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Importance of Innovation in Business

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Questions and Answers

What is one of the benefits of innovation mentioned in the text?

Reduced revenues

Decreased customer satisfaction

Lower profitability

Increased market share (correct)

How does innovation help solve complex problems according to the text?

By automating all tasks

By developing customer-centric sustainable solutions (correct)

By increasing manual work

By avoiding problems altogether

What does innovation lead to in terms of productivity?

No impact on productivity

Decreases productivity

Increases productivity by simplifying and automating tasks (correct)

Increases productivity by making tasks more complex

Why do companies invest in increasing productivity?

To automate repetitive tasks and simplify processes Signup and view all the answers

Which problem is being tackled by shifting to renewable energy sources according to the text?

Environmental damage Signup and view all the answers

What software is cited in the text as an example of innovation in increasing productivity?

MSExcel Signup and view all the answers

What is the primary benefit of innovation for businesses according to the text?

Enhancement of existing product lines Signup and view all the answers

How does innovation contribute to solving complex problems in businesses?

By developing customer-centric sustainable solutions Signup and view all the answers

What is the long-term effect of shifting to renewable energy sources as mentioned in the text?

Economic and environmental sustainability Signup and view all the answers

How does innovation impact the productivity of teams within organizations?

By automating repetitive tasks and simplifying processes Signup and view all the answers

What role does MSExcel play in the context of innovation for finance professionals?

It simplifies and automates manual tasks for finance professionals Signup and view all the answers

Why do some argue against innovation in businesses, as per the text?

Due to the belief that it leads to unnecessary expenses Signup and view all the answers