Innovation enables businesses to increase efficiency and productivity through the development and adoption of new technologies and know-how. The ability to innovate by finding new ways to do business, developing new business models and tailoring products to a changing market, is vital to the success of the world’s businesses.
The OECD defines innovation as: … the introduction of a new or significantly improved product, process, marketing method or organizational method in business practices, workplace organization or external relations.
Innovation is often equated with investing more in research to create knowledge and technology. However, innovation is about more than creating knowledge and ideas; it is about applying knowledge and ideas in new ways to create value. Knowledge and ideas are most likely to find new applications when competition, capabilities and connections are strong. One example of the application of knowledge, ideas and technology to create value is the strong productivity growth experienced in industries such as financial services and logistics in the 1990s following the adoption of information and communications technologies created mostly in the United States.
Our company, Henan Red Star Mine Machine Manufacture
Co., LTD. that's HXJQ,founded in 1995. Until now it has been a history of 18 years. After so many ups and downs, our company has been growing. Our company can be on the top, because the company always has the concept of innovation.