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INNOVATION
INNOVATION
"New idea, device or method"
To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberate application of information, imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products.
Six Effective Ways to Foster Innovation
- Maintain an open dialogue between employees and upper management.
- Organize brainstorming sessions
- Engage employees by encouraging them to share creative ideas
- Do not force people to be innovative
- Remain flexible and forgiving
- Keep track of company innovations
Maintain an open dialogue between employees and upp...
Maintain an open dialogue between employees and upper management.
Dialogue will effectively motivate and engage employees. Always allow employees to present their ideas before important decisions are made. Provide feedback to employees, even when their ideas are not used, so that they know that they are not being dismissed.
Organize brainstorming sessions
Organize brainstorming sessions
You do not need to run a global enterprise to benefit from companywide collaboration. Give your employees regular opportunities to bounce ideas off each other.
Engage employees by encouraging them to share creati...
Engage employees by encouraging them to share creative ideas
Do notlimit creativity to special occasions. Employees should be encouraged to continually share their ideas with supervisors and each other. Find the most effective method of communication for your organization. You may want to create a type of suggestion box or schedule time at the end of meetings for people to share their ideas.
Do not force people to be innovative
Do not force people to be innovative
Creativity can be encouraged but not compelled. Forcing people to present creative ideas at certain times will not bring true innovation. Rather, create a number of different incentives to draw out creativity. Innovative ideas could be rewarded financially, with opportunities for advancement or any other incentive you have found effective for your employee base.
Remain flexible and forgiving
Remain flexible and forgiving
Innovation often involves taking risks. Encourage employees to think outside the box and implement ideas without interference. Additionally, do not punish employees if ideas are unsuccessful. Employees who are punished for taking risks serve as a warning to others against being creative or innovative.
Keep track of company innovations
Keep track of company innovations
Many leaders in upper management lose interest in supporting creativity and innovation because they do not bother to keep track of past innovations. Knowing how many employee innovations have been implemented and how successful they are, presents a clear picture of the financial benefits of employee creativity. Keeping track of innovations will also indicate whether any alterations need to be made to recently implemented programs or the company culture.
Types of innovation
When trying to be innovative, businesses can choose from a variety of different strategies. Each offers advantages and disadvantages. Among the different types of innovation processes business can employ:
OPEN
Open innovation is when companies use internal and external ideas to help advance their operations. "Open innovation is the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively"
Disruptive
"Disruptive innovation is when new products or services start out at the bottom of the marketplace but end up eventually moving up and displacing their competitors.
Initially, a disruptive innovation is formed in a niche market that may appear unattractive or inconsequential to industry incumbents, but eventually the new product or idea completely redefines the industry."
Reverse
"Reverse innovation is when products or services are developed first for use in developing nations. reverse innovation describes solutions adopted first in poorer, emerging nations that subsequently — and disruptively — find a market in richer, developed nations."
Reverse
Incremental
Incremental innovation is when companies make small changes to products and services to ensure they keep their spot in the marketplace. Rather than changing the products or services completely, incremental innovation simply builds upon what already exists.
Incremental
Breakthrough
Breakthrough innovation, also commonly referred to as radical innovation, is developing completely new ideas and concepts that don't build off any existing products, servicers or operations. Often developed by research and development teams, breakthrough innovations often use new technology as a way to quickly climb to the top of new markets.
Marketing innovation
Innovation marketing essentially comes from two important business terms which are innovation and marketing. In order to understand innovation marketing it is essential to understand the meaning of the two words:
Innovation – This is the process of coming up with new ideas that will be able to bring positive impact to the business such as new products or services.
Marketing – In a nutshell, this is the process where the producers communicate to the consumers about their products and services. Marketing is essential for informing the customers and prospective customers about the product, its features and why they should buy it.