posted 16 Oct 2010, 18:33 by Jess Maher
The creation, development and implementation of a new product, process or service, with the aim of improving efficiency, effectiveness or competitive advantage. Innovation may apply to products, services, manufacturing processes, managerial processes or the design of an organisation. It is most often viewed at a product or process level, where product innovation satisfies a customer's needs and process innovation improves efficiency and effectiveness. Innovation is linked to creativity and the creation of new ideas, and involves taking those new ideas and turning them into reality through invention, research and new product development.