Innovation is commonly defined as "the introduction of something new" or "a new way of doing something". Peter Drucker said "Innovation is change that creates a new dimension of performance." Many successful innovations improve on an existing product to make it faster, cheaper, or more efficient. Other valuable innovations apply procedures and systems from one industry to another. An innovation can result in a new product or an enhancement of an existing product - such as adding a new feature to the product.
For example, Henry Ford is not credited with inventing the car nor did he invent the assembly line. His innovation was to change the way cars were built by applying a moving assembly line (already in use in a different industry) to the automobile manufacturing process. Thus, Ford's innovation was the combination of an existing product (cars) with an existing procedure (the assembly line). The moving assembly process developed by Henry Ford allowed individual workers to perform specific tasks while the vehicles moved along the assembly line, which greatly improved efficiency. This assembly process also reduced the time required to build each car, increased vehicle production levels and reduced the cost to manufacture each car. Ford's innovation of bringing the moving assembly line to the automotive industry allowed the company to sell more vehicles at a significantly lower cost, which distinguished it from other companies in the market that used less efficient manufacturing techniques.
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Innovation is about solving problems and addressing unmet needs in the marketplace. New innovations address those problems or unmet needs by "introducing something new" (a new product or service) or "finding a new way of doing something" that solves the problem or meets the particular need. The first step in innovation is identifying those problems or unmet needs, then developing desirable solutions.
To get started, spend some time brainstorming about ways to innovate your business' products or procedures. Is there a particular unmet need in your own market that your company can fill? Are there procedures in other industries that can be adapted to your business to improve operations? After you identify several potential solutions, record your answers for future reference.
Process of Innovation - Understanding Innovation and Creativity
Start taking action on your own Innovation Strategy today by visiting my blog for innovation resources and announcements of upcoming Free Teleseminars and my upcoming courses on innovation for business. Visit my blog at http://www.InnovationExplained.com
From Steve Sponseller - Innovation Strategist
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