What is business innovation?

Business innovation is an organization's process for introducing new ideas, workflows, methodologies, services or products.

 

Like IT innovation, which calls for using technology in new ways to create a more efficient organization, business innovation should enable the achievement of goals across the entire organization, with sights set on accomplishing core business aims and initiatives. Innovation often begins with idea generation, wherein ideas are narrowed down during brainstorming sessions after which leaders consider the business viability, feasibility and desirability of each idea. 

To ease the process of traditional running process .It may be minimize the human efforts, It may be better waste managment, It may be any IT solution depend upon business type

"Innovation is a process of social influence, usually as a source for a minority or individual who strives to introduce or create new ideas, new ways of thinking or behavior, or to change ideas Traditional attitudes, old ways of thinking or behavior ". S. Moscovici

Business innovation is the introduction of a new concept and its representation in terms of product, service, method, technique ...

Innovation is a psychological and socio-cultural phenomenon.

It represents the new object, proposal or recommendation that implicitly or explicitly implies potential changes.

 

Business innovation can be applied at the operational and strategic levels in a business.

1. the operational level eg new and improved processes and proceedures designed to lower productivity cost through greater efficiency, eg how is the sausage produced in the factory or
2. at a strategic level where business changes may be applied in relation to what is done and how through better risk management, better administrative arrangements and better commercial arrangements.eg construction of a new factory producing something other than sausages. 

An invoice is a commercial document that itemizes a transaction between a buyer and a seller. If goods or services were purchased on credit, the invoice usually specifies the terms of the deal, and provide information on the available methods of payment. An invoice is also known as a bill or sales invoice.