Evolution of Business

In: Business and Management

Submitted By nikoawindy
Words 1475
Pages 6
Evolution of Business

Nikoa Jefferson

MGT/426

April 25, 2015

Sharla Walker

Evolution of Business

Role of Innovation

The business environment is continuously evolving with the integration of new management trends developed to create opportunity and respond to various challenges. However, with the unpredictability of the business environment which is driven mainly by globalization and technology, innovation turned out to be increasingly important to success. It means that innovation and strategy is converging to help in productivity. Innovation has the potential to change the agents within an organization to become better entrepreneurs to meet various challenges. Strategic thinking is crucial in creating a coherent, integrative and unifying framework for making decisions particular regarding the direction in which an organization goes and the resources it plans to utilize (Goldsmith, 2009).

In some way, strategic thinking utilizes external and internal data, perceptions and opinions. It is proactive, conscious and explicit while defining competitive realm for strategic advantage in the organization. Strategies are formed to improve the performance of an organization which means that the company will have to conduct something unique and different compared to that of the competitors. Whenever an organization develops a new strategy, it means that they are establishing change whether it is innovative or incremental. It means that managing to execute a strategy involves managing change.

The business landscape of today is characterized by escalating diverse environments whereby some organizations operate in stable environments while others in environments that are not stable. This is the reason organizations needs to create a strong relationship between strategy and innovation to…...

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