Innovation involves creating a new product, service or business process or changing an element of the existing product/service/process. An example of a series of innovations are the changes in the way that newspapers have been printed, from metal typesetting to offset printing to digital printing.

  Process innovation is about changing how something is done, achieving the desired result in a different way. Subcontracting an aspect of a service and outsourcing an element of production are examples.

  Innovation can involve the business adapting to be able to fulfil consumer or client's current requirements, resulting in a greater market share and more loyal customers, clients. It can increase productivity and contribute to achieving long term success.

  The business's push to innovate can be managed by tracking key performance indicators such as Research and Development budget, Return On Investment, Time to market, Number of new products and services launched and Customer satisfaction score.

  One person or a team of people might be responsible for innovation within the business. The person or team responsible can encourage management and workers to put forward ways they think that the product or service and the company's internal processes can be improved.

  A business can consult its customers or clients to identify both the less popular aspects of current products or services and what they would find useful. It could take on an innovation that a competitor has brought in, for example voice activation added to an item of equipment.

  The business's processes can be mapped to highlight areas that can be done differently.

  Once an innovation has been assessed as being beneficial, the business can trial it on a small scale. Then consider the results. Then, to achieve the best results, it can make adaptations to the new product, service or internal process.

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