Date Added: Apr 2009
If innovation was traditionally seen as technology-led, it now covers a much broader canvas. Innovation is possibly best defined as the exploration and exploitation of new ideas in pursuit of a competitive advantage. The pressure to be competitive drives innovation across the range of business practices, and, conversely, innovation is a key driver of competitive advantage. Innovation is not necessarily about big-bang, major breakthroughs. More often it is incremental and built on the day-to-day expertise of employees and their thorough knowledge of customers and competitors.