Select three different companies to evaluate the impact of innovation
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Select at least three different types of organizations. Prepare a response in which you evaluate the impact of innovation on your selected organizations.
Be sure to discuss the impact on strategy, process, product, and/or services within each type of organization.
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Solution Summary
This is a summary looking at how innovation affects a range of organizations. Concepts such as strategy, servicing, and processes are discussed.
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Innovation is buzzword that is being utilized throughout the business world today. But what does the term innovation mean and why is it important to a company? Innovation is the act of trying something new in the form of processes, technology, and policies that enable a company to complete its mission more efficiently and effectively. In the business environment, the efficiency and effectiveness realized through innovation manifests itself in increased profits. The challenges associated with innovation are different depending on the type of company or business entity that is attempting to innovate. For example, companies that are involved in the service-based industry may or may not have the ability to innovate as much as a company that is in the business of product development. Regardless of the type of industry however, all companies have the capability to innovate.
The product development industry is a great example of an industry that can benefit tremendously through innovation. Depending on the type of innovation the company is attempting to achieve, innovation can come in the form of technology, where the product line development ...
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