How can the micro (internal) factors that influence innovation in each organizat

Question

How can the micro (internal) factors that influence innovation in each organization be linked to Macro (external) factors that influence innovation within that organization as well? Write a short essay (1500 to 1700 words) on Macro and Micro Factors that positively or negatively influence innovation within any organization. Your essay should discuss and explain: .The concepts and ways through which these factors do influence the dynamics of creativity and innovation in the organization. Mention some of these factors and discuss them as examples to consolidate your answer. How and why some of the micro factors within an organization are linked to macro factors from outside it? How can the organization respond to these factors?

Explanation / Answer

Innovation can be defined as an output when something which is new is implemented into the society or an organisation which adds a new value. An innovation can come from different sources what best innovations are considered which comes from the natural resources. Innovation can also be defined as an idea which takes shape of your imagination and creates a difference in your organisation.

Innovation is not all about ideas. When your idea is implemented and explored and comes in a position to make a difference for the society or an organisation is called an innovation. Inventing something new is also not an innovation because an invention could be totally useless but an innovation could not be useless for an organisation. Every innovation have a trade value but an invention is not required to have a trade value.

Innovation is very much required for each and every section and organisations in this world. Without innovation, implementation and growth of new ideas as well as creation of a better society should not be possible. Innovation is leaving a very broad impact in organisations. Without any innovative efforts, organisation would go to monotonous that it would result in total destruction of the organisation as well as the societies.

Technological gap is one of the biggest gaps in the banking industry. Need of technological innovations is very high in a specific industrial but development of the specific strategies as well as technological advancement is very low in this specific industry. Some factors for influencing the technological gaps are as follows.

Development of different mobile applications such as retail banking and big data as well as Cloud Computing while having an extreme investment on these technologies are driving change in the specific marketing for different banks. This is specific industry has been facing extremely shift towards the digital age and these Investments pay and extra burden on creation as well as development of the services for the specific field

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