The importance of innovation in international business

Abstract

To face competition, companies must have innovations. No longer an issue whether we should have or not innovations, but a condition that must be created to establish an effective innovation management. Great companies put under pressure of international competition have instruments for the management of innovation. Coordination specialists and organizational impediments are the main problems facing companies. Innovation is generally considered as the main engine of economic growth in the global economy today. By introducing innovations into practice you may obtain products with improved quality characteristics, quality service, new production processes, more efficient and clean (environmental) management system, improved models of business, modern management methods of employment etc. There are many reasons for companies and organizations to innovate, including: increasing market share, capture new markets, improve product quality, choice of products, replacing outdated products, reducing environmental impact, etc.