A PRESENTATION ONINNOVATION

OUTLINESWhat is Innovation?Why it’s important?The Types of InnovationThe degrees of Innovation

?? WHAT INNOVATION IS ALL ABOUT ??

“ Innovation is the profitable

implementation of ideas”

Or we can say,….“Implementing

new ideas that create value”

Innovation requires interplay between a product offering (Technology) and a market (people)

i.e. “ Hard Science + Social Science”

?? WHY IS INNOVATION IMPORTANT??

I) Innovation reduces waste and environmental damage

II) Innovation creates growth, increases productivity and economic wealth

III) It provides goods and services at cheaper rate that leads to higher standard of living

IV) Employees get more interest in their work due to innovation

V) For Survival also Innovation is important

?? WHAT ARE THE TYPES OF INNOVATION??

ProductProcessServiceBusiness ModelValueMarket

PRODUCT INNOVATIONProduct innovation is the

creation and subsequent introduction of a good or service that is either new, or an improved version of previous goods or services

PROCESS INNOVATIONProcess innovation means the

implementation of a new or significantly improved production or delivery method (including significant changes in techniques, equipment and/or software)

SERVICE INNOVATIONThe concept of Service

Innovation was first discussed in Miles (1993) and has been developed in the past 2 decades. It is used to refer to many things. These include but not limited to: Innovation in services, in service products – new or improved service products (commodities or public services)

BUSINESS MODEL INNOVATIONBusiness model innovation is

about fundamentally rethinking your business around a customer need, then realigning your resources, processes and profit formula with this new value proposition. It's not easy and can take decision makers out of their comfort zones

VALUE INNOVATIONIt is about creating and growing

value of the firm in market

MARKET INNOVATIONA marketing innovation is the

implementation of a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing

CHALLENGES WHILE INNOVATIONWhy to change?What to change?Understanding the InnovationBuilding an Innovative cultureContinuous learning

IN SHORT……

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