Innovation vs. Traditional Practices: To What Extent Does Innovation Pay Off?

 When it comes to industry buzzwords, few terms have more power than innovation. Capitalism is credited with fuelling innovation, and innovation has led the way toward modern life. However, innovation should be viewed with a degree of scepticism for businesses, and tradition sometimes has benefits over innovation. Here is an overview of the concept of innovation and how it should be viewed by businesses of various sizes. 

For large companies, innovation is clearly a key for success. Before the release of the iPod, Apple was struggling, and the company would have gone bankrupt without a loan from Microsoft. With the release of the iPod, the iPhone and the iPad, however, Apple has vaulted into position as the top technology company in the world. Apple's innovation has more to do with synthesizing multiple ideas instead of creating new ideas, but their innovation has paved the way for years of success. It should be noted, however, that innovation for large companies is not without risks; had the iPod flopped, Apple would have lost a considerable sum of money and may have had difficulty surviving. That said, Apple was struggling to survive off of their desktops and laptops, and [url= http://www.london.edu/programmes/executiveeducation/leadingchangeprogramme.html] Leading change [/url] was necessary for them to succeed.

For small businesses, innovation needs to be cost effective. Small businesses cannot take many risks, and one failed product launch can spell disaster. For many small businesses, effective innovation deals with creative pricing schemes and clever advertising. However, there is room for offering innovation in terms of the products and services that are offered. A company specializing computer repair, for example, can sell specialized tools designed to monitor clients' computers. There are still risks involved, so small companies will want to ensure that they can survive a flop.

[url= http://www.london.edu/programmes/executiveeducation/leadingchangeprogramme.html] Leading change [/url] in the office is also a popular concept, there may be some rewards for companies that innovate in the right way. In general, office innovation should revolve around increasing employee productivity. In some cases, [url= http://www.london.edu/programmes/executiveeducation/leadingchangeprogramme.html] Leading change [/url] in the office may be about giving employees a louder voice in meetings. The best ideas often come from employees instead of managers, and companies that can tap into the latent innovation present in their employees may be able to succeed.

Innovation fuel success across the globe, and innovation has transformed the transportation, medical and educational industries. However, businesses should be assured that is still rely on traditional business techniques when appropriate. Innovation is no guarantee of success, and innovations that fail to bring in capital will likely lead to poor outcomes.