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Innovation has become a popular term in the corporate vocabulary. Innovating, in a company setting, is to create or change something - be it a product, a route to market, or even a back-office business process - to generate revenue or provide a cost-savings opportunity. In a highly globalised and commoditized world, companies must fiercely defend their market position, continuously streamline business processes and aggressively pursue new opportunities for growth. Having an effective innovation process is vital to remaining competitive.
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