Innovation in business is defined as the implementation and development of new procedures, products, services, and ideas with the objective of boosting the company's conversion rate or brand value. Innovation acts as a crucial role in driving economic growth for businesses. As we all see, the advent of Netflix came as a small-scale business, and now its market value stands at $32.9 billion. It will happen not only with the advent of something new but getting it out into the market also proves profitable. Here are different Types of Innovation in Business
Types of Innovation in Business
1. Disruptive Innovation: Disruptive innovation refers to that a concept, services, or products that build a fresh and creative value network, no matter in a new or well-established market. Clayton Christensen is a famous business consultant, academic, and professor behind this incredible Disruptive Innovation concept.
This type of innovation gives more power to turn non-customers into customers but does not convince the prime customers' requirements and preferences.
2. Product Innovation: Product Innovation is considered one of the highly-talked and most common approaches to improvements in the product's attributes and performance. However, product innovation can be entirely a new product that you have never been seen before, like the fidget spinner.
It is an amazing way to improvise the product's quality and reliability or productively survive your position in the marketplace.
3. Service Innovation Service Innovation is defined as a new and improved service concept for a process or product in an existing or new marketplace. Mainly, it can help in improving the delivery procedure and latest solutions in the customer interface.
The biggest thing behind a successful business is the ability to make their customers satisfied and easily access your services that meet the needs. In the meantime, Service Innovation proves best-fit for businesses.
4. Process Innovation Process Innovation is defined as the execution of new or improved production or delivery approach. However, it might be indirectly related to the company's services and products, likewise a support function process. It can be done by implementing improved strategies and the latest technologies that save efforts, time and effectively improve customer experience. It often consists latest techniques, software, types of equipment, or cultural changes too.
5. Marketing innovation Marketing Innovation proves one of the highly recognized innovations in the business world. The prime purpose of Marketing Innovation is to open new markets' gateways and boost the market share for businesses.
A Creative Innovation of Marketing allows you to enhance customer relationships so that you do not even expect. Marketing Innovation is quite unique from other marketing approaches used by enterprises.
6. Social Innovation Social Innovation is a new concept or technological invention that targets meeting social requirements in a much-improved manner than existing solutions. It is quite an innovative solution that can be served or either funded by commercial or public entities.
Social Innovation is primarily accelerated to improve working conditions, develop the community, Healthier Population, and render more education.
Innovation gives you an understanding of the endless opportunities you can attain in the dynamic business environment. Most business wants to spend on latest disruptive technologies, but these Creative Innovations results in small but continuous improvements in innovation in entrepreneurship.
The innovative nature among students should be promoted, and it can only be enhanced when guided by the right institution. So, if you are looking for the right institution that imparts the right skills to make your career drive towards success, then MIT ID Innovation is where you should be.