Innovation
Name
MGT/411
October 2, 20XX

Innovation

A business needs to overcome many obstacles in order to stay relevant within the every changing marketplace. Innovation is essential in order to keep the competitive edge over the completion and help maintain stability and profitability in the industry. Due to the technological advances in today’s world, the market is constantly changing at a rapid pace as it adjusts to the consumers’ needs and wants. Successful companies have innovators that are able to forecast these changes in the market place and adjust the company’s directions accordingly. These varying adjustments at times can come with risk, but it is the responsibility of good leadership to weigh the risk and reward scenario and decided when it is best to move the company forward in different directions.
Not only can a company innovative with its products but can also innovate its policies and procedures. When looking at innovation within a company the company itself must decide which area if not all they should move forward with the innovation process. It could just stem to procedures much like Henry Ford did when he created the assembly line. The innovation of that procedure not only led to changing the way his product was brought to the world but also changed the all manufacturing companies would proceeded in business. It is important to note that the more aspects a company tries to change at would given time the more difficult the process becomes and the greater chance of failure.
Once the innovation of the processes, product of policy has been decided upon, a strategy then needs to be developed. The strategic planning part of bringing the innovation to fruitarian is just as important as the change itself. It is important during this phase for a company to not be closed minded and bring in many different inputs on the situation. “This