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Hello! I am in the common business programme and have yet to choose the diploma I would like to pursue. Innovation is defined as "a new method, idea, product, etc." Innovation is vital to the business industry as it enables either the creation of new products or the improvement of existing ones. This act of innovation helps to develop a more convenient landscape as seen in the 21st Century. An example of this would come from Apple's iPhone. The iPhone is not the first smartphone in the world. However, it laid the foundation for the modern smartphone. Thanks to this, we now have pocket-sized computers that are capable of answering any question that we might have. Allowing for a more commodious world where it is easier to innovate and share your ideas. Creating new businesses that helps to contribute to the economy.For example, Apps like Grab, Instagram, and Carousell to name a few.

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This story is part of a group of stories called

Uncovering and explaining how our digital world is changing - and changing us.

Apple's first iPhone was released 10 years ago this week - on June 29, 2007. While it wasn't the first smartphone, it leapfrogged far beyond the competition and launched the mobile revolution. Few industries or societies have been left unchanged.

Here are 10 charts that show some of the profound effects the iPhone-led - and Google Android-fueled - mobile boom have caused over the past decade.

1. The iPhone put the internet in everyone's pocket

When Steve Jobs first unveiled the iPhone, he described it as a "a revolutionary mobile phone," a "widescreen iPod with touch controls" and a "breakthrough Internet communications device."

While it's called the iPhone, it's that last part - the internet device - that has had the biggest effect on the world. That's most obvious in this Ericsson chart showing the usage of mobile voice - relatively steady growth - and exploding mobile internet traffic - boosted by iOS and Android apps, photos and especially video - over the years.

2. The iPhone transformed photography from a hobby to a part of everyday life

Smartphones, along with their attendant photo-editing apps, put good cameras in everybody's pockets and we all became prolific photographers. The simultaneous rise of social media platforms, in turn, gave us a place and a reason to post our photos.

This year, 1.2 trillion digital photos will be taken worldwide, and most of those - 85 percent - will be taken on phones, according to market research firm KeyPoint Intelligence (formerly known as InfoTrends). That's up from the 400 billion digital photos taken in 2011.

3. The iPhone App Store changed the way software was created and distributed

Apple launched its App Store in 2008 - a year after the iPhone's launch - with 500 apps. Now there are 2.1 million on the App Store and 3.4 million on its Android competitor Google Play, according to app measurement company App Annie.

Apps have turned phones into everything from a bank to a motion-sensitive video game device. Indeed, a warehouse of nostalgia could be stuffed with the everyday items that smartphones replaced: Maps, flashlights, clocks, scanners, video cameras, calendars, calculators, computers, iPods and more.

In the first quarter of 2017, the combined publisher revenue for downloads and in-app purchases in the App Store and Google Play grew to $10.5 billion - not including revenue from in-app advertising or commerce, such as Amazon purchases or Uber rides.

4. iPhone apps changed everything, even how people work

On-demand work began with the first internet boom in the late 1990s. But their numbers didn't become substantial until the advent of smartphones with GPS chips and on-demand marketplace apps like Uber, according to Steve King, a partner at Emergent Research, which collects on-demand workforce data along with tax-prep company Intuit.

Currently there are about four million on-demand workers in the U.S., a number that is expected to double in the next four years.

5. iPhones have changed little things, too, like gum sales

Supermarket checkout lines - strategically stocked with magazines and candy - were for a long time a major point of sale for gum. Consumers waiting on line to pay would look around and make impulse buys. Now, however, we're so consumed with our phones that we're not reaching for a pack of gum to stave off our boredom. Indeed, gum sales have declined 15 percent since 2007, the year the iPhone came out, according to market research firm Euromonitor International.

6. iPhones became our fastest-growing obsession - not always for the better

People spent more time consuming media last year than ever before thanks to smartphones. Socializing, which used to be a non-media activity, now occurs on social media and over mobile connections. Time spent on the mobile web has also cut into other media activities, such as reading physical papers and watching TV.

7. Shifting attention transformed the advertising industry - making Google and Facebook the big winners

Advertising dollars go to where the eyeballs are. Not only is the internet supplanting traditional advertising platforms like TV for the most ad spending worldwide, but internet advertising itself is in transition. Mobile advertising spending is expected to surpass desktop this year.

8. The iPhone transformed Apple's business - and drove massive growth

In its 2006 fiscal year, Apple generated $1.9 billion of profit on $19.3 billion of revenue - mostly from the iPod and Mac. Its business grew 10 times over the next decade. Last year, it generated $45.6 billion of profit on $215.6 billion of revenue. The iPhone drove 63 percent of its sales last year - and likely even more of its profit.

9. The iPhone made Apple the world's most valuable company

In the years before the iPhone's launch, Apple was still struggling. The iPod was a big growth driver, but it was nothing like what the iPhone would do starting in around 2008. These days, Apple is worth more than twice as much as Exxon Mobil and three times as much as General Electric, traditional blue chip stocks.

10. The iPhone also led to the Android ecosystem, boosting companies like Samsung - and ruining BlackBerry and Nokia

These days, iPhones have a lot of cheaper competition and sales have shrunk. In 2018, Apple is expected to sell 241 million phones, compared with Samsung's 404 million, according to data from research firm Canaccord Genuity. Remember that iPhones are more expensive than most smartphones, so while Apple's unit sales aren't the biggest, its revenue per phone is.

Perhaps more interesting: The many things the iPhone has changed that are a degree or two away, and perhaps difficult to isolate or measure.

Have drug dealing and other illegal activities become more efficient thanks to the smartphone's discreet payment model? Has English become more prominent as English-language-based mobile apps connect the developing world? Have smartphones and the omnipresent connectedness they provide enabled the rise of helicopter parents, niche communities or better literacy?

We'd love to follow up with more trends like this - especially if you have the data or know where to find it. Reach me at rani@recode.net.
This article originally appeared on Recode.net. Will you help keep Vox free for all?
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How Apple's iPhone changed the world: 10 years in 10 charts

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Uncovering and explaining how our digital world is changing - and changing us. Apple's first iPhone was released 10 years ago this week - on June 29, 2007. While it wasn't the first smartphone, it leapfrogged far beyond the competition and launched the mobile revolution. Few industries or societies have been left unchanged.

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I am in CBP this year. IMP is really important as in the business industry it is important to cater to others' needs, thus the concept of empathy and design thinking is essential to succeed in business. Innovation is important as bringing new ideas to the industry is key in improving your business' efficiency, the products and services you provide to the market and also profits.

https://www.infoentrepreneurs.org/en/guides/use-innovation-to-grow-your-business/

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I am in nursing course. Innovation is related to my diploma as nursing is a discipline where there is limited time and resources as well as a lot patients to care for. This would mean that nurses would have to come up with ideas and methods of doing the jobs. This can include innovating efficient methods that allow them to do their jobs with less resources and less time as well as spending less time on administrative work. This will allow them to devote more time to patient care.

