Benefits of innovation
(Redirected from Importance of innovation)
Main benefits of innovation are:
- increase in profits
- development of market
- better market position
- increased competitiveness
- better quality of products
- faster production processes
- lower cost of work and maintenance
- securing new business opportunities
- reducing risk of failure
Importance of innovation for managers and employees stems from:
- higher customer satisfaction
- new relationships with suppliers, partners, scientific institutions
- possible government support
- increased productivity
- higher motivations
- increased employee creativity
- building stronger brand recognition
- Black, S. E., & Lynch, L. M. (2004). What's driving the new economy?: the benefits of workplace innovation. The Economic Journal, 114(493).
- Carter, A. P. (1990). Upstream and downstream benefits of innovation. Economic Systems Research, 2(3), 241-257.
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