Today, in the context of global economy, to remain in business by maintaining targeted revenue growth is through innovation only. A value-generating innovation process can be defined as one through which an organization creates an idea that can be converted into a useful product/service and takes it to market for the purpose of creating value. Managing innovation is different is not similar to managing either quality or supply chain and is seldom properly understood by decision makers. Innovations can be classified as technology-based such as creation of products or processes or business model-based such as marketing changes based on customer requirements, supply chain management. Also based on their impact on the market innovations can be classified as incremental innovations such as reduced fuel consumption or radical or disruptive innovations which replaces the existing products as in case of cell phones. This paper describes the components of a full-spectrum innovation system and explains how this can be effectively used for being in competitive business in rapidly changing business scenario. (15 refs.)
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