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hello! I am in common business program . Innovation is important in the business industry as it can improve productivity . For example, you can use artificial intelligence for many things such as tracking when your employees come to work and artificial intelligence can also be used to manage the cases that you have which may hep to improve productivity in the office and business.
Innovation is also important in marketing where it can allow businesses to stand out more than others. thus,  innovation is also important in the business industry as it allows you to stand out among your competitors.

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Hi!! I am in CBP and i have yet to decide a specific course that I would want to pursue. However I am considering ITB as it is relatively link to what i learn in my ITE years which is Maritime Business. As both are related to international trade and maritime business have made me want to learn more about it and pursue my career in it.

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Hello! I am in CBP this year and i have not decided which diploma i should pursue. Innovation is important in the business industry as it helps to tackle problems by creating effective solutions or ideas. For example, non-accounting-savvy business owners find it challenging to keep their books up to date and to remember where to allocate their transactions. This leads to inaccurate accounts which the accountant has to correct later on. To resolve this issue, Machine learning technology was used to automatically suggest or complete accounting codes which helps to eliminate errors and save a lot of time. In conclusion, innovative thinking helps to tackle problems efficiently and effectively.

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The term 'machine learning' has become a buzzword in the past year or so. Billions of dollars are invested in artificial intelligence (AI) technology each year - between $26 billion and $39 billion in 2016 according to the McKinsey Global Institute Study - of which nearly 60% went into machine learning.

Financial services are leading early adopters, together with high tech and telecom. McKinsey predicts that these three industries will continue to lead AI adoption in the next three years.

This technology is becoming very sophisticated, and early adopters are starting to see clear benefits. In the financial services industry, AI adopters with a proactive strategy achieve approximately 12.5% higher profit margins than non-adopters.

Xero, a cloud accounting platform for small businesses, introduced machine learning to their software earlier this year.

Machine learning is a subfield of artificial intelligence (AI). According to Arthur Samuel, a pioneer in the field of AI who coined the term 'machine learning' in 1959, machine learning gives "computers the ability to learn without being explicitly programmed".

Machine learning uses neural networks that are designed to function the same way as a human brain. When algorithms process and analyse enough data, they start to recognise patterns, make connections, and classify it according to the elements it contains.

Computers aren't as smart as humans, but because they can process data much quicker than people can, they're very fast and generally very accurate in their conclusions.

Accounting software is getting smarter, and it is already performing tasks that previously required human intervention. Repetitive, manual, and tedious tasks are eliminated so that bookkeepers and business owners can now spend less time on keeping their accounts up-to-date, and more time on other important tasks.

Here are some examples of specific tasks that this technology already affects:

Accounting apps learn invoice coding behaviours and suggest where transactions should be allocated. For instance, if the sales clerk usually allocates a product to a particular sales account, next time that the sales clerk adds that item to an invoice, the accounting app will automatically allocate it to the right account. It also looks at errors that bookkeepers and accountants fix. For instance, if the business owner allocates something to the incorrect account and the accountant fixes the error, the accounting app will take the accountant's selection as the right one.

Bank reconciliations are automated. Again, technology learns from previous allocations and account choices and then makes the right recommendations for new bank transactions.

Banks use AI chatbots to help customers resolve common queries. Chatbots from accounting programs, like Xero, let you query the latest financial data, like how much money is in the bank, when a certain bill is due, who owes you money, and it can even connect users with Xero advisors from their directory.

Additionally, this technology will also affect the work of auditors in the near future. Currently, auditors only study a select sample of transactions. They employ large teams of accountants who work overtime to finalise audits by deadline. The vast amount of transactions that flow through companies limits the number of transactions that auditors can inspect manually.

According to PWC, in the future auditors will be able to audit 100% of companies' financial transactions. Machine learning algorithms will process and review the data, recognise anomalies and compile a list of outliers for auditors to check. Instead of spending most of their time checking data, auditors can apply their skills to investigating and deducing the reason behind a pattern or anomaly.

Working with non-accounting-savvy small business owners, you've probably seen that they find it challenging to keep their books up-to-date and to remember where to allocate transactions. This causes lost time and unnecessary errors which you, as their accountant, must correct later on. It also means that their accounts are never accurate, leaving them in the dark as to their financial performance. Machine learning technology that automatically suggests or completes accounting codes eliminates errors and saves a lot of time.

Apart from the time-saving component, if auditors can check a company's every transaction, their financial information will be more accurate, and auditors can spend more time analysing the financial data to give better advice to their clients.

Technology can do heavy lifting, number crunching, and report compilations, while accountants focus on judgment-intensive tasks. Machines cannot think like humans. They do not have our emotional intelligence either. Technology makes accountants more efficient and productive so that accountants can interpret data to provide better insight and business advice to their clients.

According to CLSA, an investment firm headquartered in Hong Kong, AI will create more jobs than it 'destroys', but the transition will be painful. Over the next five to ten years we can expect to see significant changes in the finance arena and accountants will need to learn to adapt quickly.

According to Accenture, by 2020 more than 80% of traditional financial services will be delivered by cross-functional teams that include AI. While AI will crunch data, look for anomalies, and compile reports, human accountants will analyse data and provide informed recommendations to their clients based on their experience and knowledge.

If you're not a tech-savvy accountant, don't let this scare you. It's just a different way of thinking, one that is easily learnable. Start with a cloud accounting program like Xero to get your toes wet. Once you get used to this, you'll find it easy to adopt other intelligent technologies and to use them to your advantage.

Watch this interesting Ted talk by chess legend, Garry Kasparov, about how we should not fear intelligent machines, but rather work with them.
McKinsey Global Institute, Artificial Intelligence, The Next Digital Frontier: http://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/how-artificial-intelligence-can-deliver-real-value-to-companies

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Machine Learning Is Disrupting the Accounting Industry

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The term 'machine learning' has become a buzzword in the past year or so. Billions of dollars are invested in artificial intelligence (AI) technology each year - between $26 billion and $39 billion in 2016 according to the McKinsey Global Institute Study - of which nearly 60% went into machine learning.

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Hey! I am in CBP this year and i have yet to choose my diploma. I always have the heart for the tourism industry perhaps i would like to major in the tourism and resort management. Innovation is broad, innovation is relevant to the diploma that i wish to pursue in a way with innovation, most problems will be able to be solve if new ideas are form. Innovation to me is like letting your imagination run wild and makes impossible possible. Back then, when certain areas around the world are not able to obtain electricity, with innovation, with new ideas and thinking we are now able to provide electricity with the use of sunlight. When we used to think that sun is the only source of heat and light are now turn to be a source of electricity too!

