Innovation is very important, without innovation nothing would move forward. Innovation is the act of creating something new. This could be a new method, idea, product, etc.
Innovation can refer to that actual act of creating something new of difference, or it may refer to the process of introducing something new and different. For example: we are innovation the filing process.
Innovation can be done to improve on something that was done previously, this may lead to meeting new requirements, new needs, or existing needs. Innovation is accomplished through more effective products, processes, services, technologies, or ideas. These can be created new or something that was already previously available but has been made more streamline or effective.
Innovation in business can refer to the creation of a new product, a new idea that translates into a new product, goods, or service, or it can refer to an idea that make the previous product, goods, or service better. It may also refer to something that can help reduce the cost, increase the profit, or deduce risk.