is broadly defined as the development of new products, processes, organizations, management practices, and strategies.

Innovation

Explanation:

Innovation involves the introduction of new ways of processing, producing, or providing services that is aimed at bringing positive change in a business.

The innovation can be an improvement on an existing process or a new process entirely. For successful companies innovation is ongoing to improve processes, explore new revenue sources, and optimise existing channels.

There are three models of innovation: revenue model, industry model, and business model.

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