What Is Innovation in Terms of Business?


Quick Answer

Innovation in business means constantly creating and adapting new ideas, products and processes in order to have a competitive edge against competitors. Businesses that are innovative tend have more efficient performance and productivity levels. An innovative business is not only a leader in its respective field, but is also an emblem of success for other companies to follow. Innovators are leaders because they inspire change instead of following the methods of previous individuals.

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Full Answer

In order for businesses to be innovative, it must create an aura of open communication and comfort in the work place. Great companies are composed of individuals from different backgrounds, and they often urge their employees not be shy about speaking their minds. Leading innovative companies have great work environments that help their employees solve challenging problems collectively.

In business, no set way is always correct. Because of the constantly changing nature of the global market, companies have to stay on the pulse of their customers and be one step ahead. Innovative companies often have great customer service programs that help them understand the sentiments of the people to whom they are selling their products or services. Innovation is a vital component of maintaining a competitive edge in business.

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