Innovation is often outlined as “the introduction of one thing new” or “a brand new method of doing one thing”. Peter Drucker mentioned “Innovation is change that creates a brand new dimension of efficiency.” Many profitable improvements enhance on an present product to make it sooner, cheaper, or extra environment friendly. Different useful improvements apply procedures and methods from one trade to a different. An innovation can lead to a brand new product or an enhancement of an present product – resembling including a brand new characteristic to the product josh team.
For instance, Henry Ford just isn’t credited with inventing the car nor did he invent the meeting line. His innovation was to vary the best way automobiles have been constructed by making use of a moving meeting line (already in use in a special trade) to the auto manufacturing course of. Thus, Ford’s innovation was the mix of an present product (automobiles) with an present process (the meeting line). The moving meeting course of developed by Henry Ford allowed particular person staff to carry out particular duties whereas the automobiles moved alongside the meeting line, which tremendously improved effectivity. This meeting course of additionally diminished the time required to construct every car, elevated automobile manufacturing ranges and diminished the associated fee to fabricate every car. Ford’s innovation of bringing the moving meeting line to the automotive trade allowed the company to promote extra automobiles at a considerably decrease value, which distinguished it from different firms available in the market that used much less environment friendly manufacturing methods.
Innovation just isn’t restricted to technology-based firms. Companies of all sizes in any trade can profit from inventive pondering and enterprise improvements. Many firms apply improvements to their inside procedures to streamline operations and scale back working bills. Different firms apply methods from different industries to enhance their very own inside working procedures.
Innovation is about fixing issues and addressing unmet wants within the market. New improvements deal with these issues or unmet wants by “introducing one thing new” (a brand new product or service) or “discovering a brand new method of doing one thing” that solves the issue or meets the actual want. Step one in innovation is figuring out these issues or unmet wants, then creating fascinating options.
To get began, spend a while brainstorming about methods to innovate your small business’ products or procedures. Is there a specific unmet want in your individual market that your company can fill? Are there procedures in different industries that may be tailored to your small business to enhance operations? After you establish a number of potential options, document your solutions for future reference.