Innovation

Humans are the most powerful ?? species on earth, so what makes us powerful? ??

?? "Ability To Think" ??

But the problem happens when we become so attuned to do things day in and out.

We actually underutilize our own thinking abilities to THINK!

So, what is Innovation?

• Innovation defines as an idea that has novelty, an idea to be implemented and to be used.
• Innovation can be described as “creativity implemented”.
• Innovation is putting an idea into practice or commercializing an idea.

Why do we need innovation?

• Change in business economy/environment & High uncertainty - natural calamity, highly unpredictable future, how do we handle/mitigate?
• Reducing product life cycles - earlier, a product used to have a life cycle of 10-20 years and now it is reduced to approx. 2 years
• Increasing expectations – Low cost and high quality
• Competitive implication (for eg: Nokia and Blackberry were market leaders until recently)
• Urge to improve, to achieve better and customers have a lot of options

The bottom line is - Innovation is ubiquitous and we can't avoid it. If we want to sustain in a challenging and competitive environment - Innovation is the only way out. In an organization, we must encourage and use all our employees to give ideas but many of them are often deprived of ideas by not involving all employees.