Innovation for business is nothing but a practice of changing the work process for better output and services.Innovation assign to constructing more effective ideas, workflow, processes, and products.
For a business, we can say that innovation indicates modern services, ideas, and creation of effective products which changes the business model as per the current environment to deliver excel products and brands.
In innovation, one can either uses an existing key result in a different approach or create a brand new solution to meet the demand and services. In both ways, innovation gives profit to the customer. Innovation grows the business, boosts its efficiency and most essential raises its profitability.Without innovation in the trade models, estimate, charting, analysis, marketing, client experiences, and team regulation it will be impossible to promote your business in the prevailing technology period.
Some people have an opinion that innovation is only for startups and it can only add values in their business which is not completely appropriate. Innovation can be brought by both types of companies either it is a startup or well-established. Well- established companies also get new ideas and approach for their further business in the innovation process. So, it’s defined for any type of business and company which need the modernization for improved product and solutions.
In today’s period, shareholders are set to spend on the idea. But they will hesitate to invest their time and money where there will be no unique products, no rare services, no exclusive pricing, customer experiences, and advanced improvement ideas. That’s why Innovation is important.
Now, We will talk about all seven points which should be remembered by business organizations should be constructed and supported by the companies to bring the innovation.
- Architectural Innovation
- Disruptive Innovation
- Progressive Innovation
- Radical Innovation
- Dynamic Evolution
- Open-source Innovation
- Discontinuous Innovation
1. Architectural Innovation:
Architectural Innovations is an innovation that changes the direction of product factors that are associated together while concluding the origin design approach unaffected. Architectural innovation is simply approaching the practices, expertise and comprehensive technology and using them into diverse markets. As long as the new market will be proficient, Architectural innovation will surprise you at improving the new clients. In Architectural innovation, most of the time it has been seen that the risk involved in this innovation is very little due to the dependence and reinstate of determining technology. Although, most of the time this innovation needs remodeling to match and fulfill the requirements of the new market. The organization should switch to a new method of learning and spend its time and resources to catch the newly introduced architectures. For example, In variable manufacturing systems the inside aspects of the object remain the same, but the relationship between these components and the way they connected to each other changes with the time.
2. Disruptive Innovation:
Disruptive innovation or deconstructive innovation is also known as a secrecy innovation which concerns applying the new processes and technologies to your organization’s ongoing market. This innovation is secrecy in creation as brand new technology will often be minor to live market technology. It takes only a few repetitions of the newer technologies to excel in the old tech and disrupts all the existing companies in a go. Often, the newer technologies can be more costly, with less amount of features and functionality, difficult to work, and is not as classy as they should. So, in that situation, it takes a few iterations to be perfect as the old one.
In that time, established companies might be too late to rapidly compete and participate with the newer technology.
3. Progressive Innovation:
Progressive innovation is the most ordinary known form of innovation in which your company’s existing technology will be utilized and exercised to bring the changes and improving the values to the customers within the ongoing market. It includes changes in features and functionality, designs, models and the process, etc. In one or another form every company and organization take part or involved in the progressive innovation. Progressive innovation filters, clarify and improves an existing established design or model. Each component is improved individually to keep the concepts the same for all of them. This innovation improves the feature and looks of an existing product, process, and services.
For example, attaching, improving and removing features and functionality from an existing product, improving the quality of services and making them more reachable to the customers and changing the design and pattern of an existing product to make it more beautiful and catchable. Progressive innovation includes both small and big changes, it does not depend on the size, it only values the changes by which users can experience the updated value in your product and services.
4. Radical Innovation:
Radical innovation defines a purely new and advanced way of improving your business ability. This transformation happens because of major improvements in technology or operation. It establishes a new ruling design in the process of innovation which increases the business value. Netflix, Google, Salesforce, and iPhones are a big and most prominent example of Radical innovation. With the help of Radical innovation, these companies push their boundaries and earn the tag of most innovative companies in the world. In Radical innovation, the organization depends on its organizational capacity to be successful.
5. Dynamic Evolution:
Dynamic evolution is an innovation in which Where ever or whatever new improvements are achieved in your product or processes there will still a scope to improve it more. If we talk about the Android platform, a few years back we were unable to develop some of the apps and features which we are currently developing all because of the improved ecosystem. Google provided the new tool & technologies and a better system which increases the ecosystem standard and helped the developers to build a far better and modernized app. Because of the heavy products, we got the opportunity to work on better machines with more CPU and RAM. The whole ecosystem has improved and evolution has come which improved the ecosystem organically.
6. Open Source Innovation:
In Open-source innovation varieties of people work together, to produce a better solution, and process for the customers. So, Open source innovation is all about working together to make something better. In open source innovation, many companies deployed their efforts to build some products at a level that adds more value and features to the product, so that customers can easily and more efficiently use the products and put their values.
7. Discontinuous innovation:
Discontinuous innovation is an innovation in which new technologies and features or functionalities are introduced and added in a new way in the existing product to resolve the existing requirement. For example, Ola did not introduce the feature of sharing your location to your relative, parent or loved ones before but after some time it introduced this feature in their app to make the existing solution better and more useful. Through, more safety is introduced for Ola’s customer and new innovation came in the market only by adding a new feature to the existing solution. An existing system made it better to perform better in the market.
Innovation in the IT industry brings more business opportunitiesand an advanced way of handling the business. It will secure your position and differentiate your company from other companies in the market.