jobs, introduced proceedss which were radically different as for as build was concerned. Comp ard to apple, Dells computers induct no sophisticated design or technical feature. The importance of debut is such that most of the successful companies near the world are spending huge sums of their profits on knowledgeability related projects.M whatever people conf employ psychiatric hospital with conception. Innovation and invention are different things. wile is the first step toward the development of something new. It is the musing of an idea while innovation happens when that idea is put to use successfully. Invention can occur every moment while for innovation to occur, historic period may pass by as it takes a lot of season from ques tioning to introducing a new product. It takes one person to invent and many to bring in as a lot of people are required to do research, test, and market a particular product.Following are the four pillowcases of innovation types as described by Oslo Manual 1- Product Innovation. This type of innovation is said to occur when a significantly different product is introduced by a company. The difference may occur due to design, change technical specification etc. 2- Process innovation. If a production cultivate is novel and delivery system improved then offset innovation is said to check occurred. 3- Marketing Innovation. When a products pricing, packaging, or positioning is done in a totally new way then marketing innovation is said to seduce occurred.4- Organizational innovation. If organisational culture is changed bringing in a lot of value than organisational innovation is said to have occurred. Innovation is result oriented, the two important outcomes of innovations as d escribed in a report published by Boston Consulting group are Tangible Outcomes Tangible outcomes refer to new products and design that are accomplishd as a result of innovating. They are provided healthy c all over by variant intellectual property instruments like copyrights. intangible Outcomes These are outcomes that cannot be quantified and legally protected.A new production process is a tangible outcome. Not every fundamental law that engages in sophisticated pursuits succeeds. Many organizations complain that their money invested in innovation process is wasted. This does not mean that every organization fails rather there are various success genes that determine whether an organization volition succeed and come up with innovative products or services or not. Idea generation is a first step where most organizations fail. If choices are not invested properly, bright ideas baron not come to executives attention.Companies in any case need to gestate to their customers for ideas. Then they need to have proper processes in place to drip forward the best ideas and make most of them. Another success factor that many organizations lack is the absence of good leaders who can cypher the whole innovation process. Innovation process will be break off if an organization does not have enough skilled workers. In research and development labs of many successful companies, quality of employees is one factor which has compete a big role. Importance to Innovation for OrganizationsInnovation is critical to any companys success in these cartridge holders because it is the main device driver of competitive benefit. It is one of the factors that drives the growth and shareholder value of any organization. all(prenominal) organization wants to come up with creative ideas which they can manifest and accomplish successfully. One study suggests that distinct products/services and novel business processes are the main competitive advantage that any organization can have. This is in addition the opinion of the 70 percent of the CEOs of the fastest progressing companies.Almost every organization has realized the value of innovation so much so they have not decreased their R&D budget in this time of recession. One Wall Street Journal report says that big US companies have not decreased their spending on R&D scorn a fall of 7. 7% in their revenue. It is true that tarradiddle teaches us great lessons. The same is case with business world. IPod was introduced soon later the incident of 9/11. Among those who plan to spend almost the same add together on R&D as they did in 2007 are Microsoft, Intel and 3M.Apple is a perfect example of a company which gained competitive advantage mainly by innovative pursuits. It realized that investment in innovation pursuits is the only way to boost profitability thats why they increase their R&D investment by more than 42% during 1999 to 2000 despite a decrease of 6% in their revenue. This led to products l ike IPod and ITunes store. They have mainly relied on innovation in design. Apple has also succeeded in capturing a share in cell phone market by introducing other innovative product called IPhone. In the last century, people talked close efficiency and shareholder value.They applied various principles to reduce cost and achieve economies of scale. But their rivals in low- income countries could outclass them because of lower costs of production there. right away is the time to gain competitive advantage by innovation. Human resource of any organization is the best place for creative ideas. It is the people of any organizations that can help give it a competitive advantage by innovating new products and services. Google is another company which has gained significant competitive advantage over its rivals by introducing innovative products.More than 50 percent of internet users use Google as their primary search engine. It introduced the new way of targeting ads based on internet surfing behavior of its users. Google Voice is another of their innovation. Apart from that, they have introduced services like Google mail, Google News etc. The owners of Google have made sight by indulging in innovation pursuits. Automaker industry also drives its strength from innovation. Toyota, ranked third by Business Week as most innovative company, has come up with cars with very innovative features.It will introduce the powerful Prius which will have solar- powered air conditioner. Microsoft is another company which has gained competitive advantage by rolling out innovative product. It recently introduced Windows 8. It can, therefore, be concluded that if any organization is to gain a competitive advantage, it should foster the innovative environment. This can be achieved by full-grown way to open culture at organization, empowering people at all levels, and encouraging employees to give their ideas about new products and/or services.