What Is The Innovation Process? Importance, Steps, Types And Examples

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Innovation,

POSTED

June 1, 2021

How amazing it is being able to form ideas and concepts through the genius of the human brain. This process is termed as the Innovation Process. The most interesting thing about innovation is, in fact, being able to turn an idea into a successful project. However, the innovation process is a complex process.

What is Innovation?

The Innovation Process is the structure that ensures your innovation team has novel ideas and the ability to successfully implement them. With the innovation process, you have a strategy that compels you to drag it all the way to the finish. It also increases the efficiency of actions, as it places innovation that is continuous.

 

Importance of the Innovation Process

  •  Ensures business survival: Some companies have been on the market for years and, therefore, remain in their comfort zone. Meanwhile, other businesses are investing in the Innovation Process to meet the current needs of the consuming public.
  •  Organizes internal processes: Innovation management creates an organized environment with practical methods that bring consistent results, which are essential for a successful company in the long run.
  •  Motivates employees The culture of innovation listens to the external public and is also always attentive to the opinions and ideas of its employees.

 

Steps involved in the Innovation Process

The steps involved in the Innovation Process are paramount to the success of the said idea. As an employer or employee, you must ensure these steps are carried out thoroughly:

  • Generating new ideas: It is essential to involve employees, customers, and the general public to understand the market better and get good ideas.
  •  Evaluation: Not all the ideas raised are worth implementing. So it is vital to evaluate and select the best ones. This process must be executed with transparency and clear feedback.
  •  Experimentation: Remember to evaluate a series of questions: Is the new product accepted by the customer? Do people like innovation?

Give the team time to execute experiments and evaluate the results of the experimentation stage.

  • Marketing: Your main job at this stage is to convince your audience that the Innovation Process is good for them. In short, it is necessary to demonstrate the benefits in practice.
  • Monitoring of innovation: A company must follow up on the idea that was implemented. And, despite being the last, the process does not end here, as regular monitoring must be carried out.

 

Types and examples

When tackling the prospect of innovation, a company must entangle itself in the web of types of innovation. Ensure you are heavily equipped to tackle the kind of innovation you choose to explore.

  •  Product innovation: It seeks to bring something unprecedented to the public, such as new features and functions.

Example: The creation of a product never seen before can create a new market ( television, smartphone etc.) or the updates that Apple makes to the iPhone each year.

  •  Service innovation: It also seeks to offer news to the consumer public, transforming how certain services are made available.

Ifood and Rappi are examples of types of service innovation. These companies have changed the way many people shop.

  •  Technological innovation: There are countless technological innovations that humanity has experienced in recent decades, with the advent of the fourth industrial revolution.

Example: Facial or digital recognition to unlock smartphones, connected home appliances, data storage in the cloud (Google Drive, iCloud etc.) and virtual assistants (Alexa and Siri).

  •  Organizational innovation: Organizational innovation causes a radical change in the company or even the creation of a new business model.

Example: Organizational innovation can be seen clearly in Samsung, Microsoft and McDonalds by the improvement in their company’s culture.

  • Production innovation: This type of innovation seeks to improve the efficiency and quality of production processes, implementing new practices.

One example is the Toyota production method, which is making the car assembly line leaner and agile.

 

MIT ID Innovation brings continuous effort and excellence!

We at MIT ID Innovation understand the value of the Innovation process in any business or company. We try to teach these values with utmost dedication and support. You are the future, and you need to shape it perfectly with some innovation in mind. To know more visit us on our official website.

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