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Hello! I am in CBP this year and i have yet to decide which diploma i would like to pursue as i am still considering every option i have for my future. Innovation is important in business as in order for us to contribute to the economy we have to be the ones that are innovative and find ways to help the company and therefore help the economy to grow, the company can never be innovative but instead us as the employee's and the people working in the company, we are the ones that have to be innovative and come up with ways to better improve and contribute to the economy and grow the business

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Hello! I'm in Common Business Program this year. I am aware of the different business courses available.  I am always interested in events therefore the closest course of interest would be Tourism and Resort Management. The innovation to be brought up would be virtual reality techniques allow the showcase guests to go through some novel experiences. The technology can immerse anyone interested in a vivid virtual world in any setting. This could help in check attendance and check environment and be more alert when attendees need help.

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Artificial Intelligence News: Latest Advancements in AI Technology | Business Insider

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Artificial Intelligence is a complex field with many components and methodologies used to achieve the final result - an intelligent machine. AI was developed by studying the way the human brain thinks, learns and decides, then applying those biological mechanisms to computers.

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Hello! Im in CBP this year, however, I am thinking of pursuing a diploma in ITB after Year 1. Innovation is related to the international trade as it allows advancements to be made in a business, which allows more businesses to flourish. Innovation is important as it can allow businesses to respond to the possibility of an upcoming big demand. For example, when the iPod came about. It answered the cry of music lovers having insufficient memory of the MP3 format and also the inconvenience of shifting from CDs to the MP3 format. The iPod was an innovation from Apple and Mr Steve Jobs to tackle the big demand as it had both a large capacity for music during its time, as well as having the file being automatically converted to MP3 when a song is bought on the iTunes store. This iPod innovation allowed Apple to continue its success and helped propel them to the success that they are still experiencing today.

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Disclaimer: This work has been submitted by a student. This is not an example of the work produced by our Essay Writing Service. You can view samples of our professional work here.

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Innovation is important for international business
Innovation must take the reality needs of customers and the possibility of the upcoming big demand or improve as the foundation, or innovation constantly tend to stay in the technology and the ideal level, must come out from the misunderstanding. The base includes the market impetus, market efficiency. Effective embodiment of the new cognition in the market efficiency and the internal and external. Therefore, there is no market, ineffective behavior, can not be attributed to innovation ". Innovation must be effectively communicated with information and market awareness. Innovation has 7 external environmental factors, so that to find the demand, make breakthrough and innovation.

1) Found: for example, the design of Sydney Opera House

2) "Gap between ideal and reality": MP3 first appeared, music lovers commonly found insufficient memory, unable to meet their enthusiasm for the music, and it is not convenient to move from CD to MP3 format. Then jobs found the customer demand and the actual situation of the gap, we developed IPod, a large capacity, and have the advantages of more functions, and the ITunes platform, simplify the purchase music and then transfer to the MP3 process.

3) Process is simplified to: such as not checked baggage check-in

4) Within the industry market changes: changes in technology innovation or consumer tastes have great influence on the industry and market. Facebook, product Twitter is the advent of the Internet era. Examples of failure: Kodak, Nokia.

5) The change of population structure: such as birth, will establish some related training institutions; aging tends to be serious, open to open some humane, sanatorium high level

6) Change: such as consumers aware of the harm of nicotine, the electronic cigarette is emerging, as the times require.

7) New technology found: R &D - solar water heater solar technology. ï¼ˆDrucker, 1985ï¼‰

Innovation is very important for the global economy, for Coca-Cola Co, to different regions corresponding to different customer groups, innovation has played a role of the market, recently in the Internet that, Coca-Cola Co, launched a new flavor beverage in Romania, as shown in fig:

When it comes to innovation, it is necessary to mention Apple Corp, its slogan "think different" already win support among the people, that is IPod saved apple, before IPod Apple also because no new products enough good once on the brink of collapse. The iPod status is very important for Apple Corp, it can be said that changed the consumption of music market, redefine the music position, now has become a kind of symbol, and even can be used as the information age music generation, comparable to CD, in Europe and the United States, the itunes+ipod model was a huge commercial success. The recently launched iPhone, is also a great impact on the mobile phone market, has shaken the mobile phone Nokia King status, promote the popularity of smart mobile phone, for now China young people, using Apple's mobile phone is a very cool. Apple's innovation is the continuous, before doing iMac, people can't imagine PC machine can be like this; before doing the iPod, people can not imagine a MP3 player can be like this; before doing the iTunes, people can't imagine online music store is what appearance; before doing the MacBook, people can not imagine a notebook computer can be like this; before doing the iPhone, people can not imagine a mobile phone can have multi touch technology, can be easily combined with iPod, Internet, telephone the three core functions.

Innovation of Apple Corp is not blindly, Apple Corp in 1997 is very critical moment to bring back Jobs. Jobs was the most important things to do, is to was in the R & D projects cut half, retaining only a few business. His principle is: Focus. Apple in 1996, is the Jobs regression, operating losses of more than $ 1 billion, while the period of Microsoft, you should know, is very strong, the promotion of Windows 95 when the advertising fee took out $ 500 million in market value, the launch of Windows 98 in 99 years, broke through the $ 500 billion. You know, now the apple at its peak, the market value is only just exceeded 500 billion. Microsoft in 10 years ago reached. When apple in the face of such Microsoft, Jobs to allow apple to stand up, must concentrate on can really put ideas into the Project sales of products. Over the years, apple computer, mobile phone, MP3, seemingly flat and so on all production, seems to be very complex, but each field only a product. The gold standard is 97 years Jobs to Apple's success. Apple has been painful; certainly not recommit the same error. It is the enterprise gene, "It's very easy to be different, but very difficult to be better." - Jonathan Ive (Walter, 2011) in fact, if you really pay attention to apple, will find it every year to apply for the registration of patents for many, but most have not become the actual product. This shows that apple is not innovation, innovation is numerous, in the absence of objective environment allows a hot product, not just to liquidation, nature, the public will know nothing at all. Apple pays more attention to individual consumers, all innovation around the reality demand, looks a bit more practical.

After analyzing the Apple Corp as an example, the following from the global economy to illustrate the importance of innovation. This century 50's end since the early 60's, with the rapid development of computer industry, the world economy gradually from industrial economy to information economy transition began to appear in information products in international trade. After entering 90 age, modern information network technology is development make a spurt of progress, international trade into an information age, information has become one of the most important factors affecting the twenty-first Century international trade and development. Especially the naissance and rising of electronic commerce and Internet trade, leads to great changes to the operation of international trade. Through the global network of information flow between countries and regions in the world, promoting international trade development to the direction of information technology, but also opens up a new way for the sustainable development of international trade. Electronic Business is a new business model emerged in recent years in the global scope. In recent years, the rapid development of electronic commerce is the inevitable product of the market, financial, economic globalization trend. The use of Internet technology to enterprises, users, suppliers related to trade and business connection to the existing information technology system, completely changed the traditional operation mode and method, is a global information flow can be realized in the field of international trade form. Electronic commerce expanded international trade of space and places, shortens the distance and the time of international trade, simplifies the procedures and process of international trade, the international trade globalization, intelligent, paperless and facilitation, and realized the epoch-making profound changes. According to the China World Trade Center conference estimates, if the use of e-commerce in the global international trade, a year can bring about $1000 billion of revenue, along with the world economic globalization, the whole world import and export trade through electronic commerce will also gradually increase the proportion of. Electronic commerce is a new revolution in the field of international trade. Electronic commerce is the technical foundation of economic globalization, it broke through the countries and regions all kinds of barriers between, make international trade going, caused great changes in the world economy and trade.

