Innovation related to business.

What is business innovation ?

                          Business innovation is refers to when an organization  introduces new changes towards its environment. A good  innovation always improve the wide area of business effect. When an organization improves its existing methods or practices or starting from a trough. Innovations help the business to raise from its down period.

               So it is important to the senior members or people to select their plans more appropriately.  Good plans can change the foundation of the business. So it is important to select the staff according to that they have the ability to face the recession period  as well as expansion period . 

Four types of innovation as given below;

• DISRUPTIVE INNOVATION;      Technology or new business model that disrupts the existing market.
• SUSTAINING INNOVTION;      A significant  improvement on a product that aims to sustain the position in the existing market.
• INCREMENTAL INNOVATION;    Gradual continuous improvement  on existing products and services.
• RADICAL INNOVATION;           Technology development that transforms industries, often creates a new market.                                                                                                                                       Now , take a look own why business innovations are important.
• it is really important to a one particular main goal that is value . In order to thrive your business it is important that it should face a different struggles that will affect the both macro and micro environment.
• These will include ;  developing new revenue opportunities, improving existing plans and identifying improvement areas and increasing profit .

                               Lets take a look an example ; 

                                     During the Covid pandemic many of the business have shut down , many fell into worst situation and also there are number of business which also develop. 

                                           let us check on a particular industry  that is garment industries . A number of shops and small retail business have shut down . But there are brands like northern republic who makes about 25 crores sales on selling a single product mask itself. They also arrange  new variety of idea like Bluetooth mask which becomes popular. 

      If  increasing profits  is the main driver for business  innovation many organizations may change their model to revenue model.  This could include developing the exists products and studying the existing market , future market , and contingency about market.   It is better when there have a chance to take a look on 360 degree over business. 

          Instead of  competing for market share , value innovation can create a new market structure. This can increase new demands in the market and help for the birth of new startups .