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Information Resources Management Association
Advancing the Concepts & Practices of Information Resources Management in Modern Organizations

Staying Ahead in Business Through Innovation

Staying Ahead in Business Through Innovation
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Author(s): N. Raghavendra Rao (FINAIT Consultancy Services, India)
Copyright: 2018
Pages: 9
Source title: Encyclopedia of Information Science and Technology, Fourth Edition
Source Author(s)/Editor(s): Mehdi Khosrow-Pour, D.B.A. (Information Resources Management Association, USA)
DOI: 10.4018/978-1-5225-2255-3.ch495


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Globalization has created new trends such as market consolidation, vertical market strategies and mergers in the business world. These trends have forced many business enterprises to adapt themselves to these new phenomena. Now it has become a necessity for many business enterprises to look for “New Approach” which can help them to face new realities in business. The most talked about and discussed about “New Approach” in the business world is “Innovation Management”. Some enterprises have started declaring innovation as their objective, but they do not seem to follow it up with any concrete action or support of their objective, some of them being under the impression that somehow someone will find an idea that would help their enterprise to improve their revenues and reduce their costs. This approach clearly indicates the lack of clarity on innovation management. This paper explains the various forms of innovation and discusses a case illustration in respect of innovative approach followed by a textile mill in India.

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