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Another example involves business incubators — a phenomenon nurtured by governments around the world, close to knowledge clusters mostly research-based like universities or other Government Excellence Centres — which aim primarily to channel generated knowledge to applied innovation outcomes in order to stimulate regional or national economic growth.

In the organizational context, innovation may be linked to positive changes in efficiency , productivity , quality , competitiveness , and market share.

However, recent research findings highlight the complementary role of organizational culture in enabling organizations to translate innovative activity into tangible performance improvements.

Innovation is the specific function of entrepreneurship, whether in an existing business, a public service institution, or a new venture started by a lone individual in the family kitchen.

It is the means by which the entrepreneur either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth.

According to Clayton Christensen, disruptive innovation is the key to future success in business. It is necessary to create and nurture an environment of innovation.

Executives and managers need to break away from traditional ways of thinking and use change to their advantage. It is a time of risk but even greater opportunity.

Companies will have to downsize and re-engineer their operations to remain competitive. This will affect employment as businesses will be forced to reduce the number of people employed while accomplishing the same amount of work if not more.

While disruptive innovation will typically "attack a traditional business model with a lower-cost solution and overtake incumbent firms quickly," [22] foundational innovation is slower, and typically has the potential to create new foundations for global technology systems over the longer term.

Foundational innovation tends to transform business operating models as entirely new business models emerge over many years, with gradual and steady adoption of the innovation leading to waves of technological and institutional change that gain momentum more slowly.

All organizations can innovate, including for example hospitals, universities, and local governments. This system aids in better evaluation of policies and procedures with accountability and efficiency in terms of time and money.

In addition, the growing use of mobile data terminals in vehicles, that serve as communication hubs between vehicles and a control center, automatically send data on location, passenger counts, engine performance, mileage and other information.

This tool helps to deliver and manage transportation systems. Still other innovative strategies include hospitals digitizing medical information in electronic medical records.

For example, the U. There are several sources of innovation. It can occur as a result of a focus effort by a range of different agents, by chance, or as a result of a major system failure.

According to Peter F. Drucker , the general sources of innovations are different changes in industry structure, in market structure, in local and global demographics, in human perception, mood and meaning, in the amount of already available scientific knowledge, etc.

In the simplest linear model of innovation the traditionally recognized source is manufacturer innovation. This is where an agent person or business innovates in order to sell the innovation.

Another source of innovation, only now becoming widely recognized, is end-user innovation. This is where an agent person or company develops an innovation for their own personal or in-house use because existing products do not meet their needs.

MIT economist Eric von Hippel has identified end-user innovation as, by far, the most important and critical in his classic book on the subject, The Sources of Innovation.

The robotics engineer Joseph F. Engelberger asserts that innovations require only three things:. However, innovation processes usually involve: Investigation of relationship between the concepts of innovation and technology transfer revealed overlap.

Information technology and changing business processes and management style can produce a work climate favorable to innovation. Both companies cite these bottom-up processes as major sources for new products and features.

An important innovation factor includes customers buying products or using services. As a result, firms may incorporate users in focus groups user centred approach , work closely with so called lead users lead user approach or users might adapt their products themselves.

The lead user method focuses on idea generation based on leading users to develop breakthrough innovations. Sometimes user-innovators may become entrepreneurs , selling their product, they may choose to trade their innovation in exchange for other innovations, or they may be adopted by their suppliers.

Nowadays, they may also choose to freely reveal their innovations, using methods like open source. In such networks of innovation the users or communities of users can further develop technologies and reinvent their social meaning.

One technique for innovating a solution to an identified problem is to actually attempt an experiment with many possible solutions.

This technique is sometimes used in pharmaceutical drug discovery. Thousands of chemical compounds are subjected to high-throughput screening to see if they have any activity against a target molecule which has been identified as biologically significant to a disease.

Promising compounds can then be studied; modified to improve efficacy, reduce side effects, and reduce cost of manufacture; and if successful turned into treatments.

This is used by major sites such as amazon. Programs of organizational innovation are typically tightly linked to organizational goals and objectives, to the business plan , and to market competitive positioning.

One driver for innovation programs in corporations is to achieve growth objectives. As Davila et al. Innovation is the key element in providing aggressive top-line growth, and for increasing bottom-line results".

