benefits of innovation to your organisation?

Answer 1

With innovations, you can differentiate your business from the competitors, so that the customers might accept higher prices, or by saving money. However, to many innovations aren't profitable as well. The article below discusses teh effect, if the costs for innovations are higher than the utility for the customer.
http://www.strassmann.com/pubs/cw/innovation-paradox.shtml

Answer 2

Innovation is looking for new ideas - it puts you ahead of the competition, helps you to offer something to clients/customers that the rest don't and basically puts you ahead of the game.