First of all, great changes have taken place in the international trade market transactions, the emergence of the "virtual market". E-commerce through online "virtual" information exchange, opened up a new open, multi-dimensional, three-dimensional space in the market, breaking the traditional market to a certain geographical existence as premise condition, the global information network to link together into a unified "big market", promoted the formation of the global market in the world economy the. Factors of production flow of information brought capital, goods, technology and other global accelerated flow, promote the rapid development of the global "network economy". Economic and trade ties and cooperation in countries that trade under the environment of network can be greatly enhanced.

Secondly, great changes have taken place in international trade management main body, the emergence of the "The Virtual Corporation". The core technology of modern information and communication technology by individual companies have in their professional field, many companies are connected to the company community network, a company can't bear market function, can be more effective in providing goods and services to the market. The new enterprise organization form does not have the contact force of all the company's power in the capital, but due to undertake certain information collection processing and transfer function seems to have a certain entity. Strategic alliance of Multi-National Corporation is the main form of the "The Virtual Corporation", find the resources and alliances through dynamic network combination of the open system, the realization of "virtual operation" to vary from minute to minute economic competition environment and consumer demand for personalized, diversified into development trend, bring about division of labor, complementary advantages, resource reuse, benefit sharing benefits to the Multi-National Corporation.

At present, the development speed of the network trade is speeding up, a huge potential of the emerging market began to form. Can foreknow, trade network in the future in twenty-first Century, will become the trade mode. The trade network objective basis, fundamentally speaking is the great revolution of science and technology development, economic relations between the globalization and integration. Network trade compared with the traditional trade way, basically have the following advantages: (1) the network trade will greatly reduce the transaction costs of both sides. Both parties through the network directly, without the intermediary trade participation, reduce intermediate links of the transaction; the parties involved in the transaction only pay the lower network communication and management costs can be obtained storage, exchange and processing information, save money, reduce cost; the Internet is a global network, in favor of both sides of the transaction to acquire "complete information" on the market, reduce the search cost, reduce transaction uncertainty; direct transmission of electronic documents on the Internet, which saves the production cost of paper documents, but also can shorten the invoice settlement time, accelerate capital turnover, save interest expense. (2) The network trade to improve work efficiency. The existing network technology to achieve the business user standard format (such as contract, bill of lading, invoice etc.) real-time transmission and exchange, the seller and the buyer can remain within doors on the Internet for ordering, negotiation, signing, customs clearance, inspection declaration, shipping, taxes, payment and settlement of the foreign trade business formalities directly, greatly reducing the transaction time, to the whole transaction is very fast and convenient, which led to the relevant departments of finance, customs, transportation, insurance, improve work efficiency. (3) The network trade is beneficial to the enhancement of enterprise competitive position. Companies and manufacturers can apply for registering a domain name, set up their own websites on the Internet, introduces the product, service and propaganda enterprise image by Webpage, expand enterprise well knownness, to open up overseas markets and improve the international competitiveness. In addition, the network trade without time, geographical restrictions, affected by natural conditions, can be "all-weather trade", the products to the world, increasing trade opportunities, but also contribute to the timely, accurately grasp the market dynamics, closely with business relationships with customers, raise the market competitive position.

So the innovation plays an important role in international business, a company want to better access to benefits, it should make innovation and preparation, the company's products to meet the consumer's experience as the main objective, to adapt to the international market trend in the operation of the company itself, the sales model to adapt to the development of science and technology, not the total maintains the inherent mode, do not make innovation, will soon be replaced by the new company.
References:
Drucker, P. F. (1985). The discipline of innovation.Harvard Business Review,63(3), 95-103

Walter,I.(2011). Steve Jobs: A Biography, Simon & Schuster

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Benefits of Innovation in International Business

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I am in CBP this year and I have not chosen the diploma i would like to pursue yet. I believe that innovation is important in this day and age as it introduces new and different ideas which could potentially lead to bigger and better opportunities. As the company flourishes through various ideas, they can improve their reputation in the economy which would make them more recognized amongst their regular customers and potential new customers. For example , a company that we all love , Netflix. Netflix is currently known as the top video streaming app in the world. They started up in 1997 as a small start-up delivering mail order DVD’s and now they have over 80.5 million members. The company made various innovations to meet their customers demands and even came up with ideas to broaden their target market. They definitely changed the way we watch TV.

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Since its start in 1997 Netflix has grown from a small start-up delivering mail order DVD's to the world's leading source of international movie streaming with more than 80.5 million members around the world, including 35 million who watch Netflix internationally. In that time the company has broken down barriers, innovated the industry and set the standard for others to follow. More importantly than that is how Netflix has changed society. The services, the personalization and the content have had an effect on how we all watch movies and TV. Now, instead of watching whatever we can whenever we can find it, going to the movies or relying on bulky tapes or DVD's, we watch what we want when want wherever we want as often as we want. This is a look at 10 of the innovations that have changed our lives.

10 Ways Netflix Has Changed The Way We Watch TV:

1. Netflix, The Original

The original concept is perhaps the biggest innovation the company has ever made. It led to the corporate giant we have today, and all the other innovations which were to follow. It is the brainchild of Marc Randolph and Reed Hastings who has remained CEO to this day. The idea came to Hastings after paying huge late fees for a movie, he wanted to provide movie rentals that were not only cheap, but easy to deal with. Randolph brought the Internet to the table. He'd worked in comparable businesses before and knew he wanted to sell something over the Internet, just not exactly what. Solution, sell movie rentals over the Internet and deliver through the mail. Together, the two men and only 30 employees began a business that drove the traditional movie rental business out of business and is forcing the modern entertainment industry to conform to a new paradigm.

They first introduced Netflix in 1998 with a pure rental model that came with the associated late fees. This was complemented a year later with the addition of the subscriber model which eventually led to the end of the original concept. Since then the company has been growing the business based on the concepts of flat fees and unlimited rentals. It wasn't an easy ride to the top. The company wasn't profitable until 2003, 6 years after its founding, but this was primarily due to the growth oriented strategies employed by Hastings and Randolph.

During that time Netflix was offered to BlockBuster which refused to buy, a decision that ultimately led to its demise. As early as 2005 Netflix was sending out over 1 million movies daily, a volume that Blockbuster couldn't match. Blockbuster is still in business as a brand owned by Dish Network but it has shrunk from its peak of 9,000 stores and 60,000 employees to only about 50 stores today.

