News Report Three
Almost all companies recognize the importance of innovation today. But not many are able to integrate innovation into their business.
A commentary in the Shanghai Daily points out that innovation doesn't mean piles of documents. It is something more practical. The article says many people tend to assume that innovation just means creating something new, but actually it's more than that. It's an attitude of doing things. A company should find ways to innovate not just in products but also in functions, business models and processes.
The article cites the global giant Procter & Gamble as an example, saying a real innovative company should develop an innovation culture and use it as a primary tool for success. Procter & Gamble has a “Corporate Innovation Fund” which offers big rewards for high-risk ideas that succeed. It also has a special innovation facility for its employees. Sometimes its employees are released from their daily jobs for weeks and spend their time interacting in the innovation facility instead. In conclusion, the article says innovative ideas alone do not ensure success. It's pointless unless there is a repeatable process in place to turn inspiration into financial performance.
Q5. What is the problem with many companies according to the news report?
Q6. What do many people tend to think of innovation?
Q7. What does the company Procter & Gamble owe its success to?
