AKS INDIA :: Innovation Companionship .. !!

 

As once AKS INDIA Designated Chairman Sir – Dr. Arthur Murray Sir (USA) – once cited quoting a Pioneer Management Thinker – once the going of the Company is established – what matters for Growth is – Marketing and Innovation. AKS INDIA advices every College to have an “Idea Factory” Division – which will – in connivance with the Industry – will assist – the various Innovation Agenda of respective Companies.

WIKI says – “Innovation is the multi-stage process whereby organizations transform ideas into new/improved products, service or processes, in order to advance, compete and differentiate themselves successfully in their marketplace”.

WIKI further says – – Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as “a new or changed entity realizing or redistributing value”. Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies.

Innovation often takes place through the development of more-effective products, processes, services, technologies, art works or business models that innovators make available to markets, governments and society. Innovation is related to, but not the same as, invention: innovation is more apt to involve the practical implementation of an invention (i.e. new / improved ability) to make a meaningful impact in a market or society, and not all innovations require a new invention.

 

Various Innovation Themes include ::

(Pls. Refer to WIKI and Google-Search etc.)

Product Innovation – Wiki Page …

Product innovation is defined as :: :: The development of new products, changes in design of established products, or use of new materials or components in the manufacture of established products. Product 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. This is broader than the normally accepted definition of innovation that includes the invention of new products which, in this context, are still considered innovative.

  • Advantages & Disadvantages of Product Innovation …
  • Theories of Product Innovation …
  • Stages in New Product Development …
  • Classification of Product Innovation …
  • Measuring Innovation … and …
  • Comparison with other forms of Innovation … are given … in the LINK above.

 

Service Innovation – Wiki Page …

Service innovation 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). Often this is contrasted with “technological innovation”, though service products can have technological elements. This sense of service innovation is closely related to service design and “new service development”…….
  • Innovation in service processes – new or improved ways of designing and producing services. This may include innovation in service delivery systems, though often this will be regarded instead as a service product innovation. Innovation of this sort may be technological, technique- or expertise-based, or a matter of work organization (e.g. restructuring work between professionals and paraprofessionals)…….
  • Innovation in service firms, organizations, and industries – organizational innovations, as well as service product and process innovations, and the management of innovation processes, within service organizations.

Areas of Service Innovation – den Hertog’s model …

  • Thus den Hertog (2000) who identifies four “dimensions” of service innovation, takes quite a different direction to much standard innovation theorizing.
  • The Service Concept refers to a service concept that is new to its particular market – a new service in effect, or in Edvardsson’s (1996, 1997) terminology, a “new value proposition”. Many service innovations involve fairly intangible characteristics of the service, and others involve new ways of organizing solutions to problems (be these new or familiar ones). Examples might include new types of bank account or information service. In some service sectors, such as retail, there is much talk about “formats”, such as the organization of shops in different ways (more or less specialized, more or less focused on quality or cost-saving, etc.).
  • The Client Interface refers to innovation in the interface between the service provider and its customers. Clients are often highly involved in service production, and changes in the way in which they play their roles and are related to suppliers can be major innovations for many services. Examples might include a greater amount of self-service for clients visiting service organizations. There is a French literature on service innovation that focuses especially on this type of innovation, identifying it as innovation in “servuction”.
  • The Service Delivery System also often relates to the linkage between the service provider and its client, since delivery does involve an interaction across this interface. However, there are also internal organizational arrangements that relate to the ways in which service workers perform their job so as to deliver the critical services. Much innovation concerns the electronic delivery of services, but we can also think of, for instance, transport and packaging innovations (e.g. pizza delivery). An emerging concept of SDP is the idea of taking a “factory” approach to Service Innovation. A “service factory” approach is a standardized and industrialized environment for more effective service innovation, development and operations for the IP era.
  • Technological Options resemble most familiar process innovation in manufacturing sectors. New information technology is especially important to services, since it allows for greater efficiency and effectiveness in the information-processing elements that are, as we have seen, prevalent to a great extent in services sectors. We also often see physical products accompanying services, such as customer loyalty cards and “smart” RFID cards for transactions, and a wide range of devices for communication services.
  • In practice, the majority of service innovations will almost certainly involve various combinations of these four dimensions.

 

Process Innovation – JIGSAW Academy Page …

  • Process innovation is redefining the business landscape, and rightly so as more and more corporations are leveraging it to deliver improved/new products or services and ensure their company’s long-term success.
  • Innovation is the need of the hour for businesses to meet increasing customer requirements and to stay relevant in the constantly evolving market dynamics. Organizations or individuals must innovate according to their consumers’ needs if they want to be on the leading edge.
  • This is where process innovation comes into the picture. It is an innovation development process that allows companies to align, redesign, and improve their business processes in a customer-oriented manner by using advanced digital tools and technologies.
  • This article aims to define process innovation and explain its importance. If you are a visionary – a beginner or professional with a passion for innovation and success, then read on to understand the concept.

In a nutshell, this article aims to explain …

Please read more (LINK & Google Search) :::

  • What does Process Innovation include?
  • What is the difference between Product and Process Innovation?
  • What are the types of Innovation Process Models and Examples?
  • What are the business benefits of Process Innovation?