2. Netflix, The Subscriber Model

Following the origin of the company the switch to the subscriber model is the second biggest innovation made to date. Up until then movie rentals were a clunky process, even when using Netflix. Viewers had to log in, choose a title, pay for it, wait for it, watch it, send it back and hopefully not incur a late fee. Charges for movies were low compared to a rental store but still high compared to today's on demand model, and they could go up dramatically if not returned within the time allotted. The original model allowed users to watch Netflix internationally for a low per movie charge, lower late fees and all from the ease of home but was just not enough to truly capture the eye of the market.

The switch to a subscriber model was a gamble but one that paid off. Within the first year of its launch it became clear that it was the future of video rentals and quickly eclipsed the original business model. By 2000 it was abandoned in favor of subscriptions only and that move led the company to growth and profitability. The fact that users could watch a movie whenever they wanted, as many times as they wanted, with no deadlines and no late fees was revolutionary and altered the very nature of the movie rental business.

3. The Netflix Queue

You may not think of the queue as a major innovation but it is fundamental to Netflix experience. It allows users to populate and curate a list of movies, TV shows, documentaries, cartoons and other DVD based content scheduled for viewing. The list is used to determine which movie is mailed next so users do not have to go the sometimes onerous process of choosing what to watch. Each time a movie is returned a new movie is sent out. If a movie isn't available, the next on the list queues up for delivery. Members can add or remove movies and up or downgrade them at will, even provide feedback and ratings which are later used by the platform to suggest new titles. A basic subscription allows for one movie at a time, the next level is 2 movies at a time. Two at a time means one movie ready at home for watching and another in the mail, providing a constant flow of ready to watch entertainment.

4. Personalized Recommendation System

The business model may be subscription movie sales but Netflix is also a technology company and the product is personalization. The platform is built around a personalized move recommendation system that uses a variety of algorithms to match contents to member preferences. The system uses ratings and reviews from past viewers and to match movies to viewers based on their history and reviews. The software has been in development for over ten years, well before the company paid a $1,000,000 award to developers who were able to improve performance by 10%. The algorithms display content in two dimensions; titles are listed horizontally, genres vertically, ranked by preferences providing members a uniquely personalized experience.

One aspect of the algorithm is that it is global. It uses information from users around the world to make suggestions with no regard to gender, location or age. Suggestions are made solely on the basis of ratings of past viewers and individual viewer preferences. Each title is grouped into thousands of "clusters" based on the content, each viewer is assigned a number of clusters and these are used to match movies to members. Because there is no demographic bias suggestions are based on what other viewers of a particular video are watching, not who the viewers are.

5. The Move To Video Streaming

Netflix' impact on how we receive our video content became more obvious with the move to streaming. When Netflix began it was a DVD rental company housing a growing inventory of movies and content. This was a big blow to the traditional movie rental businesses like Blockbuster but an inevitable change. Over the years streaming content came on the scene and the company slowly began the switch, but the changed moved into high gear in 2007 with the launch of video on demand. Within three years of the move Netflix lost its place as the US Postal Service single largest customer but became the internet's most visited website during off-work hours. To put it bluntly, video on demand through subscription service is now the driving source of revenue and leading source of change throughout the entertainment, television and movie making industries.

In the beginning Netflix was not the only one to move into streaming, nor is it the only one today, but it is the largest and leading provider of international television streaming and other content on the planet today. This move was central to the company's ability to grow and dominate the market.

Change did not come all at once, it almost never does. In the beginning the streaming service did not start with off unlimited access. The original subscribers to DVD services were allowed one hour of streaming for each dollar spent per month. For most this meant 17 hours, or $16.99, but eventually the cap was lifted. When Apple's streaming service and Hulu came on to the scene the company decided the way to counter the threat of competition was to open up unlimited access for all users except those using the low cost basic $4.99/2 disc per month plan. Over time service evolved to today's rates which run between $7 and $12, with a free trial month for all new users.

Perhaps the most compelling feature of the subscription is the ability to use multiple user profiles to access one account. Up to five profiles can be built with each subscription, from five different computers, so long as the original account has been logged into on that device. This feature is especially useful for families or roommates. The only limitations to international Netflix streaming is copyright, local and international law blocking certain content in certain areas. The sad truth is that not all content is allowed in every country, or provided through Netflix, and are blocked. You could unblock shows using VPN for Netflix but that is getting harder to do.

6. Exclusive Content And Original Programming

No matter the model or service Netflix has always been about delivering content. In order to do this it has cultivated a vast library built on exclusive deals with many of the top entertainment companies. Over the years the company has made deals with Starz!, Metro-Goldwyn-Mayer, Paramount, Lionsgate and many others allowing it exclusive access to popular movies not available anywhere else. Their dominance of the market led to intense competition for content and the birth of original programming.

Netflix innovated the concept of exclusive content when it started to buy, and then develop, its own original programming. At first criticized for their unorthodox methods the company has proven its ability to produce new shows cheaper than mainstream media and deliver it in a fashion that meets viewer demands. By crossing the line between rental service to entertainment provider the company further cemented a loyal fan base by increasing appeal. The first project, House Of Cards, was first aired in February 2013 and has been followed by dozens of new shows. Partnerships with companies like Dreamworks Animation and Marvel TV have also helped Netflix in its quest to produce original content exclusive to its membership. Season 2 of Daredevil, a result of the partnership with Marvel TV, launched in early 2016 in 190 countries simultaneously, yet another milestone.

7. Global Reach, Unlimited Access

When it comes to unlimited access Netflix takes it to the next level. The full library is available to most members with some limitations due to legal restrictions in some areas. Because it is web based and streaming members can stream content from anywhere in the world they can get access to the Internet. On top of that, the platform works on nearly every device on the market today.

Netflix partnered with multiple device makers to make its services available to the most number of people in the most number of ways. Makers of set-top boxes like Roku, blue-ray players, smart TV's, game consoles like X-Box, PlayStation and WII and many others with internet connection all support Netflix apps. This allows members the most flexibility, and to stream movies and shows directly to their computers, tablets, phones and most importantly, to their TV's. The number and types of devices makes it easy for viewers to watch Netflix internationally from anywhere in the world.

8. Binge Watching

Binge watching, it's a buzz word in today's world and a practice most of us have likely taken part in, even if you don't admit it. The word sprang into common use in the wake of Netflix foray into the world of serialized TV. When Netflix began listing whole seasons of television series at once it allowed viewers the opportunity to watch as many episodes at a time, at any time on demand, as they liked.

According to a survey conducted by Netflix more than three quarters of all respondents say that binge watching is watching 2 to 6 episodes of a show at one sitting, more than half say they binge watch regularly. For many this can go much higher. When there are multiple seasons available it is possible to watch the same show for days at a time, only stopping for sleep.

