Innovation definition, strategy and process

Innovation definition, strategy and process

Innovation is a systematic process aimed at providing customers with enhanced functionality and generating positive change. There are different types of innovation, including incremental, differential, disruptive, radical, and breakthrough innovation. Several benefits have been associated with innovation, including growth, increased profits, and positive employee feedback. Innovation strategies involve linking innovation with business goals, determining how much innovation is required, and identifying target areas for innovation. Lastly, innovation culture and formal organization structure are also vital components for successful innovation.

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More Innovation Resources:

The Rumsfeld Quadrant of Innovation

Learn about the four activities that should be part of a search for innovation opportunities and how most organizations underestimate the importance of "sharing" and "mining".

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New Product Innovation Strategy - Go Opposite by Woody Bendle

Consider going opposite with your new product innovation strategy. Find out how this innovation technique can spark innovation opportunities by exploring the opposite direction.

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Digital Transformation won't help you innovate.

Digital Transformation is not the answer to innovation. Value Evolution, focusing on gradual improvements to add value to customers, is a better approach.

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