It is the return on innovation that will allow companies to maintain their competitive edge and create sustainable growth. Peter Drucker said, "An established company which, in an age demanding innovation, is not able to innovate, is doomed to decline and extinction."
Too many companies forget about the need for, and power of innovation (more classically referred to as R&D). Without a dedicated focus on innovation it is only a matter of time until a business cannot attract or retain talent, suffers from obsolescence due to the innovation of others and watches their brand fall into decline.
Innovation is not the same thing as process engineering. Implementing Six Sigma or other process engineering programs to achieve short-term incremental gains in existing processes is not the same thing as adopting an innovation management approach which looks for long term gains in new areas which may require completely new business processes to be adopted. While both process engineering and innovation management are necessary and can and should overlap, they are not the same thing.
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