Innovation as a Success Key for Organizations

INNOVATION A KEY TO SUCCESS.

The phrase is almost at the tips of everyone as nowadays everyone understands the value of innovation for success. No matter where you are and in which field you may be, innovation is must and without innovation, you cannot survive in the long run. For you to be different from everyone you need to be innovative and different than others, otherwise you cannot have any identity of your own. Each and every sector understands the importance of innovation. Entrepreneurs have to be innovative with their business plan to survive, copying others materials cannot help them in sustaining in the long run.

The corporate world needs innovation from time to time to be better than their competitors and to be in a high position in the business world. Technology constantly changes and new creations always replaces the previous so all this is what innovation is, and to be innovative and successful people need to follow 7 steps of innovation in an effective ways as it proved that not only having the idea is important but to implement that idea at the right time at right place is also must. To hit the hammer on the hot iron rod is necessary to shape the iron. Same goes for innovation.

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STEPS FOR INNOVATION PROCESS:

The innovation process step is the way to create something new and unique involve 7 steps which are the following:

 STEP 1: Define the Problem

The innovation process starts with defining the problem. This step is necessary to do any work, knowing the area of default is always important to find the solution, without knowing the problem no solution can be found.

The problems for the innovation process can be:

• Increasing sales.
• Improving the production process.
• Satisfying the particular customer needs, etc.

Increasing sales by using innovation can be a hindrance as many new technologies and ideas are day by day using to increase sales especially digital marketing and use of IMC has created a lot of options for promoting the products, so to think for the idea out of the box is a challenging task to overlook for.

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    To improve the production process is also one of the few challenging tasks but by using new technologies production process has become a bit of an easy task but to make the production process easier and effective new ideas can be implemented by the use of various technologies as well as software.

STEP 2: Generate Ideas

After defining the problem, creating new ideas according to the problem. The idea generated should be useful and according to the need of the current situation will be helpful otherwise the new idea will not be of any use.

The methods to generate new idea can be:

• Focus Groups
• Brainstorming
• Problem Inventory Analysis

STEP 3: Evaluate the Ideas

  By using various methods new idea has been generated by to evaluate the idea few methods to be used such as:

• SWOT Analysis
• Evaluation matrix
• Pass / fail evaluation.

     STEP 4: Choose the best idea/ideas

The best innovative idea is the one which best fit the criteria and shows great results on your method for estimation.

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     STEP 5: Develop the Idea

 Development of new ideas on the basis of designing and manufacturing can be done separately.

Designing the Idea by:

• Engineering
• Prototyping
• Test in the business environment

Developing the Idea by

• Manufacturing
• Distribution
• Branding
• Marketing and Sales

STEP 6: Implement the Idea

 After developing the idea, to implement that idea some strategy elements to be considered:

• Get personal and management involved.
• Train the staff.
• Make a business plan.
• Consider outside factors and details.

STEP 7: Monitoring 

  The final stage involves the monitoring which includes few steps for the monitoring process:

• Collect data during the process of implementation.
• Compare the collected data with the required results for the particular moments.
• Decide what actions have to be done to improve the process.

By using these 7 steps a better idea can be generated and to make innovation creative and effective simultaneously for an individual as well as for the society as a whole.

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In general terms, the use of these 7 steps can help in creating new opportunities and will provide the individual with the power of decision making. By innovation process steps development of society will reach to a new extent as by using the process will open the cognitive abilities of an individual and hence result in innovation of new various creative ideas from not only one part of the country but from the whole world and this can make a world a better place to live in by having various comforts.

Submitted By Dhwaja Katare | Faiz Rizvi | Pragati Singh (PGDM 2017-19)