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Innovation and Its Role in Management
Abstract
The chapter presents the concept of innovation and the evolution of this term in the sciences of organization and management. Innovation is a particularly important element of modern management as it contributes to creating value for the company and strengthening its market position. Regardless of the industry, every modern organization should be open to new developments; it is an expectation expressed by the recipients of products and services. The market needs to improve existing solutions and develop new products on an annual basis. Innovation is defined as the process of translating an idea or invention into a good or service that creates value for which customers will pay. By observing the actions of the most powerful organizations, it can be observed that novelties form an integral part of their business activity models. Every two years, Microsoft presents to its customers an updated version of their popular operating system, fashion houses design new clothing collections for specific dates, and Disney regularly introduces new blockbusters for the next generations of viewers. Regardless of whether an organization is global or local, the need for innovation is becoming increasingly commonplace.
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