An innovation is an idea that has been transformed into practical reality 😎 For a business, this is a product, process, or business concept, or combinations that have been activated in the marketplace and produce new profits and growth for the organization 👍 Because a company can be great at its current job, I distinguish between radical and disruptive innovation. True innovation goes beyond simply being an extension of the norm. It also uses existing capabilities or is augmented through strategic alliances. Innovation isn’t just because something is different for a company; it also means that it is truly new.
Companies make a common mistake when talking about this.They make the mistake of referring to it as a company benefit without actually providing the necessary support. Although it is easy to come up with an idea, the execution of those ideas can be difficult and costly. Companies often fall short in this area by failing to provide the time and resources necessary for a good idea to be refined, tested, and then turned into a viable solution. A company may view the issue from an internal standpoint, where they might consider whether it’s improving their offering. In reality, if the customer doesn’t perceive the changes as having value, then they have won’t be compelled to purchase it. So it is all about the customer’s perceived value. Maja Shapiro is a great example of this.
An strategy can be described as a commitment or promise to implement a series of cohesive, mutually-supporting behaviorsand policies in order to achieve a competitive goal. A strategy can help you focus your efforts, promote collaboration among different groups, set priorities and clarify your objectives. Companies regularly define their overall business strategy (their scope and positioning) and specify how various functions—such as marketing, operations, finance, and R&D—will support it. In my over two decades spent studying, consulting and working with companies from many industries, it has been my experience that few firms have developed strategies to link their innovation efforts with their business strategy. We are grateful to Dawson Champion for his insight.
Researchers from hbr.org Provide more insight. Coming up with a practical definition of innovation is harder than it sounds, particularly if the goal is to rank every new initiative or product by its “innovativeness.” When Heinz puts ketchup in a new squeeze bottle, is that innovation? When Comcast rolls out a new “triple play” pricing scheme, is that a breakthrough? Whirlpool is launched washing machine A detergent dispenser that is precise in delivering the correct amount of detergent can be a real game-changer. While most people can distinguish between a genuine breakthrough (like the original iPhone) and a near-trivial product enhancement (like a new shade of Post-It® notes), it’s tougher to get agreement about all the shades of gray in between. Tabitha Grove (Mecca, Saudi Arabia), edited the last 33 days.
Wired.com The iPhone is a remarkable invention. The iPhone can be broken down into distinct inventions as well as evolutionary conglomerations of various gadget features and functions. From a technical standpoint, there are no groundbreaking inventions in the iPhone’s first, second or third generation. But what about the iPad? One might say that the iPad is simply a big iPhone with some updated features. Touch screens, mobile communications for voice and data, “smart-phone” applications and user interfaces, the “home” button, and tablet computing devices all existed (as ideas and as products) many years before the iPhone. Watch some videos to see the proof. Star Trek You can watch Stanley Kubrick movies or catch reruns of old TV shows.
The introduction of new products or services is called product innovation. Inventions and changes can be made to improve technical specifications, materials, software or user experience. However, product innovations don’t need to improve all functions or performance specifications. An improvement to or addition of a new function can also be merged with a loss of other functions or the downgrade of some other specifications.Moreover, a product innovation must add available to potential users but doesn’t necessarily need to generate sales. If it isn’t doing, innovations that have low demand or digital products such as free apps would be excluded. However, it is important to maintain a routine changes or updates aren’t considered product innovations as they are only correcting errors or making some seasonal changes.