Article Preview
Top1. Introduction
Companies should aim for continual improvement to sustain, to succeed, and to grow in the competitive business environment (Maricar & Kiyasudeen, 2021). Continual improvement is possible when companies get actively involved in innovation. Innovation is the key to developing viable new offerings (Vasic, Zizakov, Delic, Cuckovic, & Cosic, 2022). Innovation can involve a new technology, a new approach to brand building, a new pricing mechanism, a new way to managing incentives, new channels of communication, or a novel distribution channel (Yuan & Song, 2022). Companies which are able to develop innovative offerings succeed in the competition. Innovative offerings disrupt existing business models (Winkelhake, 2022). Companies which are able to adapt to the changing market conditions and which develop new offerings are able to devise new ways to create market value.
The future of a company is shaped by the development of new offerings (Staykova & Damsgaard, 2021). Companies should invest in developing new offerings. Otherwise, companies should rely on acquiring new products developed by other companies to ensure sustained growth (Musa & Nasiru, 2021). The success of a company is decided by the development of new offerings. Innovation and development of new products enable companies to challenge and to apply effective solutions that engage and delight customers (Madzík, 2019). Companies which are truly innovative, understand how to shape not only its own future, but also that of its customers.
The discussions indicate that it is imperative for companies to do continual innovation. The opportunities of innovative companies to flourish are higher than the opportunities of those companies which do not focus on innovation. Companies should understand the importance of innovation and should manage innovation properly to achieve growth in the long run. Although the topic is important, few studies focus on addressing this issue. The study aims to address this research gap.
The objective of the study is to analyze the various aspects of the innovation imperative and the management of innovation in organizations. The aim is also to understand the various approaches which may be adopted by organizations for management of innovation in organizations.
The methodology adopted is a conceptual analysis of the various aspects of the innovation imperative and the management of innovation in organizations. Innovation is an evolving phenomenon with changes happening regularly. The latest literature on the topic is reviewed and research papers from reputed academic journals are studied and analyzed conceptually. Primary data is not collected and empirical analysis is not done.
The novelty and the contributions of the study lie in the fact that a conceptual analysis of the various aspects of the innovation imperative and management of innovation in organizations is done. Various approaches and initiatives adopted by companies for management of innovation are discussed. Academicians may study and analyze the various approaches and initiatives, and suggest approaches and initiatives which are effective in the management of innovation in organizations. They may suggest models which may be effective for organizations in understanding the innovation imperative and in managing innovation. Companies and practicing managers will realize the importance of the innovation imperative and of the management of innovation in organizations. They will adopt approaches and initiatives which are effective in incorporating innovation in their organizations. This will enable companies to adopt effective approaches and initiatives towards management of innovation and to achieve business excellence.
The study is structured as follows: