FUNDAMENTALS OF COMPUTER

Detailed explanation-1: -Innovation, by definition, is the introduction of something new. Without innovation, there isn’t anything new, and without anything new, there will be no progress. If an organization isn’t making any progress, it simply cannot stay relevant in the competitive market.

Detailed explanation-2: -Innovations are the cause effect of an invention. If there is no invention, no one can improve upon it. No innovation can take place in case of no invention.

Detailed explanation-3: -Innovation plays a key role in introducing novelty to existing product lines or processes, leading to increased market share, revenue, and customer satisfaction. Sometimes innovation is used to upgrade the operating systems of the business or to introduce modern technologies for automation.

Detailed explanation-4: -Innovators don’t use their creativity to come up with something new. Instead, they use it to envision a commercial success. So we’ve established that while invention is about creating something new and original, innovation involves turning that novelty into a commercial product.

Detailed explanation-5: -Scientific and technological progress brought by innovation has also greatly improved the level of modern medicines, extended people’s life span, improved environmental sustainability, and enhanced environmental sustainability. It is also a major source of economic growth and transformation in our societies.