Innovation is the only way to stay ahead of the competition.
When exploited properly it will improve business survivability and lead
to increased profits. At a time when, to survive, companies strive to
take up the challenge of competitive and sustainable innovation, few
succeed because of generally accepted ideas that are deeply ingrained in
the thinking of the top executives. However, those who successfully
overcome conventional wisdom manage to transform innovation into a
competitive advantage and engage the entire organization in a
long-lasting and profitable dynamic.

Google has been one such organization that applies
innovation effectively. Google ensures that their philosophy of
Innovation stays robust, by giving their engineers time to discover and
explore their ideas. They have developed a very flat organizational
structure to cultivate innovation and aren’t afraid to take calculated
risks. In Google, all employees have easy access to face-time with
senior management to present their ideas. All the engineering staff at
Google is encouraged to spend 20% of their time working on projects they
feel strongly about. That philosophy has generated services such as
“Google News,” “Google Suggest,” “adSense for Content” (online ads
triggered by the content on the page) and “Orkut,” a powerful
social-networking site. Know more on innovation management software.

Innovation
may not always connect to a technological breakthrough but is often a
combination of possibilities. Good ideas are everywhere, but it’s a long
road and a tremendous amount of effort in making an idea – the right
idea – a market success. Many Ideas that originate from employees
provide an unlimited source of competitive edge and value for companies
and are leveraged as incremental improvements and strategic innovations.
According to Peter F Drucker, “The enterprise that does not innovate
inevitably ages and declines. And in a period of rapid change such as
the present…the decline will be fast.” There are no quick fixes and no
easy answers for succeeding at innovation. Know more on managing
innovation.

Innovation
is clearly the most important factor in business success, according to
business and technology leaders. Fifty-three percent of them cited it as
having the biggest impact on competitiveness. Companies like Apple and
Microsoft are all successful companies because of innovations. With an
effective idea management platform, various feedback mechanisms can help
encourage idea generation and introduce a right idea, at the right
time, in the right market. For a business to overcome competition and
grow and develop rapidly, it is highly imperative to innovate rapidly
and incessantly.