INNOVATION AND CHANGES

Innovation and Changes

Innovation and Changes

Introduction

Globalization has changed the face of competition. The multinational culture reinforces the organizations to operate beyond their national boundaries. In order to achieve a competitive edge over the competition, the organizations are striving to develop optimal strategies. Nevertheless, there are several factors that influence the strategic dimension and vision of organizations. In the multinational environment, the needs, wants, culture, heritage, choice and preference of customers have a significant impact on corporate strategies.

In this regard, the organization needs to guidance from an effective leader in order to achieve its vision. The organizations adapt innovation in their products and services in order to achieve a competitive edge over their competition. The objective of this paper is to enlighten the conception termed as innovation. The paper will also discuss the importance of innovation and its significant impact on the organizations in a multinational environment. Nevertheless, the paper will also focus on the significance of leadership and its correlation with innovation in an organization. In addition, the paper will illustrate the discussion with real life examples.

Innovation Variance in Organizations

In addition, process innovation requires the adequate knowledge of the process improvement in order to declare a process as an obsolete. In this regard, the triumphant organizations are more prone to their profits. The organizations that prefer long-term and steady profits continue to flourish due to their never ending innovative brand portfolio; nonetheless, the rest of the organizations with complacent behavior face decline after their success in a short-run. The needs and wants of the customers are volatile, they change with time. According to the product life cycle, every product faces maturity and then a decline, the only way to keep a product or service alive is innovation (Jain, 2010, 89). Moreover, the leadership of an organization also influences the degree of innovation adapted by a company. Hence, these are the core reasons due to which some organizations are more innovative than others, and maintain their legacy in the competitive environment.

Different between an Innovative and Non-innovative Organization

There are several differences that can contrast an innovative organization from the company that remains stagnant with its current product or service portfolio. However, there are two main differences that can illustrate the difference effectively. The first difference that contrasts these two types of organizations is objective status of the organization. The organizations that are interested in short-term objectives than long-term achievements cannot innovate their ...