“Innovation” has come to be a buzzword used to make nearly nearly anything seem like a revolutionary breakthrough. An innovation, we’re advised, is not basically a thing novel or original, it’s disruptive, groundbreaking, transformative and sector-switching. It’s extolled as a magic bullet and a panacea.
But, of course, all also normally “innovation” is just one more term for puff, hype and flimflam.
Innovation will come in various flavors. There are sustaining innovations, incremental improvements and disruptive improvements. There are improvements to increase performance, boost effectiveness and develop new or grow existing marketplaces. There are also organizational improvements, promoting improvements and technological improvements.
Improvements ordinarily choose put on a single of three dimensions.
- There’s approach innovation (believe the auto assembly line) that appreciably re-engineers practices, procedures or processes, increasing performance and results even though reducing charges.
- There is product or service innovation—introducing a new product or service or increasing, redesigning or including functionality to an current product or service or provider, or altering the consumer experience.
- Then there’s business model innovation, which seeks to improve profits or earnings through shifts in system, for illustration, by entering a new market, promoting in a new way, including new providers or product or