Innovation and Game Changing - Word

INNOVATION AND GAME-CHANGING
What is INNOVATION?
 Innovation is the practical implementation of ideas that result in the introduction of new
goods or services or improvement in offering goods or services.
In the standard iso 56000:2020 defines innovation as "a new or changed entity realizing
or redistributing value".
 Others have different definitions; A common element in the definitions is a focus on
newness, improvement, and spread of ideas or technologies.
 Innovation often takes place through the development of more-effective products,
processes, services, technologies, art works or business models that innovators make
available to markets, governments and society. Innovation is related to, but not the same
as, invention: Innovation is more apt to involve the practical implementation of an
invention (i.e. new / improved ability) to make a meaningful impact in a market or
society, and not all innovations require a new invention.
What is Innovation and Why do we need it?

 Innovation, by definition, is the introduction of something new. Without innovation, there
isn’t anything new, and without anything new, there will be no progress. If an
organization isn’t making any progress, it simply cannot stay relevant in the competitive
market.
 Because organizations are often working with other individual organizations, it can
sometimes be challenging to understand the impacts of innovation on our society at large.
There is, however, a lot more to innovation than just firms looking to achieve competitive
advantage.
 Innovation really is the core reason for modern existence. Although innovation can have
some undesirable consequences, change is inevitable and, in most cases, innovation
creates positive change.
The Role of Innovation in our society
 Innovation is important to the advancement of society revolves around continuous

economic growth, which mainly depends on population growth as it solves these kinds of
social problems and enhances society’s capacity to act.
It's responsible for resolving collective problems in a sustainable and efficient way,
usually with new technology. These new technologies, products and services
simultaneously meet a social need and lead to improved capabilities and better use of
assets and resources.
The fundamental Outcomes of Innovation

From the society’s perspective, the fundamental outcomes of innovation are:
 Economic growth
 Increased well-being and communication
 Educational accessibility and environmental sustainability
1. Economic growth
Technological Innovation is considered as a major source of economic growth.
*Economic growth refers to the increase in the inflation-adjusted market value of the
goods and services produced by an economy over time. It is conventionally measured
as the percent rate of increase in real gross domestic product, or real GDP.
Vast improvements in agricultural productivity had already previously transformed
the way people work in Europe, releasing farmers for other activities and allowing
them to move to the city for industrial work. The shift from hand-made to machine-
made products increased productivity, directly affecting living standards and growth.
Innovation and the future jobs
Technological advancement and increased productivity means major changes for
careers today as well. The world economy could more than double in size by 2050
due to continued technology-driven product improvements.
According to the new World Economic Forum report, nearly 133 million new jobs
may be created by 2022 while 75 million jobs are displaced by AI, automation and
robotics.
Manual, low-skilled jobs and middle-income roles such as accountants, lawyers and
insurance clerks are the ones that will be affected the most over the next decade.
2. Increased Well-being and Communication

In general, innovation and economic growth increases well-being because living
standards rise. According to the Brookings Institution, average life satisfaction is
higher in countries with greater GDP per capita. Another research also shows that
there’s a link between innovation and subjective well-being.
However, not all of the benefits of innovation and growth are evenly distributed.
Often, a rise in real GDP means greater income and wealth inequality. Although
there isn’t a threshold level for how much inequality is too much, greater
socioeconomic gaps are most likely having some negative consequences.
In theory, income inequality isn't a problem itself except when the concrete
purchasing power decreases. In practice, however, it does have a number of impacts
on our society and collective well-being.
Reduced sickness, poverty and hunger

Developing countries depend on innovation as new digital technologies and
innovative solutions create huge opportunities to fight sickness, poverty and hunger
in the poorest regions of the world.
What comes to reducing hunger, for example, agricultural productivity is critical in
the developing countries where the next population boom is most likely to take place.
Smallholder farms in developing countries play an important role as up to 80% of the
food is produced in these communities.
Developing and sharing agricultural innovations such as connecting farmers to
information about the weather, has proven to be an efficient way to help farmers stay
in business.
3. Educational accessibility and Environmental Sustainability