One survey across a large number of manufacturing and services organizations found, ranked in decreasing order of popularity, that systematic programs of organizational innovation are most frequently driven by: These goals vary between improvements to products, processes and services and dispel a popular myth that innovation deals mainly with new product development.

Most of the goals could apply to any organisation be it a manufacturing facility, marketing firm, hospital or local government. Whether innovation goals are successfully achieved or otherwise depends greatly on the environment prevailing in the firm.

Conversely, failure can develop in programs of innovations. The causes of failure have been widely researched and can vary considerably. Some causes will be external to the organization and outside its influence of control.

Others will be internal and ultimately within the control of the organization. Internal causes of failure can be divided into causes associated with the cultural infrastructure and causes associated with the innovation process itself.

Common causes of failure within the innovation process in most organizations can be distilled into five types: Diffusion of innovation research was first started in by seminal researcher Gabriel Tarde , who first plotted the S-shaped diffusion curve.

Tarde defined the innovation-decision process as a series of steps that includes: Once innovation occurs, innovations may be spread from the innovator to other individuals and groups.

The s-curve maps growth of revenue or productivity against time. In the early stage of a particular innovation, growth is relatively slow as the new product establishes itself.

At some point, customers begin to demand and the product growth increases more rapidly. New incremental innovations or changes to the product allow growth to continue.

Towards the end of its lifecycle, growth slows and may even begin to decline. In the later stages, no amount of new investment in that product will yield a normal rate of return.

The s-curve derives from an assumption that new products are likely to have "product life" — i. In fact, the great majority of innovations never get off the bottom of the curve, and never produce normal returns.

Innovative companies will typically be working on new innovations that will eventually replace older ones. Successive s-curves will come along to replace older ones and continue to drive growth upwards.

In the figure above the first curve shows a current technology. The second shows an emerging technology that currently yields lower growth but will eventually overtake current technology and lead to even greater levels of growth.

The length of life will depend on many factors. Measuring innovation is inherently difficult as it implies commensurability so that comparisons can be made in quantitative terms.

Innovation, however, is by definition novelty. Comparisons are thus often meaningless across products or service. They categorized these measures along five dimensions i.

There are two different types of measures for innovation: The measure of innovation at the organizational level relates to individuals, team-level assessments, and private companies from the smallest to the largest company.

Measure of innovation for organizations can be conducted by surveys, workshops, consultants, or internal benchmarking.

There is today no established general way to measure organizational innovation. For the political level, measures of innovation are more focused on a country or region competitive advantage through innovation.

In this context, organizational capabilities can be evaluated through various evaluation frameworks, such as those of the European Foundation for Quality Management.

Some people consider the Oslo Manual complementary to the Frascati Manual from The new Oslo manual from takes a wider perspective to innovation, and includes marketing and organizational innovation.

These standards are used for example in the European Community Innovation Surveys. Whether this is a good measurement of innovation has been widely discussed and the Oslo Manual has incorporated some of the critique against earlier methods of measuring.

The traditional methods of measuring still inform many policy decisions. For example, an institution may be high tech with the latest equipment, but lacks crucial doing, using and interacting tasks important for innovation.

An Australian academic developed the case that national comparative cost-effectiveness analysis systems should be viewed as measuring "health innovation" as an evidence-based policy concept for valuing innovation distinct from valuing through competitive markets, a method which requires strong anti-trust laws to be effective, on the basis that both methods of assessing pharmaceutical innovations are mentioned in annex 2C.

Several indices attempt to measure innovation and rank entities based on these measures, such as:. Many research studies try to rank countries based on measures of innovation.

Car Hire can work with you to customize a rental programme for your business needs. Working with leading suppliers.

We can also help setup industry best practices and train your staff to get maximum efficiency and quick return on your investment. A web-based booking engine for customers agents in searching inventories and making bookings for various services by paying through different financial arrangements like credit limit or bank guarantee, credit card payment and settlement.

A Reservation module which allows the staff to process bookings within a set discipline of business rules and regulations and validations by automating quotes preparation, booking forms, voucher, and invoice generation.

It also covers the need for internal and external reporting such as Trial Balance, Balance Sheet, Ageing Reports, Revenue Reports, bank reconciliation and others.

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It also allows the suppliers or hoteliers to publish last minute offers and allotments. We not only help our clients to substantially bring down their costs.

We have seen so many software packages but rarely do we come across one that delivers more than what it promises. We have always pre-empted market requirements and been able to initiate new services and products successfully.

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