Blog Post
INNOVATION WHAT DOES IT MEAN
Peter de Lange • April 13, 2021
INNOVATION WHAT DOES IT MEAN
STAYING RELEVANT IN THESE UNPRECEDENTED TIMES IS MORE IMPORTANT THAN EVER
While researching the meaning of innovation it was surprising to see how many definitions came up and how different each one is. Yet this seems to be the buzz word in business today. Business people throw it around at meetings and in conversation yet I wonder if they understand it.
There is several types of innovation which is something I just learnt recently. But even this is defined by each writer and can be different for each of us. I like the RAID
approach.
RADICAL
- This is when innovation gives birth to new industries or swallows up old ones.
ARCHTECTURAL
– Applying existing technology to another market
INCREMENTAL- Adding value to customers using existing technology and the most common form.
DISRUPTIVE
– When applying new technology disrupts the existing market
With all innovation if you cannot snare the customer and add value to your services for the customer it is a waste of time. Often many companies come up with excellent ideas but implementing them is another beast. In time our competitors beat us to our own ideas leaving us behind in the market. Looking at this problem I think the solution lies in our staff. They need to buy in and even come up with the ideas themselves and the excitement will drive the concept into reality. We all like to feel important and part of the solution. Also these employees work the systems every day and know where it needs to be better.
That said careful planning and execution is needed. Innovation does not need to happen in office hours and it is often at midnight that we suddenly come upon a good idea. Write it down and explore it in the morning and if you think it will catch on go for it. See further blogs for more on Innovation
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