Business innovation is an organization’s process for introducing new ideas, workflows. methodologies, services or products. Like IT innovation, which calls for using technology in new ways to create a more efficient and agile organization, business innovation should enable the achievement of goals across the entire organization, with sights set on accomplishing core business aims and initiatives. Innovation often begins with idea generation, wherein ideas are narrowed down during brainatorming sessions, after which leaders consider the business viability. feasibility and desirability of each idea. Business innovation should improve on existing products. services or processes, or it should solve a problem; or it should reach new customers. Recent examples of business innovation include the introduction of the Dyson vacuum cleaner, whose creator and namespace J ames Dyson declared in advertisements that he set out to build a better product by applying industrial cyclone technologies to the household appliance.
The purpose of the business innovation process is to create value for the organization. That value can come from creating new revenue opportunities or driving more re venue through existing channels; from creating efficiencies that save time, money or both; or from improvements to productivity or performance. In short, innovation should lead to higher profits , Additionally, the results of an organization’s innovation process should yield a competitive advantage; it should help the organization to grow and reach—or, better still, exceed—strategi c objectives.
Innovation and invention are closely linked, but the two term s are not interchangeable. An invention is an entirely new creation. The process of business innovation can produce an invention. but the term is broader in scope and includes the application of an existing concept or practice in a new way, or applying new technology to an existing product or process to improve upon it. To better understand the difference, consider this:The telephone is an invention, but the smartphone is an innovation.
Business innovation can also be classified as either revolutionary or evolutionary. Revolutionary business innovation yields a drastic change in a product, service, process, etc. which often destroys or supplants an existing business model. This is also known as radical innovation. Evolutionary or incremental innovation involves smaller, more continuous improvements that, while important, are not drastic enough to shift a company or market into a new paradigm. Disruptive innovation is a category that emphasizes the destructive aspect of revolutionary innovation;this term applies to business innovation that leads to the creation of a new market that displaces an existing one or, similarly, a significant upheaval in a category of products or services.
Business innovation, like most business initiatives, has both benefits and risks. Organizations should recognize on the negative side that the business innovation process can be a costly undertaking that does not always produce a return on investment (ROI); that ideas considered likely to succeed could will fail; and that stakeholders could fight the changes required to be successful. On the other hand, organizations need to wei gh those risks against the benefits of business innovation.
What does the underlined word in the first paragraph mean?
A. Persuashility. B. Scarcity. C. Generality. D. Practicability.答案:D What is the purpose of business innovation?
A. Create value benefits for the enterprise.
B. Reform the management structure of enterprises.
C. Encourage staff to make more inventions.
D. Upgrade the product performance.答案:A Which of the following is true about innovation and invention?
A. They are essentially the same concept.
B. They can replace each other in the context.
C. They can bring hu ge commercial benefits.
D. They are closely related but have different conceptual scopes.答案:D What is the main content of this passage?
A. The precautions for brainstorming meeting.
B. The considerations for business innovation.
C. The difference between innovation and invention.
D. The revolutionary change in business innovation.答案:B