Win with Advanced Business Analytics: Creating Business Value from Your Data
by Jean Paul Isson, Jesse Harriott
WHAT IS INNOVATION?
After the financial crisis in 2008, the majority of companies were seeking new ways to get back to profitability. Innovation was seen as a key way to make this happen. Innovation is the creation of better or more effective services, technologies, products, processes, or ideas that are accepted by markets, governments, and society at large. Roy Luebke’s article titled “Peter Drucker on Innovation,” from the blog Innovation Excellence, underscored that Drucker identified seven sources of opportunity that will ultimately drive innovation:
Oftentimes, there is confusion about the difference between innovation and creativity. To be clear, creativity is about coming up with great ideas, whereas innovation is about bringing those creative ideas to life through execution and converting the ideas into a successful business. In the book The Other Side of Innovation, Dartmouth professor Vijay Govindarajan outlines very convincingly that an organization’s capacity for innovation is its creativity multiplied by its execution. Research on Fortune 500 companies found that organizations believe their companies ...
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