Robust ThemeDec 09, 2019 2020-04-08 7:40
4 Types of Innovation
By Chris Daily
Innovation is about creativity, problem-solving, and continuous improvement. It takes a perceived issue and dreams up creative ideas to make it better. We see this daily in new ideas and technologies, innovative products, smartphone apps, and new and improved formulas for our favorite soda.
You might think that innovation is linear - that it should be approached the same way for every circumstance. Not quite. In reality, innovative techniques differ depending on the problems you are trying to solve. Choosing from the various strategies is key to success and provides an edge compared to competitors.
Choose the Best Innovation Strategy Based on the Need
Innovation is not a one-size-fits-all approach. It blossoms through the creative thinking of your employees. Here are four types of innovation you can use when you are problem-solving:
This type of innovation focuses on significant changes that help you improve or maintain what you are already doing. In business, it’s often about improving your brand image and gaining market share based on getting better at what you’re already doing. You know what problems need solving and the skills required to accomplish that. It may mean bringing on new team members or learning new skills. This is an effective strategy when you want to differentiate yourself from others.
Do you see a problem and want to solve it but haven’t discovered a solution? Seeking strategic new products? Trying to break into a new market or reach new customers? What you need is a radically innovative approach. You want to transform your market, which may require exploring unconventional ideas and solutions. You may wish to consult those with a different skill set or background to give you a new perspective and insight to innovative ideas.
When you look to use new technology for high-impact results, you are looking at disruptive innovation. It’s often the type of innovation that makes the headlines. There may be no technology involved. You may see that it’s time for new ways to adapt to your business model, change your culture, or design how you are doing things in general. It’s a break from the old ways to explore and embrace the new creative approaches. Being disruptive impacts current and future competitor organizations by introducing innovative ideas that deliver value. The created value that is delivered can fuel future innovative ideas.
Slow and steady wins the race – so can a gradual, continuous improvement of your products and services. This strategy is less about flash and more about alleviating potential stagnation and producing continued market share growth. Small success time and time again fueled by innovative approaches builds a consistent stream of innovative outcomes.
Businesses generally apply these strategies are used for business purposes. It would help if you answered a few questions to know what innovative approach will work best and whether it is strategic.
First, how well is your problem defined? Next, what is the impact on the market? Finally, what level of technology is needed, such as emerging or well-proven technologies?
A larger organization will gather teams to work on a specific plan to fit their needs. Yet, you don’t have to have a large firm. Businesses of all sizes can be innovative.
These strategies can be utilized by individuals and organizations as well. They are guidelines for increasing your innovation success as an innovative person or innovative company.
Is your company or brand stuck in a rut? Is there a lack of new ideas? Is groupthink rampant in your company? Companies that strive to be innovative continue to look at Agile Meridian to help create a new future.
Thanks for checking out this post.