Reinterpreting Innovation and Innovation Measurement - A Theoretical Framework for Innovation in Organisations

Abstract

The objective of delving into the current study is primarily to understand the innovation landscape and innovation scopes leading to any measurement of innovation efforts having the potential of improving organizational performance. Half a century ago, emphasized that organisations should innovate to renew the value of their asset development. Growing competition, globalization, and changing circumstances make innovation an inevitable prerequisite for the growth, success, and survival of any organisation. Maxims such as innovate or die are clear expressions of the necessity for innovation as a concept with practical applications and utility. Innovation is the key driver of long term success for a firm in the competitive marketplace. Companies with the capacity to innovate will be able to respond to the environmental challenges faster and better than non-innovative firms. Though the idea of innovation is not new, but the nature of global economic growth has altered the speed of innovation which has expanded its scope more and more to be all encompassing and holistic in nature. It is thus important to have a comprehensive understanding of the concept of innovation through a discussion of the definitions of innovation, the relationship between innovation, creativity and change, as well as the characteristics of innovation, types of innovation, and sources of innovation. This understanding of innovation and creativity at work will help us to raise questions and evolve strategies for meeting the challenge of how to bring about change in work environments. The current study looks from a theoretical perspective into the realms of innovation leading to broadening of innovative scope for organisations. Innovation studies of this nature come to play a central role in any transformations and organizational endeavors at sustainability and market leadership. The study further looks into the entire gamut of prevalent innovation measurement and suggests measurement framework based on a comprehensive conceptualization.

Keywords: Reinterpreting Innovation, Innovation Measurement

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