Introduction of Innovation in Xx

What is Innovation?

The process of converting an idea or a thought into a practical or service that creates value or for which customers are ready to accept. Innovation can bring in new developments and improvement of life to the society. For an IT company like XX there is lots of opportunity to grow into this area.

Introduction of Innovation in XX

XX is a captive center company and the project management team is handling all the projects in XX. The project management team is handling projects from various domains and technology. Innovation was part of the project management team. With the growing industry demand for Innovation XX management decided to start innovation program to address innovation ideas and innovation projects in the context of its growing demand. The XX management assigned an expert to team to study and come up with the plan of starting an innovation program with in XX COMPANY . The key challenges faced by the team were why is innovation important in XX? How this will benefit XX as a company. How to operate the innovation team? How to gather ideas, who will approve the ideas, what are the areas can the innovation program provide support, what will the process of innovation team? Who will fund? What the necessary hardware and software requirement, how to identify the skills required?

Why is Innovation important?

• Strategic innovation generates new products and services, new processes, and new business models

• It opens new markets

• All of this helps deliver value and secure profits

Some examples of Innovations are

o Innovations in inkjet printing transformed Hewlett-Packard into the market leader

o Changes that Southwest Airlines made altered the nature of competition in the airline