International Journal of Commerce and Management Research

Authors
Vijesh T

Abstract
As unexpected changes and global competition have become recurrent features in the current business environment, the pressure for innovation and organizational renewal has considerably increased. In fact, it has been argued that organizational capacity to continuously innovate, modify, change and re-create organizational resources, capabilities, and strategies is the main source of sustained competitiveness in turbulent environments. This paper draws together knowledge from a variety of field to propose that innovation management can be viewed as a form of organizational capability. Excellent companies invest and nurture this capability, from which they are effective innovation process, leading to innovations in new products, services and processes, and superior business performance results. This new operating model sees substantial investment in innovation capability as the primary engine for wealth creation, rather than the possession of physical assets. Building on the dynamic capabilities literature, an “ Innovation capability “ construct is proposed with seven elements – these are vision and strategy, harnessing the competence base, organizational intelligence, creativity and idea of management organizational strategies & systems, culture and climate and management of technology. The present study is descriptive in nature and based on the secondary data published by various agencies and organisations.