What is Innovation? || Definition, Introducing the types of Innovation

INNOVATION

What is Innovation? 

What is Innovation?

Innovation is the process of introducing new ideas, technology & methodology, new techniques, goods/products, or services. Innovation is the creation of new ideas, that often begins with narrowed down during brainstorming sessions, after which a person considers the viability, feasibility, and desirability for each picture.

• Innovation in the structure and practice of the board of directors.
• Innovation in corporate policies.
• Innovation through supported skilled migration.
• Innovation through training workers in different departments of industry like technology, engineering, IT, etc.
• Automation in manufacturing sectors can reduce cost, reduce stress, the workload for staff, and increase overall business efficiency.
• Innovation through upgrade equipment.

     

 Innovation

Types of Innovation:

In the process of innovation, there are different types which are given below:

• Business Innovation:

Business innovation

1. Incremental Innovation: Innovation can be through market penetration (selling in an existing market).

2. Architectural Innovation: Innovation through market development (new market).

3. Disruptive Innovation: Innovation through product development ( new product in the existing market).

4. Radical Innovation:   Innovation through diversification ( new product in a new market).

• IT Innovation:

Business innovation

IT innovation also called technological innovation means adding new steps for development or producing products/services by changing software and introducing new technology for customers' desire. It may be like IT innovation, which is using for technology in privilege or easy way create a more efficient business.

• Open Innovation:

Open innovation

Open innovation is the method of relying on outside knowledge sources for innovation management services/strategies It is used to promote their information toward innovation, which relates to their new strategy.