Innovation is one of the survival skills that most organizations have embraced in the current competitive world businesswise. Innovation is integrated both in culture and the organization’s business strategy. Over the years, as time has been advancing, organizations have noted changes in how processes operations happen. Different organizations adopt the technology due to various advantages such as reduced cost, process speed, and improved quality (Cillo et al., 2019). Organizations seek opportunities for innovation due to multiple reasons. Organizations need to imbibe innovation to fit in the current competitive business environment and remain relevant.
The first reason organizations seek opportunities for innovation is that they want to cope with competition at the global level. The current business environment has been seriously volatile (Gürlek & Tuna, 2018). This means that the demand cycles and preferences have been changing. It takes a short time for a technology to get outdated after its launch. This calls for organizations to be quick enough to innovate and develop creative ideas. This will enable the organizations to gain sustenance in the competitive and rapidly changing business world.
Secondly, businesses seek opportunities for innovation is due to the need for the current era of millennials (Gong et al., 2018). Most of the baby boomers are retiring, resulting in the business environment being taken over by the present aggressive and creative millennial generation. It is very significant for the millennial to think out of business. This makes the millennial generation employ innovation to do the same.
The next reason is that consumer expectations have been ever-changing, thus prompting the organization to look for opportunities for innovation. The use of social media and digitization has taken over everywhere. This has provided users with a lot of information about products and services that businesses offer. Therefore, they are becoming more informed about the offerings daily. This resulted in consumer expectations going higher than (Cillo et al., 2019). Consumers want organizations to develop new ideas to help solve their problems. This makes innovation a significant goal of the organization to meet consumer expectations.
Additionally, talented and innovative people are looking forward to working for creative organizations. An organization will attract such people if they have a history to create (Gürlek & Tuna, 2018). Innovators love challenges and getting encouraged to create frequently. This means that organizations need to have a culture of innovation to attract that talent.
Lastly, there has been a lot of advancement in terms of technology. Day in day out, technology has been becoming concise and highly sophisticated. New startups have been coming up daily in the business market (Cillo et al., 2019). The startups leverage cutting edge technologies. There has been a great need for organizations to adopt technology-driven innovation. This help businesses keep on maintaining their foothold in the competitive era.
In conclusion, it is good to understand that organizations fit inside a particular niche. For instance, if one aims to manufacture light bulbs, the company should know that there are numerous companies also manufacturing light bulbs. This means to gain a competitive edge, there is a need to stand out by being more innovative. Good innovation allows an organization to provide something more unique to the clients.
References
Cillo, V., Petruzzelli, A. M., Ardito, L., & Del Giudice, M. (2019). Understanding sustainable innovation: A systematic literature review. Corporate Social Responsibility and Environmental Management, 26(5), 1012-1025.
Gürlek, M., & Tuna, M. (2018). Reinforcing competitive advantage through green organizational culture and green innovation. The service industries journal, 38(7-8), 467-491.
Gong, B., Ramkissoon, A., Greenwood, R. A., & Hoyte, D. S. (2018). The generation for change: Millennials, career orientation, and role innovation. Journal of managerial issues, 82-96.
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