Question

Please discuss if innovation is still the motor of industry or everything is invented already.

Should companies invest in innovation which is applicable worldwide, or just in the influence area?

Has innovation returns in a short time?

Answer 1

Innovation is the prime cause that can increase a company's financial performancewhich increase the revenue and reduce the expenses. With an idea that can change the customer thought can attract more customers to buy that product. Innovation leads to better positioning in market, can give better service to the customers. Innovation helps to give better results from the R&D department. A product is unique if innovation is added. The rate of innovation return is calculated by comparing the development in the new product has increased the profit margin and other expenses generated with the innovation. Innovation return are mostly short term and constant updation need to be done for capturing the attention of the market and customers. But in some cases the product itself meeting the demand of the customer can transform into a life time asset for the company.