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Fin370 Definitions

In: Business and Management

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Benefit and Drivers Paper
Success is acquired by driving operational excellence throughout the business by building a brand or company reputation. The reputation drivers are created by a company using innovation and creativity to develop products or services, creatively solve problems, and generate improvements in the quality of his or her products and services, which also creates a sustainable competitive advantage over its competitors. It may be restructuring and improving the processes or delivery of the services, driving visibility of the enterprise’s data and goods, or the initiatives that will make the customers take notice of the innovative and creative changes that are made. Benefits and drivers are essential for inspiring innovation and creativity within the company as the competition evolves. Innovation can be separated into two wide classifications. Evolutionary innovations are the knowledge or procedures, and revolutionary innovations are frequently troublesome and innovative. However, they have their benefits too. Benefits such as, an increase in revenue that will allow the company to research or explore other avenues of innovation that can increase profits and create new growth for the company, which are internal drivers. Innovation also brings new ideas to reality, and one of the drivers of innovation is the encouragement from the organization’s leaders. Companies must do more for their employees' creativity than just acknowledging that he or she has good ideas. Therefore, creative organizations need to be malleable not only regulating the risks, but also provide employees permission to explore new ideas through learning and experimentation. Monetary incentives and promotions drive innovations too, by providing awards or recognition that can be a strong driver for innovation. Another driver is the right fit or keeping leadership in the right...

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