Innovation is a tool for improving the performance of an enterprise

Innovation is some innovation, it is expected to be implemented in a certain industry. The introduction of such innovations involves the implementation of a special process that has its beginning, further movement and termination.

The life cycle of innovation plays an important role in planning the production and organization of the innovation process. This role is:

- in forcing the head of the business entity to analyze the activity from the position of the present day and from the point of view of the development of innovation;

- to justify the need for systematic planning of innovation production;

- in the definition of the life cycle concept as a basis for analysis and innovation planning.

The life cycle is characterized by innovation. This can show the identified specific differences, affecting, first of all, the cycle time, the duration of each particular stage inside and the different number of stages. The number and types of stages of the life cycle can be determined by the specifics of a particular innovation. In this case, each such concept should be defined as a "core" (base) basis with clearly defined stages.

Innovation is a process based on the passage of a new product of the seven stages of the life cycle:

- directly developing it;

- entering the market;

- development and recovery of the market;

- stabilization or decline of the market.

The stage of development of a completely new product is organized by the manufacturer of the innovation process. It is at this stage and there is an investment.

For the successful passage of the stage of product entry into the market, innovation is directly responsible. This, in a way, is the period of introducing an entirely new product to the market. As a result, this product should start to bring money, and the duration of this stage directly depends on the quality of the advertising campaign, the level of inflation and the efficiency of the points of sale of these innovations.

The next stages - the development and recovery of the market - are associated with the increase in sales volumes of the introduced product. Their duration is in the period of time during which the new product can be actively sold, which contributes to the achievement of some limit of its saturation with this product.

As for the application of certain innovations in specific industries, it is necessary to pay close attention to the energy activities of companies.

For such organizations, innovation is not just words, it is a necessity that can make the work of power engineers even more effective. To use some innovations in their work, energy companies stimulate their own scientific development and cooperate with research institutes. They are also actively monitoring and implementing innovative solutions.

Innovation in the energy sector is not only (in recent years) the modernization and reconstruction of equipment available to companies. This application of completely new technologies, allowing to ensure the operation of equipment in severe temperature conditions.