ABSTRACT
Doing things differently, and doing different things, to create a step change in performance is innovation. Innovation means introducing something new into a business. This could be: improving or replacing business processes to increase efficiency and productivity, or to enable the business to extend the range or quality of existing products and/or services; developing entirely new and improved products and services often to meet rapidly changing customer or consumer demands or needs; and adding value to existing products, services or markets to differentiate the business from its competitors and increase the perceived value to the customers and markets. Introducing innovation can help to improve productivity, reduce costs, be more competitive, and establish new partnerships and relationships.