In reality, binge watching originated with broadcast and cable TV in the form of marathons. Marathons allowed viewers to watch multiple episodes in a row and often were aired by season, or with some other theme applied. The term was later applied to VHS and DVD viewers doing the same at home. Its use grew with advent of streaming and on-demand video and became widespread with the release of shows like House Of Cards and Orange Is The New Black.

9. Changing The Entertainment Industry

One benefit of the subscription model for both the company and viewers is the lack of commercials. Since the company does not need to raise revenue from ad sales it saves money by not needing to run an ad sales department and viewers gain the benefit of commercial free viewing. While the obvious affects are enjoyable enough, several unintended affects are altering the very fabric of the entertainment industry. One is that content creators are no longer tied to the 30-minute/60-minute time frame of traditional TV another is that they no longer need to write in a format assuming weekly viewing.

The change in how content is created, how it is delivered and how the viewer consumes it is forcing other industries to change too. As Netflix grows in dominance cable, TV and movie companies are all having to make changes to keep up. Not only are cable companies forced to fight for rights to content, they must create new content and deliver to the consumer in the way consumers now demand, on demand. Think about it, just about every source of media has a website streaming its content where just a few years ago the space was nearly vacant.

Further, releasing entire seasons in blocks allows the company to save money where other content producers cannot. The traditional method of launching a show involves pilots, of the hundreds of pilots made each year only a dozen or so become shows and many of those fail in only a few years. Netflix seeks out compelling content and contracts it for an entire season. It dispenses with pilot process, favoring its own data in terms of what execs think will drive viewership.

10. The Latest "Innovation", Blocking VPNs

The latest innovation, and one that has garnered a lot criticism from Netflix users, internet advocates anyone that use VPN for streaming, is a move from Netflix blocking VPN's. The reason? Due to local and international law, copyrights and censorship not all content is available worldwide, VPNs help members evade these restrictions. VPNs and other services block or alter a computers IP address and country ID so that users can gain full access to online content.

As early as February of 2016 most of the VPN services began reporting blockages that eventually led to many of them refusing access to Netflix altogether. Netflix VP David Fullagar summed it up nicely when he said ""If all of our content were globally available, there wouldn't be a reason for members to use proxies or unblockers".

One criticism of the blockade is that it will push more people into pirating content. Another is that web developers and hackers will only find new ways to get around the blockade. One service, Le VPN, was amongst the last ones standing up against the blockade and it was up and running for Netflix users around the world until October 2016. Le VPN is a service that helps viewers unblock TV shows from around the world, not just from Netflix, and access international television streaming with just one click.

Netflix has grown from a small tech start-up to a company changing the world through innovation. Its original programming, exclusive content and international Netflix streaming make it the most popular international movie streaming service worldwide. It counts 80.5 million subscribers around the world as reported in April 2016, and its popularity keeps on growing. Over 35 million people watch Netflix internationally outside of the US and many of them use a VPN for streaming without restraints and accessing the numerous Netflix libraries in other countries. Learn more how to use a VPN to unblock TV shows and how Le VPN can help you bypass all restrictions and watch online media content from around the world.
*Article updated on July 20th, 2018.*

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How Netflix has changed the way we watch TV. | Le VPN

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Since its start in 1997 Netflix has grown from a small start-up delivering mail order DVD's to the world's leading source of international movie streaming with more than 80.5 million members around the world, including 35 million who watch Netflix internationally.

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I am in CBP this year and have yet chosen my diploma. Innovation is important because the competition is every industry is relatively high, since they are mostly flooded with goods or services by major companies. Hence, innovation allows one to come up with and execute a fresh idea to offer a breakthrough in a particular industry. This will allow that business to stand out from the rest which will attract customers since they are being offered with something different yet still relevant. Customers may still face some issues with the newest good and a new idea will help to solve that problem that they face. Innovation is what that will take a company to a whole new level and make themselves distinct from the other competitors. Thus, innovation matters as one can make himself or herself known for doing something that no one else has ever done before.

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I am in CBP and I have yet to chose my diploma. Innovation is important to the business industry as it allows businesses to grow and flourish in numerous way such as coming up with creative ways to solve certain problems. This may improve productivity as problems are solve and overcome easily. Another way innovation has help business is when businesses use various creative ways to promote their own business, like a unique character in a business. Coming up with different ideas is important in marketing as it is always good to stand out with your ideas, this will attract more consumers which in turn will lead to more profit and growth for the business.

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Executive Summary

Innovation is a top priority for almost every organization. But to achieve success through innovation, companies must put as much energy and investment into marketing new offerings as they do in generating them. Marketing is and should not be executed merely through tactical functions of acquiring and retaining customers, as many companies practice it today. The full, business-growing power of the marketing function comes way upstream - from creating markets. Understanding people's fundamental needs and drivers, identifying customers, and developing the entire go-to-market and usage ecosystem are the essential aspects of marketing - and the ones that the success of innovations, especially breakthrough ones, hinge upon. Marketers need to be included in development discussions earlier in the innovation process.

Jan Stromme/Getty Images

Innovation is a top priority for almost every organization. But to achieve success through innovation, companies must put as much energy and investment into marketing new offerings as they do in generating them.

The role of marketing in some companies seems to have diminished in recent years, with the growth of artificial intelligence-driven algorithms and predictive analytics that offer up information, goods, and services to customers. The popularity of private label goods and products from companies like Brandless and others that seem to eschew marketing also seems to make the argument for less marketing, rather than more.

But marketing is and should not be executed merely through tactical functions of acquiring and retaining customers, as many companies practice it today. The search, content, and loyalty campaigns that most managers call marketing these days are common downstream tactics for generating or maintaining awareness or repeat purchase; the full, business-growing power of the marketing function comes way upstream - from creating markets. Understanding people's fundamental needs and drivers, identifying customers, and developing the entire go-to-market and usage ecosystem are the essential aspects of marketing - and the ones that the success of innovations, especially breakthrough ones, hinge upon. Marketers need to be included in development discussions earlier in the innovation process.

Consider what has happened when a revolutionary product or service has been launched without the full power of marketing: Google Glass. These smart glasses were a stunning technological advancement - which ultimately failed. Among its missteps, Google didn't identify the burning consumer needs that would drive Glass adoption. It needed to know the "can't-live-without-it" use cases that would motivate people to overlook or work around the product's early shortcomings. Plus, the product was initially sold only to "Glass Explorers," a group comprised mainly of tech geeks and journalists who were important in the industry, but not the kinds of aspirational role models that mainstream consumers wanted to mimic. The company failed to create a robust and durable market for the product, it had to discontinue it less than two years after its launch.

