This paper deals with the role of innovation in modern business, how much it affects the individual company and the whole market. Nowadays, many companies are trying to achieve their competitiveness with the help of innovation. But truly original and unique innovations have become a rarity, much of it just a different version of a past product. The purpose of this paper is to show the power of quality innovation through a theoretical framework and a case study. The information has been collected through a variety of literature, including books and websites. Through the theoretical framework, the concept of innovation is clarified, the main factors affecting enterprise development, research and development is presented as a prerequisite without which innovation could not occur in enterprises, explaining research and development categories and possible motives that would encourage an enterprise to enter research and development process. The emergence and development of the innovation process and the impact on the business of the company are also presented. In the last chapter, as a case study, the company DOK-ING is presented as a pilot company that successfully uses the innovation process in its business in order to achieve competitiveness. The quality of its performance is assessed, and the future growth potential of the company is assessed with the help of innovations.