What is Innovation and the need for Innovation
There was a time when all the company needed to do to stay in picture and survive was to continuously improve. If you would stick to the task of continuous improvement as a company you would have surely made it big some day. But not any more....
Harvard Business Review concludes that “pursuing incremental improvement while rivals reinvent the industry is like fiddling while Rome burns”
What is needed to survive and make it to the top is Innovate. Now what is it to Innovate? The commonly held view is that innovation is creativity—new ideas,knowledge creation. That’s why companies spend mega-bucks for courses where people play with brightly colored blocks to get their creative juices going. But it isn't just that.
while you need to keep the pump primed with lots of great ideas, it will be for naught if they don’t see the light of day. So, if you have a lot of off-the-wall thoughts, you’re creative. If you can turn them into something of
value, you’re innovative.
Now what is value innovation?
Value innovation is in short doing two things simultaneously. You have to innovate in such a way that the value that the customer derives from your product gets enhanced at the same time the cost of the product also reduces. If you can do these two apparently different things simultaneously and successfully then you can value innovate.
There was a time when all the company needed to do to stay in picture and survive was to continuously improve. If you would stick to the task of continuous improvement as a company you would have surely made it big some day. But not any more....
Harvard Business Review concludes that “pursuing incremental improvement while rivals reinvent the industry is like fiddling while Rome burns”
and
Business Week believes that “what’s likely to kill you in the new economy is not somebody doing something better, it’s somebody doing something different.”What is needed to survive and make it to the top is Innovate. Now what is it to Innovate? The commonly held view is that innovation is creativity—new ideas,knowledge creation. That’s why companies spend mega-bucks for courses where people play with brightly colored blocks to get their creative juices going. But it isn't just that.
while you need to keep the pump primed with lots of great ideas, it will be for naught if they don’t see the light of day. So, if you have a lot of off-the-wall thoughts, you’re creative. If you can turn them into something of
value, you’re innovative.
Now what is value innovation?
Value innovation is in short doing two things simultaneously. You have to innovate in such a way that the value that the customer derives from your product gets enhanced at the same time the cost of the product also reduces. If you can do these two apparently different things simultaneously and successfully then you can value innovate.
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