Innovation definition, strategy and process

Innovation is a systematic process aimed at providing customers with enhanced functionality and generating positive change. There are different types of innovation, including incremental, differential, disruptive, radical, and breakthrough innovation. Several benefits have been associated with innovation, including growth, increased profits, and positive employee feedback. Innovation strategies involve linking innovation with business goals, determining how much innovation is required, and identifying target areas for innovation. Lastly, innovation culture and formal organization structure are also vital components for successful innovation.