Building an innovative enterprise can be your most significant accomplishment for it can live beyond the your tenure or even your life.
Innovation is the way of transforming the resources of an enterprise through the creativity of people into new resources and wealth.
Innovation also reduces costs and increases profitability. But innovation is risky. Most innovations fail resulting in increased costs. On the other hand, to stay competitive you must innovate. To reduce risks you must target your innovations to meet customer needs and you must assure that your business is optimized to implement the innovation required by your customers.
Innovation is the lifeblood of a enterprise. It courses through a vital enterprise spawning new markets, enlarging existing markets, increasing market share or swelling profits.
Innovation flows from a strategy that balances the opportunities and threats in a market, the desires of stakeholders, the capability and capacity of the enterprise for innovation. Values derived from the market drive the development of the enterprise's resources, focus the organizational culture of the enterprise and align the enterprise's five innovation enablers inspiring people to be effective and efficient.
Innovation is not static. The need for innovation is a moving target that must be forecast as far into the future as it will take the enterprise to respond. Your foresight has to be greater than your ability to innovate.