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What is GDP/Gross Domestic Product

Handbook of Research on Increasing the Competitiveness of SMEs
A monetary measure of the market value of all the final goods and services produced in a specific time period, often annually.
Published in Chapter:
Innovation Trends in Human Management for Competitiveness in SMEs
Rafael Ignacio Perez-Uribe (EAN University, Colombia), Omar Orlando Ovalle-Mora (EAN University, Colombia), David Ocampo-Guzman (EAN University, Colombia), and Maria Del Pilar Ramirez-Salazar (EAN University, Colombia)
Copyright: © 2020 |Pages: 25
DOI: 10.4018/978-1-5225-9425-3.ch001
Abstract
Innovation trends in human management are key factors that have a major influence in a company's competitiveness and its business sustainability. Therefore, an innovation process grants substantial and/or incremental improvements in all business processes, thus achieving organizational value that in turn promotes a definition of the organizational strategy and its actions. This definition leads an organization towards developing specific competencies and strengths that are paramount in obtaining concrete results, whilst competing within an ever-changing and turbulent economic environment. Thence, current and future trials and tribulations in sustainable innovation must be directed to all types of business models: commercial, managerial, financial, environmental, and social. It is very important to emphasize that the above must include staying ahead of trends in human resource management, aimed at simplifying processes, management guidance in information flow within the workplace, and building an organizational culture founded in innovation.
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