“Change that creates a new dimension of performance” (Peter Drucker) “The introduction of new goods (…), new methods of production (…), the opening of new markets (…), the conquest of new sources of supply (…) and the carrying out of a new organization of any industry” (Joseph Schumpeter) “Innovation is a new element introduced in the network which changes, even if momentarily, the costs of transactions between at least two actors, elements or nodes, in the network” (Regis Cabral) “The three stages in the process of innovation: invention, translation and commercialization” (Bruce D. Merrifield) “The ability to deliver new value to a customer” (Jose Campos) “Innovation is the way of transforming the resources of an enterprise through the creativity of people into new resources and wealth” (Paul Schumann) “Innovation does not relate just to a new product that would come into the marketplace. Innovation can occur in processes and approaches to the marketplace” (David Schmittlen) What about you, what is the best definition of innovation in your opinion? Innovation is the process of making changes, large and small, radical and incremental, to products, processes, and services that results in the introduction of something new for the organization that adds value to customers and contributes to the knowledge store of the organization.
Innovation is the process of making changes to something established by introducing something new that adds value to customers and contributes to the knowledge store of the organization.
Innovation is about helping organizations grow. Growth is often measured in terms of turnover and profit, but can also occur in knowledge, in human experience, and in efficiency and quality. Innovation is the process of making changes to something established by introducing something new. As such, it can be radical or incremental, and it can be applied to products, processes, or services and in any organization. It can happen at all levels in an organization, from management teams to departments and even to the level of the individual.
This chapter describes the main concepts behind innovation. We explore the different types of innovation that affect the growth of an organization. The difference between radical and incremental innovation is discussed, as is the special relationship between product and process innovation.
When you have completed this chapter you will be able to
Define innovation and explain the difference with related terms Understand the drivers of the need for innovation and change Explain product, process, and service innovation
Describe the difference between radical and incremental innovation Define disruptive technology
Show how product and process innovations are related
Explain the relationship between innovation and operations
Creating something new that has never existed before.
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