Understanding the Importance of an Innovation

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Effective innovation can help organization to transform poor businesses into world great leaders. The ability of the organizations to manage innovation is a key step towards the organization competence in the environment. In today’s era organizations are required to keep tools that can help organization for the relationship and knowledge exchange of innovation not only in their boundaries but also towards the collaboration across organizations.

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Innovation is one of the best ways to grow economies providing the organizations with the ability to adapt the change and keep on growing (Dooley & O’Sullivan 2007). To innovate on a regular basis organizations have to acquire a strong knowledge capability through a qualified workforce that can manage innovation. The strategies used to manage innovation also depend on the size of the different organization. As large organizations have easy access to the conventional factors such as skilled workers, better knowledge infrastructure, and better technology as compared to the small organizations. On the other hand small organizations have also got their strengths in factors like trust, homogeneity which can help small organizations to find innovation as productive means to develop in the growing world. To maximize knowledge spillovers in an organization localization and urbanization effects can be used to strengthen the economy by innovation (Therrien 2005) It has been widely accepted that innovation is amongst the major roads for the organizations to survive in this competitive world of today and to achieve sustainable development path. Knowledge has always played an important part for helping the organization to gain competitive advantage in the market over its competitors. The increase in the learning capacity is an important for an organization as they can get the modern technology from the other organizations but before that they should the way to use it more effectively and efficiently for their use. (Varbalane, Dyker & Tamm 2007) According to Smith et.al (2008) Studies have found out that there are several factors which influence the innovation and few are discussed below: Technology which is often defined as an output of the innovation. Technology helps in to facilitate innovation. Organization structure: it is also an important factor influencing the innovation in organizations. It relates to the configuration of an organization and how it impacts on an organizations ability to manage change in a more effective manner. Organization culture: it relates to the values and beliefs of the people of the organization and how can this impact on the innovation management of an organization. In this section it considers when organizations undergo collaboration to determine the risks they can face. Employees: employees of an organization also have a great influence on the innovation in the organization because of the different personal characteristics of different people in the organization. Knowledge: it relates to knowledge available in an organization and how it can be used effectively for managing innovation in the organization.

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