Innovation is about introducing new ideas or to take existing ideas and making them better. Innovative thought comes from being creative and original in your thoughts and ideation, with a goal to improve things from what they were before.
This often requires a fresh approach to achieving results, a willingness to try new things and to apply creativity and innovation to it. Applying the right ideas to the right problem. Taking a business case, understanding the root cause of the problem, before generating ideas and applying solutions and technology to solve the problem.
Innovation is often considered a survival tactic in helping organisations to remain competitive, to use new technologies to solve the problem. It can also lead to creating new markets and solving problems that exist now only due to new technology or tools.