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Innovation: the Indispensable Tool

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Innovation: The Indispensable Tool

On an average, doubt is not promoted as a desirable form of behaviour. However, this belief changes with respect to entrepreneurship, where doubt is, in fact, encouraged. It is said, “doubt’s good, as it compels you to ask questions, challenge rationales and break inertia.” This ‘doubt’ is one of the key elements of innovation.
Innovation ideally refers to translating an idea or invention into a good or service that creates value or for which customers will pay. This process is undertaken by every business; for instance, small businesses move up the corporate ladder through their innovative ideas and products, while big businesses simply gobble up such small businesses.
Of late, the arrival and rapid progress of digital technology has greatly accelerated and facilitated this process. Take, for example, Domino’s pizza. After mounting criticism of their pizza from social media sites, they decided to create an online Pizza ordering tool that allowed customers to ,1) order their pizza, 2) track its cooking and delivery process, and 3) provide feedback to the store about “how they are doing”. As a result, Domino’s reported a more than doubled fourth-quarter profit.
Innovation thus aims at implementing creativity and invention at economical costs to significantly improve customer experience and subsequent profits to the business. A business gurus such as Steve Jobs, Ratan Tata, Narayan Murthy and others have time and again emphasized the this tool as a successful and sustainable business strategy. Suffice to say, to survive in today’s competitive corporate world, enterprises employ various strategies for progress that revolve around one basic idea:

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