Innovation that creates and defines Success in Businesses

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ACKNOWLEDGEMENT

I would take this opportunity to thank my research supervisor, family and friends for their support and guidance without which this research would not have been possible.

DECLARATION

I, [type your full first names and surname here], declare that the contents of this dissertation/thesis represent my own unaided work, and that the dissertation/thesis has not previously been submitted for academic examination towards any qualification. Furthermore, it represents my own opinions and not necessarily those of the University.

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TABLE OF CONTENTS

ACKNOWLEDGEMENTII

DECLARATIONIII

CHAPTER 1: INTRODUCTION1

Problem Definition2

Objectives of the Study3

Research Design3

Introduction1

Motivation of Study1

CHAPTER 2: LITERATURE REVIEW4

Innovation: the strategic process4

Innovation: a capacity that can be manage5

Uncertainties related to the rate of diffusion of innovations5

Pathways for innovation5

A structure that supports innovation6

Innovation Strategy as a Competitive Strategy7

Restructuring the Organization11

Business Case11

Vision13

Funding14

Strategies15

Technology16

Assessment17

Viewpoints18

Organization Innovation Summary19

Types of Innovation19

Intellectual capital, Knowledge, Social Networks and their importance in Innovation23

Process Innovation Capability24

Product Innovation Capability26

Key areas of Business Process Management28

Direction setting29

Roadmaps29

Analysis29

Execution30

CHAPTER 3: INDUSTRY BACKGROUND31

Innovation and the service sector31

Why the banking industry?31

Changing needs of customers33

REFERENCES38

CHAPTER 1: INTRODUCTION

Introduction

Innovation enables companies to strengthen their competitive position markets. Indeed, innovation allows companies to increase their productivity, improve the quality of their products or services and to develop skills key. Innovation enables companies to improve especially their non-price competitiveness.

Porter stresses that innovation is the key to competitiveness because it determines their ability to maintain sustainable competitive advantages in markets scalable. Innovation is a key determinant of competitiveness and profitability companies and is therefore an essential element of corporate strategy. Thus innovation allows the company to have a competitive advantage in terms of cost or supply product. When innovation relates to methods of production, it gives the company an advantage in terms of cost. In this case, the company may either apply a strategy lower prices or a strategy to increase margins. When innovation is on the products, the company differentiates itself from its competitors. The differentiation strategy is often adopted by innovative SMEs who can coexist alongside the great groups. While innovation provides a competitive edge, its profitability is uncertain and it may hinder the development of the company.

Motivation of Study

There are many reasons due to which the researcher chose this topic. The researcher chose this topic because innovative business processes are critical success factor for the next generation enterprise. There is a need for companies to establish an environment that encourages and enables process innovation. The researcher wants to understand the changes in the competitive environment. Through this research, the researcher will study how business processes in the industries and innovative ideas has helped to achieve their goals. The researcher aims to uncover business processes which sharpens operation efficacy within the organization. This research will unleash the importance and level of understanding of these facts with the business segments. Moreover, the researcher will give recommendation about the cost effective solutions towards business process infrastructure that provides optimal flexibility using business model and technology standard.

Problem Definition

There is a lot of pressure and intense competition being faced by most of the corporate ...