The 4 types of innovation from a strategic point of view

The 4 types of innovation from a strategic point of view

Innovation is commonly associated with new products or technology, but it can be applied in different fields and disciplines. According to Accept Mission, innovation is the realization of new products, processes, propositions, or business models to create added value for customers and employees. Larry Keeley's book, "The Ten Types of Innovation," attempted to classify innovation into different types, but the author narrowed it down to four. These types are finance, process, product, and delivery innovation. Finance innovation deals with a company's monetization models or network, process innovation covers production or sales processes, product innovation involves anything related to the product, while delivery innovation pertains to customer satisfaction. By understanding each type, companies can better allocate their resources and focus on specific areas.

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More Innovation Resources:

Key points you should take into consideration when creating an Innovation Strategy

Key points you should take into consideration when creating an Innovation Strategy

Innovation must be approached systematically with clear goals and objectives. Creating an innovation strategy ensures coherency between innovation and business strategies.

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An Innovation Portal…I Can Do That Myself

Launching and managing an innovation portal internally may seem cost-effective but it often leads to community management issues. Before deciding, ask six key questions to determine whether to launch a managed portal internally or externally.

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L.I.V.E. (Lean Innovation, Validation & Execution): A new, more effective way to manage multiple innovation projects

Traditional project management processes are not effective for innovation projects. Instead, the L.I.V.E. method allows for faster, cheaper and less risky delivery of complex innovation projects by validating progress through a set of 10 questions.

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