Seeking Opportunities for Innovation (Essay Sample)

Seeking Opportunities for Innovation Student’s First Name, Middle Initial(s), Last Name Institutional Affiliation Course Number and Name Instructor’s Name and Title Assignment Due Date Seeking Opportunities for Innovation Business success is multidimensional, and continuous improvement is a critical success factor. As situations obligate, innovation has been instrumental in bettering an organization’s operation models and survival chances. From a business perspective, innovation follows the premise that products, ideas, and strategies that an organization applies must solve current and emerging problems. Some of the reasons for innovation include catalyzing organizational growth, enhancing competitiveness, enabling organizations to meet emerging customer demands, and helping them to attract and retain the best talent. Innovation enables an organization to grow through evolution. Business organizations that readily innovate scale up quickly and can attract highly dynamic employees than their slow competitors (Gans & Leigh, 2019). Innovative organizations get a better opportunity to win and retain customers since their products or services are improved as situations compel them. Through persistent innovation, organizations replace inefficient processes with more productive ones that enable them to provide quality within their range of products or services. This gradual newness of organizations helps them to evolve. In the process, growth is inevitable due to the returns gained by consistent customer satisfaction. Innovation enables an organization to stand out from competitors. Regardless of an organization’s size, it belongs to a particular niche or industry with many similar products or services. Accordingly, uniqueness is necessary for enhancing competitiveness, hence the need for innovation (Szyszka et al., 2021). Innovation improves popular products. Alternatively, a company can invest in a new line of business using the same resources or incorporate new features depending on the market’s situation. Consequently, it will always be ahead of others due to the appeal it creates before competitors change their methods. The gains that result from uniqueness make the difference. Innovation is the only way of responding to customers’ endless demands. Nonaka and Takeuchi (2019) posited that customer needs are highly unpredictable, and customers’ loyalty is never guaranteed unless there is satisfaction. Through innovation, entrepreneurs can predict and determine possible changes based on products’ features or other variables. Gans and Leigh (2019) further argued that the only way to provide long-term business solutions is by being innovative. New ideas excite customers, and they are the way of coming up with solutions even before the target market realizes they are required. The new ideas that innovation generates help to meet customers’ constantly changing demands. Innovative organizations attract and retain the best talents. Talented employees like challenges and encouragement to solve embryonic problems. In agreement with Szyszka et al. (2021), it is only through creating...