Final answer:
Innovation is the process of improving an existing product, system, or process, which can be incremental or radical. Invention, while related, specifically involves creating something entirely new. Innovation in technology includes new organizational methods and improvements that enhance quality and productivity.
Step-by-step explanation:
The term innovation is often conflated with the notion of an invention that employs the latest technologies, but it is more accurately described as the process of incrementally or radically modifying an existing product, system, or process to improve it.
While invention is about creating something new, innovation can also refer to the improvement of existing solutions or the introduction of new methods, like the assembly line in manufacturing, to enhance productivity and quality of output.
Technological advances include innovation in the manner that can yield higher-quality output from existing machines, and new ways to organize work, which facilitate the conversion of inputs into output.
An important element of technology innovation is that it doesn't always involve the latest technology but can refer to any change that makes a product or process better.