Innovation in any business is an extremely crucial factor for its survival, especially in these times. The world is changing at an exponential pace, and if you want to keep up with it, you have to adopt a few transformational strategies with the right amount of innovation to minimize the risk levels. You can visit https://innovation360.com/innovation-tool/ to know more about the innovation process.
In these times, businesses need to have extraordinary innovation strategic vision and change is one of the most important aspects of any innovation strategy. So, in addition to the innovative ideas, the organizations should also know how to manage the change that have to deal with by implementing those innovative ideas.
Innovation is not the same as creativity. Being creative may result in the organization having a lot of great ideas but translating these into something of value requires effective process management.
It may be defined as the transformation of creative ideas into innovative product, services, processes and business models that deliver superior value to customers. Thus effective innovation requires both creativity and process management.
Innovation as a process may be divided into three stages of: first is Idea generation to conceptualization, second development and verification and third commercialization.
Sub-process steps for each of these three core innovation processes should be mapped out, managed and performance measured creating a mechanism to build the overall innovation capabilities of the organization and support the achievement of innovation goals defined prior.