Innovation Types
There are different forms of innovations that exist in many areas of the economy, whether as a completely new product, a new process, new business models or in form of social innovations. What these kind of innovations mean in detail is described in the following:
Product Innovations are either introducing entirely new products to the market, products such as e-bikes or remote-controlled drones, or they are significantly improving an existing product, for example the first cordless phones.
Process Innovations attempt to optimize processes so that costs and lead times can be reduced. The most well-known process innovation certainly represents working on the assembly lines. In times of digitization a suitable example for a process innovation could be online ticketing or self-check-in at the airport.
Innovations related to Business Models are characterized by the development of completely new areas of responsibilities. This leads for example to the opportunity to open up completely new business areas. Online dating platforms or downloading music from the internet could be mentioned as examples of the recent past.
Social Innovations should, in general, have a beneficial effect for the public, that is in fact the increase of living standard. This happens mainly through reforms or legal rules introduction. Examples for innovations in this area include the introduction of the 5-day working week, the right to vote or social foundations, such as the health care system.
Product Innovations are either introducing entirely new products to the market, products such as e-bikes or remote-controlled drones, or they are significantly improving an existing product, for example the first cordless phones.
Process Innovations attempt to optimize processes so that costs and lead times can be reduced. The most well-known process innovation certainly represents working on the assembly lines. In times of digitization a suitable example for a process innovation could be online ticketing or self-check-in at the airport.
Innovations related to Business Models are characterized by the development of completely new areas of responsibilities. This leads for example to the opportunity to open up completely new business areas. Online dating platforms or downloading music from the internet could be mentioned as examples of the recent past.
Social Innovations should, in general, have a beneficial effect for the public, that is in fact the increase of living standard. This happens mainly through reforms or legal rules introduction. Examples for innovations in this area include the introduction of the 5-day working week, the right to vote or social foundations, such as the health care system.
Dealing with the Different Innovation Types in aumentoo
We see different types of innovation levels and each one of these levels will either improve, change or turn your customers' lives completely upside down. From a company's point of view, each of these cases faces a different risk and a different fear of change, which must be evaluated and properly managed.