According to the world bank annual report 2016, even among the poorest 20 percent
of the population, 7 out of 10 households have a mobile phone. This means that more
people now have mobile phones than sanitation or clean water. Technology
innovation can also help rural areas thrive and become more sustainable. Although
there are some barriers to technology adoption, such as low income or user
capability, more people can access information an improve their knowledge despite
their socio-economic position or demographic area.
Environmental Sustainability
Sustainability and environmental issues, such as climate change, are challenges that
require a lot of work and innovative solutions now and in the future.
Earth suffers as consumerism spreads and puts consumption at the heart of modern
economy. Although consumerism has a positive impact on innovation as a source of
economic growth, the rising consumption of innovative products is often considered
as one of the reasons for environmental deterioration.
Although new greener technology solutions, such as eco vehicles aren’t necessarily
more competitive alternatives to petrol-powered vehicles just yet, they will definitely
offer many advantages for the future.
The importance of innovation for an organization

1.Competitive Advantage
 Competitive advantage means the necessary advancements in capabilities that provide
an edge in comparison to competitors of the industry. What these are exactly, depends
on your business model and the industry you operate in.
 Successful, innovative businesses are able to keep their operations, services and
products relevant to their customers’ needs and changing market conditions.
 Innovation increases your chances to react to changes and discover new opportunities.
It can also help foster competitive advantage as it allows you to build better products
and services for your customers.
2. Increased productivity
Economic growth is driven by innovation and technological improvements, which reduce the
costs of production and enable higher output. If we look at this from the perspective of an
organization, different automation solutions decrease manual, repetitive work and release time
for more important, value-creating tasks.
Improved productivity and efficiency make work more meaningful as less time needs to be
spent on low impact tasks. The more time you’re able to spend on tasks that have a direct
impact on your business, such as improving processes, solving problems or having
conversations with your customers, the more likely you’re able to actually reduce costs,
increase turnover and provide your customers with solutions that truly benefit them.
4. Positive impact on company culture
Innovation also has a positive impact on company culture as it increases the ability to
acquire, create and make the best use of competencies, skills and knowledge.
Innovation practices can help build a culture of continuous learning, growth and personal
development. This type of innovative environment can again motivate people to constantly
improve the way they and their team work.
When the entire organization is supportive and provides the right tools for the employees
to succeed in their jobs, it eventually has a positive effect on how people perceive their
jobs.
What are the advantages of innovation?

When a sector, segment, or brand decides to innovate, it contributes to the development of
society as a whole.
But, in practical terms of a commercial organization, a company that innovates, mainly in

its processes, gains many advantages, such as:
 Keeping processes organized

 Developing creativity
 Increasing the business’s competitiveness:
 Increasing productivity
 Adding value to a product or service
 Increasing profits
Conclusion:
Generally speaking, the main purpose of innovation is to improve people’s lives. When it
comes to managing a business, innovation is the key for making any kind of progress.
Small improvements eventually lead to bigger and better ideas that may one day become
revolutionary. In the meantime, however, you’re responsible for finding ways to make
improvements in your own sphere of influence.
Often, getting started is the hardest part as there are many ways to approach innovation.
Our suggestion is to simultaneously work on developing your personal skills and business-
related aspects. You should, however, start small and pick your focus as it's impossible to
achieve everything at once.

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INNOVATION AND GAME-CHANGING

What is Innovation and Why do we need it?

The Role of Innovation in our society

 Innovation is important to the advancement of society revolves around continuous

The fundamental Outcomes of Innovation

2. Increased Well-being and Communication

Reduced sickness, poverty and hunger

3. Educational accessibility and Environmental Sustainability

The importance of innovation for an organization

4. Positive impact on company culture

What are the advantages of innovation?

But, in practical terms of a commercial organization, a company that innovates, mainly in

 Keeping processes organized

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