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What is Innovation in Business?

Innovation encompasses the development of something that is useful to a business, whether it’s a product, service, business model or strategy. 

Challenges in business are inevitable, but innovation allows businesses to have more adaptability to manage change through the ability to diversify parts of their processes, products or services. 

Innovation also helps businesses to grow and stay relevant in the market. Investing time and money in innovation brings extra value to consumers, which should result in a better experience for them, ultimately driving sales. 

innovation definition

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