Creation of value via implementations of novel or improved services, products, technologies, processes, or business models and organizational methods can be the definition of the word ‘innovation’. Innovation can be both incremental and radical and takes place in every corner of our economy producing an enormous deal of employment and wealth while improving the services and goods offered to the consumers. This takes place from the customary vast end of town, such as at Telstra, CSL, and Toyota, through to the new economy with a host of relative businesses such as Carsales, AirBnb, Kogan, and Uber being formed based on opportunistic novel business models and entrepreneurial ideas.
This decade innovation is particular more vital in Australia since we operate in a high-cost environment, and as the organizations in lower-cost economies to our north such as India, China, etc. have significantly reduced any benefit in the quality of services and goods which we might have a century earlier. There is an amazingly, twofold good news on innovation: First there isn’t any limit on innovation. Take an example of biotech, new internet-based services or new business models. Second, we have no drawback with innovation the way we have difficulties with cost competitiveness. We have only scratched the surface of what is valuable and possible.
At the beginning level, our research-based on comprehensive case studies and detailed surveys has pointed out that some primary ingredients of success must be strongly positioned for innovation to be a systematic part of an organization’s makeup. There is a requirement of a systematic approach for achieving success: Samsung and Apple do not just get fortunate more often than the rest of us.
Leadership is amongst the many important things in organizations which are required to innovation success. When there is a commitment of senior leadership and the systems and resources are in place, then innovation can effectively take hold in the workforce, which is critical.