Innovation Management and Steel Industry...

Innovation Management and Steel Industry  In the current global economic conditions, effective management plays an increasingly important role in the steel industry. As changing environment stimulates evolution in the steel industry, professionally managed organizations turn to innovation management in search for vital components of effective strategies. With rising threats and uncertainties, an organization in the steel industry requires effective innovation management strategies to ensure that their position does not weaken in the industry. Definitions of innovation There is no standard definition of innovation. One can find several definitions in literature. Some examples are given below. Innovation means new, so far not known method for fulfilling new kind of needs. Each idea, proceeding matter which is new, is called innovative, because it is qualitatively different from hitherto ones. Innovation is the new competitive arena where present-day gladiators, equipped with similar information and access to similar resources, try to outsmart one another to victory. Components involved in the definition of innovation is given in Fig 1  Fig 1 Components of innovation  Defined simply, innovation is, of course, introduction of something new. It is understood that the purpose of introducing something new into a process is to bring about major, radical change. Process innovation combines a structure for doing work with an orientation to visible and substantial results. It involves stepping back from a process to inquire into its overall organizational objective, and then effecting creative and radical change to realize order-of-magnitude improvements in the way that objectives are accomplished. Innovation can also be explained by the following Innovation is finding a better way to carry out an activity It is the key to success Something novel is often described as an innovation Innovation is a process that brings together various novel ideas in a way that they have an...