Book Title: Strategic Horizons in the Modern Management
Editors: Dr. D. Kinslin, Dr. S. Edmund Christopher, Dr. K. Sankar Ganesh, and Dr. S. Fenin Samuel
ISBN: 978-81-69297-58-5
Chapter: 6
DOI: https://doi.org/10.59646/715/6
Author: Prof. Jenusha Ananthy Y
Abstract
This chapter explores the role of innovation in gaining and maintaining a competitive advantage in today’s dynamic business environment. It defines innovation as the process of translating ideas into products, services, or processes that create value and distinguishes between different types of innovation, such as product, process, and business model innovation. The chapter discusses the stages of the innovation process, from ideation to implementation, and the importance of fostering a culture of creativity within organizations. It also covers tools and techniques for managing innovation, such as design thinking and open innovation, and highlights how collabouration across teams and with external partners can drive innovation. Additionally, the chapter examines how businesses can measure the performance of their innovation efforts through metrics like return on innovation and market impact. Case studies of companies like Apple and Google illustrate how innovation has been integral to their competitive success.