The Four Types of Corporate Innovation

Corporate innovation cannot be categorized as all the same kind of innovation. It can be divided into four different categories: customer-oriented, product, process, and strategic innovation. Customer-oriented innovation is based on serving customers better and includes activities such as marketing, sales, delivery, and customer service. Product innovation is launching new products and soliciting incremental improvements, while process innovation is about improving internal processes to save money and make the company run more efficiently. Lastly, strategic innovation is rare and requires a CEO with vision and determination to make fundamental changes to how the company operates. It is essential to tap into the creativity of all employees to promote innovation in all categories.