Free «Efficiency vs Innovation» Essay
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Necessity is the mother of invention. Once there is a market to any product the main aim of the company or organization is to maximize profits. Competition in any market is the mother to efficiency and innovation for any product. Being an entrepreneur enables one to view efficiency and innovation in many perspectives with the product or services being traded forming the basis of being in business (Ulwick, 2005 p.43). This paper describes the role of innovation and efficiency in the business, and juxtaposes the use of efficiency with the use of innovation in a business. It describes the relation between innovation and efficiency and the best interest of the company in making maximum profits.
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Innovation and efficiency
Once the products or services fail to meet the required consumer standards the business experiences a great challenge and risk of being out of market competition. Indeed, customer satisfaction is one of the most important goals as long as the entrepreneur wants to gain a competitive edge over his rivals. Efficiency may be seen as the ability of the product or service to satisfy the market perfectly, while innovation may include finding new methods to enrich the product or service to make and it more suitable for the market or doing away with the product or service and inventing a new one. Managers involved in decision making are more likely to be proactive once they see a product or service is not performing well in the markets; some managers may propose efficiency while others may propose innovation (Schwartz, Bransford & Sears, and 2005 p.5).
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Once a product or service is being discussed in terms of efficiency, there must be some form of innovation. Therefore, innovation is the supreme action especially where there is need to upgrade or change a product or where new product lines are being required. In his article “when innovation yields efficiency,” Jarvis (2009 para.1) explains that although many inventions occurring today have led to efficiency, they have failed to lead to economic growth. In addition, innovation has led to it is stagnant but has led to money flowing in to the economy and continued to circulate.
The invention of online advertising can be seen as the source of efficiency in the advertisement industry. The media plays a key role in reaching out the masses all over the globe making all business enterprises to be more competitive in the market. McCrimmon (2007 para.2) is on the view that not only the profit making organizations that need efficiency but also non-profit making. Smooth running of operations, discipline and internal capability enhance efficiency thus an opportunity for the business to meet its objectives.
The need for simplistic solutions has necessitated innovation and more entrepreneurship. In a complex world, there is need for specialization in order to have better efficient services. The challenge involved in a company or organization is to have personnel who are mainly involved in enhancing efficiency or mainly innovators who will innovate and create other types of products or services (Hindo, 2007 para.5).
The management will be involved to get cooperation from both parties so that the business can maximize profits and grow. Innovation will lead to invention of new products, while the efficiency will include innovating new methods of producing the product which may either reduce costs, change the image of the product to attract more customers, or offering more quality services to the customers.
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Without innovation and invention, the company is subject to fail since it must keep on upgrading to stay in touch with the current trends and technology to maintain its growth. Vinson (2007 para.3) says that innovation and operation management should be separated in order to realize profits.
Whichever the mode or path, new products have to be intruded through innovation in this competitive world otherwise a company will find itself lagging behind its competitors. Through innovation, a company finds new ways of doing business or production and in the process enhances efficiency which is the key to profit maximization. Comparing innovation to efficiency in any company, efficiency may be just another form of innovation, yet it is a means for the attainment of the business organization’s major goals of value maximization.
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