Overview on Innovation

The term “innovation” originates from the Latin verb ‘innovare’, which suggests “to renew.” To innovate is to enhance or replace something, such as a task, a brand, or a facility with a newer, more updated, and convenient mechanism. The process of innovation is considered as a series of modifications in an entire system, that includes not only the hardware, but also changes to the market environment, manufacturing facilities and insight, and the societal factors associated with the organisation.

Definition of Innovation

The practical implementation of ideologies that lead in the initiation of new products and services or modifications in the delivery of goods or services is referred to as innovation. Innovation technology is a multi-stage process through which organisations transform ideas into new and innovative products, services, or processes in order to successfully progress, compete, and differentiate themselves in their global market. Innovation technology is complicated, ambiguous, slightly unorganised, and a topic to a variety of changes. Innovation can be difficult to measure because it necessitates the proper cooperation of sufficient technical expertise and excellent market judgement in order to meet economic, technological, and other types of requirements.

Creativity and Innovation 

Creativity and Innovation are related to each other. Creativity is required for innovation. Creativity is the starting point for a process that, ideally, has the ability to lead to innovation.

Creativity is the generation of new and innovative ideas. The proper implementation of those ideologies is referred to as innovation.

Creativity can be defined as the act of developing new ideas, interpretations, and potential. The implementation of something innovative and exciting into the market is referred to as innovation.

Importance of Innovation

Enterprises undertake many alternatives for increasing their competitiveness: they pursue price leadership, or develop differentiation strategies. In both cases, creativity is essential.

1. Innovative Development – Innovative technology is important for companies worldwide. Creativity helps people grow and think from a broader perspective, leading to innovative ideas.. You must learn business skills like problem solving, flexibility, critical thinking etc. in order to create valuable products from your creativity. Once you have these business skills, you will discover that it opens up a range of new opportunities, allows you to enter a new market, and allows you to keep up with current trends.
2. Continuous Improvement – Organisational sustainability is achieved through constant innovation, repurposing, and relaunching. Any good manager acknowledges a need for continuous innovation and develops business skills in order to increase their creativity which will help in using that creativity for innovation.
3. Reinforce Your Brand – In organisational leadership, rebranding is popular. This process reveals information that will assist managers in learning novel approaches to be more innovative. It is significant because it is widely acknowledged as one of the most important factors that affect success of the organisation. Rebranding ensures sustainable growth by offering services such as brand upkeep with new demands and trends.
4. Start ups – Several start-ups begin their operations by designing a novel good or service. One needs to be innovative to come up with an idea of a startup which is different and that has not been already done by someone. It must be a new and innovative idea. Thus, innovation plays a very important role in startups.

Types of Innovations

• Organisational Innovation – The development of a new strategic plan that will transform a company’s marketing practices as well as the way its place of work is organised and its connection with shareholders and investors. This is referred to as organisational innovation.

Organisational Innovation example – Samsung has advanced from a low-cost manufacturing company to one of the world ’s leading innovative corporations. Rather than continuing to create low-cost devices, Samsung established international design centres that provided innovation hubs for the development of new cutting-edge technology.

• Process Innovation – Process innovation entails introducing a new or enhanced development or distribution approach, which may include modifications in operational methods, techniques, and machinery or software.

Process innovation example – Zara is among the best examples of process innovation, particularly in terms of workplace innovation. They do not spend money on marketing but instead tend to depend on word of mouth and bag branding. Zara has also devised a method to respond quickly to market requirements, as well as a creative production process to assist in optimising their responsiveness to market demands.

• Product Innovation – The creation of a new or enhanced good or service is referred to as product innovation. These advancements or changes could be related to improving technical specifications, materials, or software, or even UX advancement (user experience). Product innovations do not have to enhance all features or performance specs. An enhancement or introduction of a new function may be combined with the loss of other features or the downgrade of other specifications.

Product innovation example – LG Electronics launched a new type of screen that is flexible enough to wrap like a newspaper. This is among the most obvious examples of invention and innovation because it serves the purpose of portability.

• Marketing Innovation – Marketing innovation refers to the development of a new business model that results in changes in, for example, the way a product is developed or packaged, as well as other price or promotion decisions.

Conclusion

Innovation technology is an advancement on something that already exists. Innovative technology is a multi-stage process that organisations use to transform ideas into new and innovative products, services, or processes. Technology for innovation is complicated, ambiguous, slightly disorganised, and subject to a variety of changes. Understanding how to be creative can help you advance as an entrepreneur. Product innovation refers to the development of a new or improved good or service. Product innovations do not have to improve all features or performance specs. They could be related to improving technical specifications, materials, software, or even UX (user experience). Marketing innovation encompasses how a product is developed or packaged, as well as pricing and promotion decisions.