INNOVATION IN ORGANIZATIONS: A COMPREHENSIVE REVIEW OF DEFINITIONS, CLASSIFICATIONS, SIGNIFICANCE, AND MANAGEMENT

Abstract

In today’s competitive and dynamic environment, the emergence of Innovation has become a critical driver in the success of an organization. This comprehensive review explores the multifaceted concept of innovation within organizations, focusing on its definitions, classifications, significance, and management strategies. The review underscores the strategic importance of innovation in enhancing organizational performance, adaptability, and long-term sustainability. Additionally, it examines key enablers and barriers to innovation, including organizational culture, leadership, resources, and technological capabilities. Finally, the paper presents best practices and models for effectively managing innovation, offering a roadmap for organizations aiming to foster an innovative mindset and institutionalize innovation-driven growth. This review aims to provide a holistic understanding of innovation as a cornerstone of organizational development and competitiveness in the modern economy.