Abstract
Globalization has created new trends such as market consolidation, vertical market strategies and mergers in the business world. These trends have forced many business enterprises to adapt themselves to these new phenomena. Now it has become a necessity for many business enterprises to look for “New Approach” which can help them to face new realities in business. The most talked about and discussed about “New Approach” in the business world is “Innovation Management”. Some enterprises have started declaring innovation as their objective, but they do not seem to follow it up with any concrete action or support of their objective, some of them being under the impression that somehow someone will find an idea that would help their enterprise to improve their revenues and reduce their costs. This approach clearly indicates the lack of clarity on innovation management. This paper explains the various forms of innovation and discusses a case illustration in respect of innovative approach followed by a textile mill in India.
TopBackground
Globalization has created new trends such as market consolidation, Vertical Market strategies and mergers in the business world. These trends have forced many business enterprises to adapt themselves to these new phenomena (Estrim, 2009). Now it has become a necessity for many business enterprises to look for “New Approach” which can help them to face new realities in business. The most talked about and discussed about the “New Approach” in the business world is “Innovation Management.
History of Innovation
Innovation has always been part of mankind. Since the discovery of fire by rubbing two stones together, human beings have been innovating. Innovation is probably the oldest known process. In other words innovation is an extension of a person’s creativity. Human beings have been using their inner skills to create many new things to help mankind.
Key Terms in this Chapter
Cloud Computing: A Computing Model that makes information technology resources such as servers, Middleware, and applications available over the Internet as services to business Organizations in a self service manager.
Globalization: The process by which business starts operating on a global scale.
Knowledge Harvesting: Integrated set of processes that allow the often hidden insight of human expertise to be captured. Then it is converted into a specific actionable know-how that can be transferred to others.
Social media: Use web technology to quickly disseminate knowledge and information to huge number of users. Face book, Twitter, Blog, and other similar social networking site are collectively referred to social media.
Virtual Reality: A system in which images that look like real three dimensional objects are created by a computer system.
Core Team: A team consisting of domain experts to perform multi-Disciplinary activities.