Innovation

Innovation is a process which begins with a scan of the external environment to identify opportunities for growth and new activities whilst, at the same time, encouraging, capturing and developing the ideas and fresh thinking of the organisation's people. The next stage is to combine these factors, and design them into new solutions and offerings that meet, exceed and surprise the market, and create new and tangible value for all those involved. Innovation differs from invention in that invention refers more directly to the creation of the idea or method itself. Innovation differs from improvement in that improvement refers to the idea of doing something better, cheaper or faster.