Generally, there are four phases in a proper innovation process. These are generating new ideas, identifying the opportunities of each of these ideas, selecting of the best idea and finally applying that idea. It is often believed that innovation is only involved with the technology (Sarkar, 2007). However, it is not the actual case. Basically when a new idea is transformed into a new product which is accepted by the market, then that is the true innovation (Sarkar, 2007).On the other hand, ‘Change’ can be described as one of those few things that have been remaining constant over the centuries. It is one of the most popular topics of research (Paton, McCalman, 2008). Several models, theories and techniques have been developed by experts to identify the reasons for and effects of the change. However, most of the researches have been conducted to find out the ways of managing change effectively. According to Rob Paton and James McCalman managing change is all about evaluating, planning and implementing operational, tactical and strategic ‘journeys’. (Paton, McCalman, 2008, pp-3).Innovation is the way of adopting a unique idea and converting this idea into quantifiable business value. There are two ways of doing this. These are the commercialization of idea and institutionalization of an idea (Siemens, n.d.). In commercialization, process ideas are converted into products and services that are likely to be accepted by the market, whereas in institutionalization process ideas are transformed into processes or methods that would enable the organization to improve the quality as well as the productivity. Generally, revenue growth of the business is directly related to the commercialization of the idea. As a result, it is very important for firms to identify the right idea and convert the same into an original product or service through the proper innovation process.
Change And Innovation in Business