Innovation is the process of transforming knowledge and ideas into goods or services that have consumer value. Innovation leads to the creation of customer value and increase productivity, and, consequently, to business growth. Without innovation, new products, new services and new business models would never have appeared, and companies would have continued to produce old products in the old ways.
In today’s knowledge-driven world, new technologies are appearing at ever shorter intervals. The life cycle of technology, measured earlier for years and decades, today in a number of industries has been reduced to 2-3 months. Thus, innovation should not be a one-time occurrence, but a continuous response to constantly changing conditions. A sustainable innovation management system not only helps to solve some problems, but also creates new potential, thus opening up opportunities for future innovations.
Innovation is the transformation of knowledge and ideas into new products, services, processes, strategies or business models. Innovation should not be limited to the creation of new products. New processes and methods of doing business can make a much more significant contribution to the struggle to create a sustainable competitive advantage.
The long-term success of an individual company is inextricably linked to its ability to continuously innovate. Although scientific research and inventions make the main contribution to innovation, no consumer value will be created without entrepreneurial activity.
An innovative strategy is a means of achieving the goals of the company, which differs from other means in its novelty, primarily for this organization and, possibly, for the industry, market, and consumers. The variety of innovative strategies is determined by the composition of the components of the internal environment of the organization. Innovative strategies are associated with obtaining the results of innovation in the form of new products, technologies and services; application of new methods in research and development, production, marketing and management; transition to new organizational structures; application of new types of resources and new approaches to the use of traditional resources.
From the point of view of the internal environment, innovative processes are divided into the following groups:
grocery (aimed at the creation and implementation of new products, technologies and services);
functional (scientific, technical, manufacturing, marketing, service);
resource (financial, labor, informational and material and technical);
organizational and management (technologies, structures, methods, management systems).
The innovation process includes various stages – research and development of a new technological idea, technology, bringing it to industrial implementation, obtaining a new product for its commercialization. All these stages involve their own methods of organizing labor, management, financing, and staffing. But, in order to ensure success for itself, the company must integrate various links into a single chain. Each link plays an important role in achieving the common goal – to receive innovations, and then new technology and products.
The innovation sphere differs from the scientific and production sphere by the presence of a specific marketing function, specific financing methods, lending and legal regulation methods, and, most importantly, a special system of motivation for innovative activity. Ultimately, these methods are predetermined by the specifics of innovative labor and the circulation of funds, obtaining economic income and an innovative product.
In order to optimize production and trading processes, increase profits and reduce costs, as well as direct vectors of development of partner companies in favor of closed production cycles, Alfa Resonance Capital Ltd offers its services in integrating innovative solutions into the business activities of companies.