nnovation is a buzzword nowadays, it is challenging traditional business process forcing them to match new, young and dynamic business culture. Innovation has enabled its early adopters to project an image of being modern, adaptive and market players that remain updated with the latest technology. Innovation is helping businesses create more profitability both monetary and non-monetary. As businesses across the globe are realizing that whatever led them to their current position will not take them further, hence it is becoming imperative for them to adopt the change.
If a traditional established corporate wants to excel in the industry, it must be in a position that it can innovate the smallest of its day to day operations as well as his whole business model if need be. With the advent of this rapidly changing culture, a corporation must be in a position to challenge its current position continuously if it wishes to maintain and develop its place in this competitive landscape. The greatest challenge lies for old traditional businesses who have been operating at a steady pace and using age-old processes or fixed set of processes.