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Staying Ahead in Business Through Innovation
Abstract
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 a “new approach” that can help them to face new realities in business. The most talked about and discussed “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 chapter explains the various forms of innovation and discusses a case illustration in respect to an innovative approach followed by a textile mill in India.
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