ENT 435 Innovation Assignment Paper
Innovation is a business concept that is concerned with exploring new ideas to improve business processes, bring new and improved services and products to the market, increase efficiency, and increase profitability. It is particularly important in the face of competitive business environments where the internet and other new technologies offer increased knowledge-sharing and trading opportunities that must be captured for continued survival and to gain a larger market share (Mitra, 2017).
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Fundamentally, innovation is a creative process that works in either of three ways. Firstly, it can add value to existing markets, services and products to increase perceived value and differentiation. Secondly, it can develop new and improves services and products to meet the rapidly changing market needs and demands. Thirdly, it can replace or improve business processes to increase productivity and efficiency, and enables the extension of quality and range of products and services. The business case for innovation is that it improves profitability, increases turnover, establishes new business relationships, builds brand value, improves competitiveness, reduces costs, and improves profitability. Business entities that fail to innovate run a higher risk of going out of business, experience steadily reducing profits and margins, losing key personnel, experience falling efficiency and productivity, and lose market share to competitors (Mitra, 2017).ENT 435 Innovation Assignment Paper
An example of business innovation can be seen in the case of LG Company that introduced the flexible curve open frame screen. This is a 77-inch transparent flexible OLED display that offered images in Ultra High Definition (3840×2160) resolution display, has 40 percent transmittance and can be curved into a circle with an 80mm radius. This is a product that addresses portability concerns among customers since unlike its bulky OELD competing screens of a similar brand, the new product allows the market to view images in a large display that can be disassembled and ported to a different location by rolling up before unrolling it at the location for use. This is a revolutionary product that has captured the market interest (LG, 2019).
LG (2019). LG flexible curved open frame. Retrieved from https://www.lg.com/global/business/information-display/oled-signage/lg-55EF5E-P
Mitra, J. (2017). The business of innovation. Thousand Oaks, CA: SAGE Publications Inc.ENT 435 Innovation Assignment Paper