Affiliation:
1. Christ University, India
Abstract
This chapter gives a thorough framework for understanding the dynamics and applications of innovation in the business environment. In today's fast-paced and competitive world, innovation is essential for organizational growth, adaptation, and sustainability. This study takes a descriptive approach, addressing the complexities of creativity across multiple dimensions. This chapter offers a conceptual overview before examining the various aspects of innovation and its function as a driving force behind strategic initiatives and a means of fostering competitive advantage. It provides a thorough study that clarifies the various stages of the innovation process, from ideation to optimization, emphasizing key challenges and opportunities at each level. It provides a road map for businesses looking to foster an innovative culture and use it as an outlet for value creation and competitive advantage by adopting a comprehensive viewpoint.