Innovation and Creativity are some of the most important topics concerning the long-term competitiveness of companies
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What is Innovation exactly?
The word “innovation” is derived from the Latin verb innovare, which means to renew. In essence, the word has retained its meaning up until today. Innovation means to improve or to replace something, for example, a process, a product, or a service. In the context of companies, however, the term needs a definition. In the complex context of business, a definition is needed.
Innovation is a process by which a domain, a product, or a service is renewed and brought up to date by applying new processes, introducing new techniques, or establishing successful ideas to create new value.
The creation of value is a defining characteristic of innovation.
Innovation is a process by which a domain, a product, or a service is renewed and brought up to date by applying new processes, introducing new techniques, or establishing successful ideas to create new value.
The creation of value is a defining characteristic of innovation.
Why is Innovation management so important ?
Organizations have several options to increase their competitiveness: they can strive for price leadership or develop a strategy of differentiation. In both cases, innovation is essential.
- Companies that choose price leadership must secure their long-term competitiveness by developing innovative, highly efficient processes. Process optimization and continuous improvement in terms of costs are important for them.
- Companies that strive for a differentiation strategy need innovation to develop unique distinguishing features to their competitors.
- Many start-ups launch their activities by developing an innovative product or service.
What different types of Innovation are there?
The Different Types of Innovation
In the context of businesses, there are different types of innovation.
In the context of businesses, there are different types of innovation.
- The improvement of processes through continuous improvement and the development of new solutions.
- Product development: The development of innovative products or product features.
- Service innovation:The creation and introduction of new services for customers and partners.
- Business Model Innovation: The development of innovative business models and new revenue streams.
- Digitalization and digital transformation also require companies to rethink and develop new approaches.
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