Running Head: ROLE OF BUSINESS STRATEGY IN INNOVATIONRole of Business Strategy in InnovationNameInstitution AffiliationDate1ROLE OF BUSINESS STRATEGY IN INNOVATION2IntroductionThe role of business strategy in advancing innovation is evident in any successfulbusiness that embraces innovation. Business strategy defines things that should be done to ensurethe success of the business. Without new methods or innovations in the business, the chances ofgaining a competitive advantage in the market are minimal. Companies are working their best inadvancing innovation to be able to compete in the market.Siemens CompanySiemens company is an energy technology and manufacturing company that operatesglobally. Throughout its history, Siemens has been supporting innovations through creation andcommercialization. It has been successful in the utilization of its business strategy through newtechnologies. Siemens stands firm with its mission of making it real by setting a benchmark inthe way electrification, automation and digitalization of the world is being implemented. Thecompany aims to increase its value by maintaining its technological position and capturing alarger market for profitable growth. It has been motivated by its vision of being a pioneeringcompany in the world by transforming technological innovations into reality.Company capitalizationSiemens capitalized on the value of the business strategy process through funding more than 5.4percent of its re ...
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