Innovation and its Role in Success of an Organizations

Abstract

In every organization, innovation stands as a paramount concern, with its indispensable role in driving market advancement and coordination. The application of innovation spans across all facets of human endeavor, encompassing product development, managerial methodologies, and operational approaches, among others. Within the various definitions attributed to innovation, a consistent theme emerges: the alteration or enhancement of processes or products. Innovation embarks on a journey commencing from the conception of an idea and progressing through planning, ultimately culminating in the emergence of a novel function. This process distinctly sets innovation apart from mere creation. It is pivotal to recognize that innovation and creativity are distinct entities. This document delves into the significance of innovation and its pivotal role in fostering the growth, viability, and triumph of organizations.