Abstract:
In the past industrial era the rate of change was slow and also predictable and competitive environments were not as intense and changed more slowly. At that time innovation was desirable and competitive advantages mainly came from focusing on the regular improvements in the quality and operational efficiency rather than focusing on innovation. Presently, the changes in the business environment are comparatively fast and there is a cut throught competition, where innovation has become a need for business organizations to manage their business successfully.....