Strategic, upstream marketing that is incorporated into the innovation development process can clearly define who to sell the new offering to and how to sell it in ways like this:

Identify unmet and even unknown customer needs. Oftentimes, people don't know they need a new-to-the-world innovation - and sometimes they have been settling for a workaround or poor substitute for so long that they don't realize an alternative is possible. Before the smartphone, for example, people thought nothing of having to wait to use their computer to access the internet and use email. The marketing disciplines of anthropologically-based research and needs-based segmentation uncover the most significant holes in people's lives that new products can fill. So instead of making assumptions about potential customers and their needs, marketing might help identify entirely new or different customers for innovation teams to consider.

Understand the deep-seated drivers of perceptions and behavior that are relevant to a product's appeal. A robust marketing trend analysis reveals the cultural, social, and psychological dynamics that should be addressed in the development of and communication about an innovative product. For example, the adoption of virtual reality has been much slower than technologists expected it to be for many reasons, not the least of which is the design of existing headsets. They're big and clunky - not something mainstream users want to wear much. A greater emphasis on the marketability of VR products, instead of their capabilities and content, could focus VR innovators on improvements that would make their products more appealing.

Engage with customers through use cases and benefits instead of functionalities and features. If an innovation is truly breakthrough, people need to be educated on how to use it and why - particularly mainstream customers who are compelled less by what a product does and more by what the product helps them do. Marketing helps companies address this through 1) customer research, which tests the appeal of various use cases and often uncovers new ones; 2) insight development, which explores beyond the functional benefits of use to identify the higher-order, more valuable ones; and 3) positioning work and communications framing, which determines how best to convey those uses and benefits to customers compellingly.

Develop the entire customer experience ecosystem. Innovators usually become so wrapped up in what they're developing that they overlook all the other elements necessary to make delivery and experience of the offering successful. Take the first e-reader to be developed, the Sony Reader. The product was a technologically-advanced product, but it failed because Sony didn't enlist the book publishing industry as a partner to provide the content the hardware required. Sony hadn't tapped the customer and customer experience orientation inherent in marketing to ensure the ecosystem around its product would be as well-developed and well-designed as the product itself. When Amazon later launched its Kindle device, it offered an integrated experience of hardware, software, service, and content that made it seamless for the customer to buy and use it - thus producing a successful launch.

Use a go-to-market strategy appropriate for the innovation and its customer. The lackluster performance of the Sony Reader also resulted from the company's misguided channel strategy. Sony tried to sell the device through traditional consumer electronics stores such as big box technology retailers instead of channels that book readers naturally use. Marketers know the importance of attending to all "4 Ps": price, place, and promotion, in addition to product.

Another example of integrated marketing and innovation is the story of the K-Cup coffee pod from Keurig. One of the K-Cup inventors, John Sylvan, was motivated to solve a common problem: the stale, bitter sludge that coffee becomes after sitting in a pot in the office breakroom all day. People had been tolerating the problem for years. But Sylvan understood that there must be a solution and, after he and Keurig co-founder Peter Dragone developed one, they convinced office managers, their wisely-chosen target market, of the possibility too.

Sylvan and Dragone also were keyed into people's emotional connections to coffee enough to recognize that coffee preferences varied significantly by region and that local roasters had locked in loyal customers. So they enrolled regionally-known coffee roasters such as Green Mountain Coffee Roasters, Diedrich Coffee, and Tully's to provide the coffee for the K-Cups. By appealing to different customers' flavor preferences, they not only tapped into the broader context of coffee culture, but also increased the perceived value of coffee made a single cup at a time.

They pitched their machines to corporate accounts on the benefit of saving costs (money on the coffee itself as well as the loss of productivity of employees leaving the office to get a fresh cup from the local coffee store). Keurig developed partnerships with other players in the K-Cup product world, enrolling existing local distributors to install machines and subsequently entering into distribution deals for its K-Cups with coffee retailers Dunkin' Donuts and Starbucks. It is also developing more eco-friendly products. These are the kinds of strategies that help get innovative products in front of the right customers at the right time.

Today's advanced innovations such as 3D printing, bitcoin, and virtual reality have gotten some traction, but they and other revolutionary products and platforms like them need the right marketing expertise to generate the depth and breadth of market engagement they seek. Innovation alone may be enough to initiate the adoption life cycle, but marketing remains the bridge necessary to cross the chasm between early adopters to the wider group of people who will form a viable, valuable customer base.

The bigger the innovation, the bigger the risk of failure. Because marketing can reduce those risks, it matters as much as innovation - perhaps even more.

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Why Great Innovation Needs Great Marketing

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Executive Summary Innovation is a top priority for almost every organization. But to achieve success through innovation, companies must put as much energy and investment into marketing new offerings as they do in generating them. Marketing is and should not be executed merely through tactical functions of acquiring and retaining customers, as many companies practice it today.

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I am in CPB this year and have yet to choose which diploma I want. In my opinion, innovation is related and important to the business industry because it allows the business to constantly come up with new  ideas that can help the company flourish. It is important for a company as it helps them stay relevant to the current time and have ideas that can appeal to their customers. Take for example, Kodak, their company went out of business because they weren't able to continuously come up with new ideas that helped me boost their sales which resulted in their downfall. The company used to sell films but due to the everchanging technological enhancement and innovative thoughts from other companies, they were unable to keep with with digital cameras and cellphones. As stated in the website, Kodak had cameras as huge as toasters, took 20 seconds to take a picture that is furthermore, low quality. Thus, companies need to always continue being innovative to stay relevant in the business industry.
Article:
https://hbr.org/2016/07/kodaks-downfall-wasnt-about-technology

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Currently in CBP, have not chosen my diploma. I feel that innovation matters in every industry,especially for business as the moment business stop coming up new ideas or product,  they would lose to other business that are constantly  innovating new products. As now customers want products that are able help them solve their problem and by having constantly innovating new products, customers are more likely on continuing buying from the same company because they prefer exciting products being produce in a regular basis.

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Innovation shapes the corporate life and gives you a competitive advantage with other companies. Over the long run, if companies do not innovate they will sustain and might also go bankrupt as their competitors will be innovating and they won't.

Innovation has become central to the success of any business and it's an integral part of the business strategy.

Innovation is a natural, chaotic, unpredictable process that is hard, perhaps even impossible, for well-meaning outsiders to foster.

If we try to control or micromanage innovation, we risk squeezing out the very life forces that give rise to successful new ideas. Instead, we must focus on finding ways to nurture and accelerate the natural processes of innovation once they've begun organically.

Only companies that constantly challenge what they do, challenge themselves to come up with new and different ways of doing things, and also constantly improve on things that they already do will survive in this new globally competitive environment.

Customer Expectations:

Consumers change their behaviors - new preferences and fads dominate many buying decisions. This change in consumer demands has pressurized companies to quickly innovate new products to meet the demands of consumers. Innovation cycles are becoming rapidly shorter, which means that companies have to be constantly on their toes, churning out new products, new services, and offer new solutions because customers today don't just want a product or a service. They want companies that solve their problems.

