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Why is innovation in management practices important?

Why is innovation in management practices important?

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Answer #1

Below is why innovation in management practices is important -

1. Innovation brings in new practices, processes etc. for better.

2. Innovation helps the firm in both continuous improvement as well as radical improvement.

3. Innovation helps in competing with other firms in the marketplace.

4. As management practices are about managing resources, finances, operations, technologies and processes etc., the firm needs to ensure it is catching up with the latest trends in the market to remain relevant and esnure sustainability.

5. To manage human resources effectively and retain them through new policies and benefits.

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