Innovation can be defined as a new idea, creative thoughts, new imaginations in form of device or method.it is also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs. also, there are many types of innovation we will discuss in this essay as follow.
Types of Innovation
Product Innovation is the creation and subsequent introduction of a good or service that is either new or an improved version of previous goods or services. Where most products are developed to establish a unique position in a crowded market, product innovation may aim to replace the entire market with something new. it has many types.
- Time Reducing time consumption including things that improve productivity or represent customer convenience.
- Efficiency Reducing the inputs required to achieve a goal.
- Cost Reducing the cost of products and services.
- Performance The performance of products and services as measured by a figure of merit.
- Quality Leaps forward in the quality of products in areas.
- Experience product experience including intangible elements.
- Risk-Reducing such as improving the safety or sustainability of products.
Process Innovation the implementation of a new or significantly improved production or delivery method including significant changes in techniques, equipment or software. it happens when an organization solves an existing problem or performs an existing business process in a radically different way that generates something highly beneficial to those who perform the process. process innovation carries the least risk. While it might not be directly visible to a business’s customers, it is always seen, appreciated, and valued internally. Design thinking for process innovation.
- Inventing the future involves analyzing the situation in your industry and finding a solution based on what people need but don’t have yet.
- Developing a prototype Create a sample of the product or service idea.
- Testing Put your prototype to use and collect feedback from your end users.
- Implementing define the attributes of the new process, replicate it in your organization to bring about real change.
Business Model Innovation is a wonderful thing. At its simplest, it demands neither new technologies nor the creation of brand-new markets. It’s about delivering existing products that are produced by existing technologies to existing markets. The challenge is defining what business model innovation actually entails. it is the discovery of new ways of capturing value. The following are common types of business model innovation.
- Customer Experience.
- Attention Economics.