Brand Loyalty:

"Consumers are no longer Brand Loyal ". Today the brands like Blackberry, Kodak which was once household names today are challenged to survive in the market. The era of "Moment Marketing" has come to an end. Companies have to become the part of their customers "Reality & Experiences". The customers need awareness, authenticity and excitement over the brand to be on top of the customer's mind. The fight begins when companies have to retain their customer's passion for the brand. Customer needs exciting products in a regular stretch.

We're moving to the world where internal collaboration is innovating itself. In fact, the world is looking for platforms and solutions, which can deliver a marketplace of ideas and execute them. The answer we have to that - Ideapoke.

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Innovation shapes the corporate life and gives you a competitive advantage with other companies. Over the long run, if companies do not innovate they will sustain and might also go bankrupt as their competitors will be innovating and they won't. Innovation has become central to the success of any business and it's an integral part of the business strategy.

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I am in CBP,. Although, I does not have a specific diploma yet, CBP is related to business industry. Innovation is important in business industry because the world is changing rapidly and the needs of the customers are changing as well. Through innovation, business industry is able to implement new ideas or improve on their existing product to meet the needs of the customers. This in turns helps to enhance economic growth of business industry. In addition, innovation helps to improve the productivity of business industry and thereby increasing the profitability as implementing new ideas and strategies help to speed up the work speed of business industry. In conclusion, innovation plays a critical role in business industry.
Link for the picture: https://twitter.com/talgroup/status/936984575820967942

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I am in CBP this year. Innovation is very important in the business industry as it gives us the opportunity to create and come up with new solutions to help businesses grow and create new services to better serve consumers. It also allows companies to come up with innovative products or services that help them to stand out from the rest of their competition and help the business to grow. In addition, it also allows businesses to find to ways to improve on methods to increase productivity and to find better ways to have a higher yield in terms of productivity rates to earn more profits. Innovation allows businesses to come up with new ideas to help them flourish and be one step ahead of other companies in an increasing competitive market and economy.

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I am in CBP this year. i have yet to decide what course I want to take next year. Innovation matters to business industry because it helps to differentiate themselves. It helps an organization differentiate itself and its products from the competition, which can be particularly powerful in an oversaturated industry or market. If an organization is using innovation on its products, for example, then the goal is to develop or update the products until there is nothing else on the market like it.

Examples of success through innovation would be Grab. This Singapore-based ride-hailing company, forced Uber out of the region in 2018 and acquired its local operations. A few months later, it expanded its app to offer its 130 million users not only food delivery and travel booking, but also financial and other services.

Article: https://www.todayonline.com/singapore/grab-ranked-2nd-among-worlds-50-most-innovative-companies

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I am in CBP this year however I although I still have time to decide which diploma I want, for now what I am aiming for is the Business studies course. Innovation is related to business as social innovation skills creates sustainable businesses that can positively impact the environment. Innovation is also a core reason for our current efficiency and services through creativity and many failures and repeated efforts. Many companies would want innovative people as they impact the industry through their refreshing and new ideas that could possibly contribute to the society thus increasing profits gained. Innovation is how we are able to be where we are today, with ideas come together and more knowledge gained, people will be able to think further and continue building on previous innovative solutions and creation. This will enable our society and industries to keep upgrading itself to a better future.

An example of a company that spotted a gap in the market and exploited it through creative and innovative thinking is spotify. The subscription music service allows paying users to stream unlimited music on their computers and phones. The service offered individuals an affordable and revolutionary way to enjoy high quantities of music, without having to resort to illegal downloads. Moreover, it is not compulsory to pay for the app however users will face more restrictions in regards to listening to free music.

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I am in CBP this year. Innovation is related to my course as in the business industry, innovation is the driving force of improvement. It allows us to change up existing ideas and create new ones for the better, which in turns help us to improve on our business analytical strategies. Innovation also matters in my industry as it allows us to improve on products and services for consumers as well as increasing productivity and effectiveness of a business, making one's business stand out from others. These make businesses more successful and potentially beat competitors in the same industry.

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Innovation refers to creating more effective processes, products, and ideas. For a business, it could mean implementing new ideas, improving services or creating dynamic products. It can act as a catalyst that can make your business grow and can help you adapt in the marketplace.

By innovation, we mean changing your business model and making changes in the existing environment to deliver better products or services. Successful innovation should be a part of your business strategy, where you can create a culture of innovation and make a way for creative thinking. It can also increase the likelihood of your business succeeding and can create more efficient processes that can result in better productivity and performance.

For that, business owners need innovation and creativity to find new things. Try adopting and creating new ideas that will help you grow beyond your competition.

You need to come up with creative answers to solve certain problems in your business. Many times you'll face problems that don't seem to go away. You need to think outside the box to find an answer you've never come up with. This way you can make your product, store your inventory and find a creative solution to make your business better.

If you ever feel that you are bogged down with work and struggle to get everything done, it's time that you should become more productive. To do this, start finding a new process.

In order to work smarter, think creatively. Focus on what things you should streamline and what things you need to cut out. Also, focus on the programs and workflows that you can use to increase productivity.

For example, You can use a homegrown project tracker system to assign, monitor and prioritize tasks. You may use other methods to do this, but building one to meet your specific demands is recommended. As your needs changes, you can update the software anytime to remain productive.

In businesses, it is always preferred to test new ideas. You will be surprised by the combination of ideas that work together to make productivity plans that work for your company.

You can use various creative ideas and innovation to make your business stand out from the crowd. Here, small business marketing comes in. In order to make people remember your business, you need innovative ideas. You can create a new brand, develop a quirky business or can work with any non- profit organization.

Once you develop a unique character in your business, you should market it. Just innovate a marketing plan that suits your business' personality. Stand out from all other businesses and this will help you make a unique identity among customers.

When you think innovatively, it becomes very easy to beat out your competition. You just need to put in a little creativity and you can easily come up with better ways to design products and connect with customers. Along with this, creativity will help you figure out the right marketing techniques that will help your business grow.

Now that you have read about some various advantages of innovation, you need to add it to your business. It is not a one-time deal. It must be non-stop so that you have a continuous stream of ways to improve your business.

This story is published in The Startup, Medium's largest entrepreneurship publication followed by 337,320+ people.

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4 Important Benefits of Innovation in Business

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Innovation refers to creating more effective processes, products, and ideas. For a business, it could mean implementing new ideas, improving services or creating dynamic products. It can act as a catalyst that can make your business grow and can help you adapt in the marketplace.

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I am in nursing course.Like the quote saying：“To innovate is to put new ideas into practice or existing ideas into practice in new ways.”Every field include business，medical，engineering and others are always related to innovation and design thingking.Only innovation，enable the community to improve.

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I currently haven't chosen my diploma yet as I am in the CBP. However, I would say that innovation matters very much in the business world as in this day and age, where the world is getting more high-tech, the business industry also has to keep up with the tech savvy world.