Innovation Strategy

Innovation Strategy

Introduction

Since the beginning of human civilisation, Home sapiens have been attracted by change & creativity. Creativity & Innovation are two elements that are found in every aspect of human enterprises. Innovation is demanded by Art, Music, Literature, Technology, Science, Research and Businesses. In short, nobody can ignore the element of innovation for the development of Human civilisation. In competitive world of business, innovation serves as the guiding principle for carrying out the business operations. Creativity assists in resolving the most crucial issues associated to businesses. An organisation has to meet challenges posed by the external environment. The situation does not stop here. Organisational culture is another source that challenges the existence of the company. In order to gain insight, it is essential to understand the link between creativity & innovation.

Organisations develop innovation strategy to achieve their mission. The innovation strategy assists organisations in framing their approach to meet the current challenges. The innovation strategy impacts the success of businesses. It is necessary to evolve organizational processes in order to keep the organisation up to date. In this regard, “a handsome change” is the key element of consideration. Many organisations develop rigid culture that resists changes. Such situation result in stagnant growth in terms of organisational development. It is essential to analyse the importance of innovation in the business world. This paper examines the element of innovation in an organisation. The write up discusses how the organisation is developing techniques to address innovation in three key areas of a company: Strategy, Project, and Culture. The write up begins with a brief outline of Apple Inc, and discusses their standing over the topic. Towards the end, the write up provides suggestions as to how innovation capabilities can be improved. The rationale for selecting Apple Inc is that the company has been famous for its innovation strategy. The paper aims to explore what can lead Apple to enhance its processes even more. I intended to carry out interviews for obtaining first hand information, but due to time constraints I have limited my research to internet. Therefore, internet serves as the prime source of information for developing this report.

Discussion

Apple Inc.

Apple Inc. is a multi-national company which deals with consumer electronics (hardware), and software applications. Apple iPod, iPad, and iPhone are some of the famous products. Apple has increased its revenue to 450% in 8 years, and about 1700% in 10 years. The company has shown tremendous growth in the past ten years. In the competing world of technology, Apple has been able to give a hard time to its competitors. Moreover, the company has maintained its competitive edge over other companies dealing with similar electronic products. In the mid 1990's, industry experts claimed that the company did not have competitive edge, and that the company had ignored the challenges of the changing environment (Gitman & McDaniel, 2008, p. 344). Apple's market share collapsed, and it was suspected that they won't stay up for long. Steve Jobs appeared as a redeemer, and today company's ...