Categorization of innovation concepts for sustainable improvement

Abstract

Innovation is the key concept that drives creativity in to a reality. Irrespective of the field, striving for Innovation marks the survival as well as the success of any business. Innovation can be introduced for any stage of a supply chain in any organization, achieving the organizational strategies. It comes in different concepts according to its application across the supply chain. Perfect knowledge in innovation concepts and their categorization is crucial in applying them in the most effective way. Else would bring disastrous outcomes to the company which may even go bankrupt. This paper presents different innovation concepts, based on the literature, and attempt to establish their inter-relationship using the Graph Theory and the categorizing into main themes, with key innovation concepts related to each theme, using the Grounded Theory. Consistency of the categorization has been endorsed using the information collected through questionnaires. The data gathered following the Likert Scale have been illustrated in the graphs and furthermore tested according to Independent samples for Kruskal Wallis Test and a Hypothesis testing for all Innovation concepts. Sound knowledge on different innovation concepts, their interrelationships and categorization are imperative in constructive decision making, which enhances the ability of applying the most appropriate innovation concepts in the most effective way. Further categorizing of Innovation concepts will eliminate the confusions which may arise with the Innovations with similar concepts, but with different names. Precise application of the findings of this research across the Supply Chain would definitely support organizations for the survival and excel in the Business world, even bearing more opportunities in earning better ranks amongWorld’s most innovative Businesses.