innovation and you
TRANSCRIPT
A PRESENTATION ONINNOVATION
OUTLINESWhat is Innovation?Why it’s important?The Types of InnovationThe degrees of Innovation
?? WHAT INNOVATION IS ALL ABOUT ??
“ Innovation is the profitable
implementation of ideas”
Or we can say,….“Implementing
new ideas that create value”
Innovation requires interplay between a product offering (Technology) and a market (people)
i.e. “ Hard Science + Social Science”
?? WHY IS INNOVATION IMPORTANT??
I) Innovation reduces waste and environmental damage
II) Innovation creates growth, increases productivity and economic wealth
III) It provides goods and services at cheaper rate that leads to higher standard of living
IV) Employees get more interest in their work due to innovation
V) For Survival also Innovation is important
?? WHAT ARE THE TYPES OF INNOVATION??
ProductProcessServiceBusiness ModelValueMarket
PRODUCT INNOVATIONProduct innovation is the
creation and subsequent introduction of a good or service that is either new, or an improved version of previous goods or services
PROCESS INNOVATIONProcess innovation means the
implementation of a new or significantly improved production or delivery method (including significant changes in techniques, equipment and/or software)
SERVICE INNOVATIONThe concept of Service
Innovation was first discussed in Miles (1993) and has been developed in the past 2 decades. It is used to refer to many things. These include but not limited to: Innovation in services, in service products – new or improved service products (commodities or public services)
BUSINESS MODEL INNOVATIONBusiness model innovation is
about fundamentally rethinking your business around a customer need, then realigning your resources, processes and profit formula with this new value proposition. It's not easy and can take decision makers out of their comfort zones
VALUE INNOVATIONIt is about creating and growing
value of the firm in market
MARKET INNOVATIONA marketing innovation is the
implementation of a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing
CHALLENGES WHILE INNOVATIONWhy to change?What to change?Understanding the InnovationBuilding an Innovative cultureContinuous learning
IN SHORT……
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