Thesis Cork Institute of Technology, 2018.

Bibliography: (pages 157-170).

'In the global economy, competition and market pressure push the majority of company managers to drive with more efficiency by improving processes, optimizing performance and reducing costs. Companies are increasing shareholder value by improving cash flow and cutting costs. How many cost savings can finance departments reproduce and for long long? Is this enough to lead their markets to deliver better services to their customers? Is it enough to build customer loyalty? The IT industry fails to escape these constraints, operating in an intensely competitive market. To compete in this environment, companies need to face frequent new product launches and price reductions. Business models in the digital world evolve at a fast pace: companies therefore need more innovation. Innovation is a pillar of success in business. The European commission's Business Innovation Observatory aims to capture trends in innovation-related activities in EU businesses. Building knowledge and practice for innovation is becoming an essential activity for many businesses and countries. Management, R&D, Product Development and Marketing are concerned by innovation and how to develop the required capacity that will fuel the future stream of revenue. Some companies have been developing a model for innovation based on the methodology of Design Thinking. This innovation has been attracting businesses from all over the world and there is desire for other businesses to implement it successfully. This study aims to provide the core components of this model and the possible critical success factors' - Abstract.