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Innovation: More Necessary Than Ever
March 9, 2021
When we talk about innovation, we often think of scientific breakthroughs or revolutionary inventions. But innovation doesn't stop there.
Innovation encompasses anything that brings both a visible difference and significant added value within an ecosystem, whether it's products, services, processes, business models, applications, or a combination of these. It generates a sustainable competitive advantage by providing an effective response or solution to the needs of a group of identified customers in a market.
Innovation can enable a company to stand out in its market. It can also improve productivity, reduce costs, or establish new partnerships. But innovation is also a mindset, a commitment to continuous improvement. To be innovative, one must be creative, always have new ideas, conduct research, be willing to question oneself, adjust, and have boldness.
Today, the structure of companies is still built to produce and meet demand in the market. Nowadays, markets tend to be saturated, and needs evolve. All this requires taking into account new dimensions and realities. Given the technological advancements and the competitive environment in which companies operate, innovation seems crucial. Depending on the type of company you are in, the type of product you offer, and the goals you want to achieve, you must choose the most appropriate type of innovation for your situation and master the chosen innovation process.
We perceive innovation as a series of methods to accompany an idea to its realization. And in most cases, few companies achieve it, regardless of financial means, information technology, or other factors. This creative capacity is part of the potential of each person, but few people have the same ease in finding the most suitable solution to a problem, managing stress, dealing with emotional issues, and conflicts.
It is an important element that connects the company to society. Its level of quality depends on the level of exchange with society, reflected in a high level of satisfaction and therefore financial return.
Society is evolving more and more rapidly with different interests and expectations in terms of consumption. Values are changing, and companies must constantly adapt.
Incremental Innovation: Primarily aims at the continuous improvement of existing products by optimizing their performance or use. It allows companies to continue supplying their traditional markets, maintain their competitiveness, without taking too many risks.
Adjacent Innovation: Involves exporting an existing product to a new market or extending the lifespan of a product or service.
Disruptive Innovation: Involves offering an existing product or service at a lower cost and with simplified use.
Radical Innovation: Involves commercializing a completely new product and creating a new market that addresses no existing problem.
Given technological advancements and the competitive environment in which companies operate, innovation appears crucial. Depending on the type of company you are in, the type of product you offer, and the goals you want to achieve, you must choose the most appropriate type of innovation for your situation and master the chosen innovation process.
Article written by: : ZIAD R. Nesrine
Strategy & Marketing Manager at Leancubator - ASC
