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5 The Systems Approach to Innovation Management (Book chapter)

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Book Series: Routledge Companions in Business, Management and Accounting ISBN: 9781138244719 9781138607491 9780429467172 Year: Pages: 19 Language: English
Publisher: Taylor & Francis
Subject: Economics
Added to DOAB on : 2019-07-05 11:21:15
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Abstract

The environment in which a company or organization operates today can be characterized
by accelerating change, the globalization of markets, the emergence of new technologies and
competitors, new regulatory requirements and ever more demanding users and citizens. In this
environment, the ability to innovate becomes a key success factor for most organizations. They
seek to continuously create and realize value by introducing new or changed products, services,
processes, models, methods, etc.
The reasons for an organization to innovate are many and can include to increase revenues,
growth and profitability, reduce costs and waste, increase the satisfaction of users, customers and
citizens, motivate employees and attract partners, collaborators and funding, and so on. Engaging
in innovation activities is thus a way for an organization to be future focused and effectively
deliver on its overall objectives to secure prosperity and longer-term relevance and survival.
The ability to innovate and to make it a core organizational capability is increasingly becoming
the most important differentiator and dominant success factor of organizations. Failing to
capture new opportunities and to respond to innovation challenges may consequently lead to
stagnation, irrelevance and ultimately to the demise of the organization.

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