INNOVATION AND CHANGE

Organizational Innovation and Change

[Name of the Institute]Organizational Innovation and Change

Organizational Change

The change is any modification that enables organizations to stay in a temporary space environment that is relatively stable. Change could be defined as the action and effect of changing any set pattern or behavior. It is not a straightforward process, and there will always be something that blocks or resists to it (Shehabuddeen, 2007, 6).

Innovation

Joseph Schumpeter highlights the importance of innovation in an organization. According to him, innovation is the key to tangible success in an organization. It is considered that innovation can only be in product features and modernization of the prevalent concept. However, Schumpeter suggested that innovation is not bound only to product development and enhancement if product features. He defines innovation in four different dimensions. One of the main element that describes competitiveness is innovation (Escorsa, 1997, p. 19). Innovation always exists whenever there is competitiveness. This is because of the fact that it is competition that compels and organization to bring about innovation in their products and services. This is true in case of innovation, whereas, on the other hand, it can also be said that competitiveness can still exist without the existence of innovation in an organization. This can be done, if the organization focuses on the continous improvement of its processes and systems. Another important aspect in this regard is the fact that improvement can only play its role to a certain point, for example, in situations when the demand is high, the organization will not be able to fulfill the demand in this case (Omachonu, 2010, 41).

New Product

As the traditional concept, of innovation claims that, innovation is derived from product feature and attributes. Schumpeter supported this concept and claims that, organizations can generate remarkable market success through product innovations. Bringing a new concept into the market will ensure customer attraction and appeal. A company, which can provide its customers with innovative product, can enjoy almost a monopolistic market position (Omachonu, 2010, 41)

New Production Methods

Employing state of the art technology in developing products and commodities, and reaching economies of scale can guarantee revenues and profits for an organization. When a company is engaged in establishing its products or services through innovative means, it is imperative that production will be efficient and timely. This results in generating organizational profits (Omachonu, 2010, 42).

New Markets

Identifying, evaluating and establishing new markets can also be innovative means ...