Innovation is the application of new solutions that meet new requirements, inarticulate needs or existing the market needs. This is accomplished through more effective products, processes, services, technologies, or ideas that are readily available to markets, governments and society.
That's why its important for business' success.
Here's a good read on innovation being key to maintaining success when faced by competition as it was for the restaurant, Il Fornello that had required a game plan change after its initial success: http://share.fpinnovators.com/hand-in-hand.html
Well innovation is not only about technology, but is also about understanding and exploring untapped needs that require to be addressed in an efficient manner and managing innovation is fast becoming priority in a global business environment.
Innovation is the key to get success in any field. Innovation means a new and easy way that you found to do a specific work. In future this would be adopted by other professionals also, at that time you may expert on that and you will be benefited for that.
From my point of view, innovation as well as motivation, plays a key role in achieving success to your business. Motivation and innovation not only helps to boost your employees productivity, but helps for maintaining a good relations with clients and employees.
A vital additive for innovation is not only to announce the willingness of the organization to take risks, but to actively encourage them to do so and push the boundaries. This is where it’s really necessary for management to be disciplined. When you are always pushing boundaries, you will make mistakes and those need to be turned into learning opportunities. Hence it's the innovation that specify instrument of entrepreneurs success .
I think that some of the most interesting innovations can be something small. For example, in my office we've implemented a managed print service, through http://www.governorsolutions.com/resources/multi-function-systems/. Which helps streamline your printing process. Reducing waster, enery used etc. Doesn't sound like much, but it's surprised me how much we've saved. It all adds up as they say. Just an example of something innovative that isn't necessarily going to make headlines anywhere.
Yes! you are right, Innovation is very important for business. Once you may get something new from the market and then gradually everyone has it. Innovation should constantly be embedded into the business growth strategy so the one is always a notch over others. If you want to business success then you must use the latest techniques according to your business.
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Maybe a slightly different stance on this. The goal of innovation in my mind is to find or create a market where there is no competition. I love a business question that I heard one time... If your business disappeared tomorrow, would anyone care?
The answer to that can be a bit scary. Innovation is not just creating a new product, or a new service. Its also doing things differently in a way that makes you unique. To where you really have no competition, because you are the only one doing business in the way you are doing it. This creates fierce loyalty.
A good book on this topic is BLUE OCEAN STRATEGY. Highly recommend it. Think Southwest Airlines... from the way that they do pricing, to the fact that you can only buy their tickets on Southwest.com (not KAYAK or Priceline), to their approach a free bags, seating policy, etc. Everything is different. But they didnt create a new type of airplane. It wasnt new technology, or a new service. But rather a new process and a new way of engaging their customer. There are many examples like this... but my response is already too long. :)