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Innovation Defined
Being innovative is
being different in a profitable way.
Innovation is a process of taking new ideas through to
satisfied customers. It is the conversion of new knowledge into
new products and services.
The Jazz of Innovation
Innovation is about
creating value and
increasing efficiency, and therefore growing your business. It is a spark
that keeps organizations and people moving ever onward and upward. "Without
innovation, new products, new services, and
new ways of doing business would never emerge, and most organizations would
be forever stuck doing the same old things the same old way."4
Yin and Yang of Value Innovation
Different
Forms of Innovation
Until recently innovation has been seen as the
means to turn research results into commercially successful products or
services. Today, while research keeps playing its critical role as a major
contributor to innovation, many new forms of innovation have emerged. They
include
system's approach to integration of new technologies and processes
from other fields,
new business models and ways of doing business, and new ways of
reaching and servicing customers.
Innovation can have different:
Entrepreneurial Action
–
the Engine of Innovation
While research and invention is a major
contributor to innovation, if there is no
entrepreneurial action there is no
value creation.
Specific Mindset and Skill Requirements
Innovation demands a
different set of management/leadership skills and processes than those
required for managing an existing set of operations. Every manager needs to
learn how to
lead, nurture,
and manage innovation. Growing from within through the creation of new
processes, products and services is fundamental, because all other
growth
strategies
depend on the
capabilities that successful internal growth provides. Growth through
innovation reinvigorates your company.
Innovation is
not a one-off event, but a
continuous response to changing
circumstances. Sustainable
innovation
system doesn't not just help to solve a problem but creates a new
capacity, opening up opportunities for further innovation.
It's
leadership that makes the innovation process work.
Innovation,
new business creation, and
venture investing are durable
innovation strategies of the
market leaders.
Value Innovation
The
value innovation concept provides a relevant support for questioning
product/market strategies as well as underlying assumptions. You must
examine radically what constitutes real value for customers by asking
fundamental questions: what value offering need to be introduced or
increased to meet customer needs? what value offerings can be reduced or
eliminated, because they do not constitute real value for
customers?...
More
How To Prevent
Innovation: 10 Tips
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