Innovation is the process where better and more effective ideas, products, technologies and processes are introduced and accepted by the markets and the society at large. Innovation is more or less the continual improvement of efficiency rather than invention and creation of new ideas. Relevant users and markets of innovation focus on value added to the products and services in question. The society alludes to modern day innovation with respect to more efficient and simplified technological solutions. More so, society appreciates simplified technological solutions to their day to day challenges and inefficiencies with regards to practical implementation of innovative products and services (Thomke 34).
The time dimensions and perspectives of any given innovation overlook the objects of innovation and focuses on diffusions, transformation and change of the processes in question. The social perspectives on the other hand focuses on the advantages and benefits derived for the innovation in terms of convenience, comfort and efficiency to everyday life. Examples of innovations evident in the society and organizations include the innovation of compact fluorescent light bulbs and the frugal innovation. Innovations have transformed the lighting services from incandescent to the compact florescent with regards to efficiency and economical perspectives. The compact florescent light bulb apparently consumes less energy although it delivers brighter lighting services as compared to the incandescent. The society has been able to benefit from less cost of energy consumption and more effective lighting services. On the other hand, energy and electricity manufacturers are less pressured to provide more energy to the society (Thomke 35).
The Frugal innovation on the other hand has enabled organizations and government agencies to take advantage of low product cost through technological innovations. Government agencies have been able to increase their service efficiency at low costs through the application of frugal innovation. The frugal innovation constitutes the creation of a dome to be used for the Italian army to advance its military efficiencies in the battle field. The dome innovation contains a helicopter gunship where battle field images are to be projected on the walls as well as the floor to create realism perspectives door gunners and pilots. Projection of battle field images would enable door gunners to battle more effective unlike the technologies where only the pilot could have a view of what is going on in the battle field. The technology is also designed in a manner that soldier will disembark when the helicopter lands and run to a second dome through a tunnel with regards to the battle field (Igloo Para 6).
Innovation has not only enabled efficiency among organization functions but also has catalyzed growth and development in business and economics. Today’s global economy has been filled with modified and unique inputs to create comparative advantage and factor endowment in the business environment. Businesses and organizations are continuously in competition to innovate their products and services to promote their growth and profitability. Competitive advantage in innovation places relevant markets participants ahead of their competitors and thus enables them to grow their operations and profits. This has had an impact in general economies where increased quality of products and services in the market. More so, nations have been able to record economical growth with respect to gross national products in line with the range of innovative practices. Entrepreneurs have continuously searched for better ways to satisfy their customers with respect to prices, quality and durability (Igloo Para 7).
Manufacturers on the other hand have shifted from craft to factories and industries where more effective products and services can be manufactured. Innovation in organizations has consequently led to positive advances in productivity, efficiencies, market share, quality, competitiveness in their environments of operation. However, sources of innovation range from different industry structure variation, global and local demographics, scientific knowledge, and human perceptions to market structures. More so, perspectives such as internet research, cultural and language development, and advancement in individual skills constitute innovation (Igloo Para 6).
Manufacturing innovation on the other hand is recognized as the simplest traditional form on innovation where innovations are made and sold to other users. Innovation may also constitute the end user innovation where entities and individuals innovate for their needs and solution. This is often achieved through research and development of the challenges being faced by the end user. Through knowledge acquisition and creativity, the end user seeks to innovate and improve existing solutions with regards to feedback report. Lack of relevant knowledge, feedback report and creativity remains a big challenge to all that constitutes innovation (Thomke 36).
In conclusion, innovation has increasingly become significant in the modern society where the internet and technological advancement places individuals and entities ahead of their competitors. Capitalist societies are highly influenced, determined and defined by competitive advantages resulting from innovative practices. The global world is becoming more and more dependent on innovation for its continued existence and growth. With the internet and technological advancement in the global societies, entities and individuals will become highly dependent on innovations to sustain and develop themselves in future. Innovation plays a big role in future societies.
Works cited
Battle Igloo. “Schumpeter Business and Management: Frugal Innovation.” Economist.com. 22 May 2012. Web. 22 May 2012.
Thomke, Stefan H. Experimentation Matters: Unlocking the Potential of New Technologies for Innovation. Boston, MA: Harvard Business School Press, 2011. Print.