 

Technological Innovation – WIKI Page …

  • Technological innovation is an extended concept of innovation. While innovation is a rather well-defined concept, it has a broad meaning to many people, and especially numerous understanding in the academic and business world.
  • Innovation refers to adding extra steps of developing new services and products in the marketplace or in the public that fulfil unaddressed needs or solve problems that were not in the past. Technological Innovation however focuses on the technological aspects of a product or service rather than covering the entire organization business model. It is important to clarify that Innovation is not only driven by technology.
  • Tech Innovation is a continuous process, within an internal or external venture, build-out to create value with innovation;
  • Tech Innovation starts with the ideation process and ends-up with the commercialization of a viable product or service, in response to a proven market need;
  • It is a guide for the venture management to decide what technology directions to take, based on portfolio management, and execution monitoring;
  • Technological Innovation is driven by entrepreneurial / intrapreneurial spirit, supported by internal / external funding.

 

The Importance of Business Model Innovation …

North Eastern University Blog …

  • A business model is a document or strategy which outlines how a business or organization delivers value to its customers. In its simplest form, a business model provides information about an organization’s target market, that market’s need, and the role that the business’s products or services will play in meeting those needs.
  • Business model innovation, then, describes the process in which an organization adjusts its business model. Often, this innovation reflects a fundamental change in how a company delivers value to its customers, whether that’s through the development of new revenue streams or distribution channels.
  • Business model innovation allows a business to take advantage of changing customer demands and expectations. Were organizations like Amazon and Atari unable to innovate and shift their business models, it is very possible that they could have been displaced by newcomers who were better able to meet the customer need.

 

Frugal Innovation – WIKI Page …

  • Many terms are used to refer to the concept. “Frugal engineering” was coined by Carlos Ghosn, then joint chief of Renault and Nissan, who stated, “frugal engineering is achieving more with fewer resources.”
  • Frugal innovation or Frugal Engineering is the process of reducing the complexity and cost of a good and its production. Usually this refers to removing nonessential features from a durable good, such as a car or telephone, in order to sell it in developing countries. Designing products for such countries may also call for an increase in durability and, when selling the products, reliance on unconventional distribution channels.
  • When trying to sell to so-called “overlooked consumers”, firms hope volume will offset razor-thin profit margins. Globalization and rising incomes in developing countries may also drive frugal innovation. Such services and products need not be of inferior quality but must be provided cheaply.
  • While frugal innovation has been associated with good-enough performance, in some sectors such as in healthcare, frugal innovation must offer maximum performance without compromising on quality.

 

User-Led Innovation – WIKI Page …

  • User innovation refers to innovation by intermediate users (e.g. user firms) or consumer users (individual end-users or user communities), rather than by suppliers (producers or manufacturers). This is a concept closely aligned to co-design and co-creation, and has been proven to result in more innovative solutions than traditional consultation methodologies.
  • Eric von Hippel and others observed that many products and services are actually developed or at least refined, by users, at the site of implementation and use. These ideas are then moved back into the supply network. This is because products are developed to meet the widest possible need; when individual users face problems that the majority of consumers do not, they have no choice but to develop their own modifications to existing products, or entirely new products, to solve their issues.
  • Often, user innovators will share their ideas with manufacturers in hopes of having them produce the product, a process called free revealing. However, user innovators also generate their own firms to commercialize their innovations and generate new markets, a process called “consumer-led market emergence.” For example, research on how users innovated in multiple boardsports shows that some users capitalized on their innovations, founding firms in sports that became global markets.
  • Based on research on the evolution of Internet technologies and open source software Ilkka Tuomi (Tuomi 2002) further highlighted the point that users are fundamentally social. User innovation, therefore, is also socially and socio-technically distributed innovation. According to Tuomi, key uses are often unintended uses invented by user communities that reinterpret and reinvent the meaning of emerging technological opportunities.
  • The existence of user innovation, for example, by users of industrial robots, rather than the manufacturers of robots (Fleck 1988) is a core part of the argument against the Linear Innovation Model, i.e. innovation comes from research and development, is then marketed and ‘diffuses’ to end-users. Instead innovation is a non-linear process involving innovations at all stages.
  • In 1986 Eric von Hippel introduced the lead user method that can be used to systematically learn about user innovation in order to apply it in new product development. In 2007 another specific type of user innovator, the creative consumer was introduced. These are consumers who adapt, modify, or transform a proprietary offering as opposed to creating completely new products.
  • User innovation has a number of degrees: innovation of use, innovation in services, innovation in configuration of technologies, and finally the innovation of novel technologies themselves. While most user innovation is concentrated in use and configuration of existing products and technologies, and is a normal part of long term innovation, new technologies that are easier for end-users to change and innovate with, and new channels of communication are making it much easier for user innovation to occur and have an impact.
  • Recent research has focused on Web-based forums that facilitate user (or customer) innovation – referred to as virtual customer environment, these forums help companies partner with their customers in various phases of product development as well as in other value creation activities. For example, Threadless, a T-shirt manufacturing company, relies on the contribution of online community members in the design process. The community includes a group of volunteer designers who submit designs and vote on the designs of others. In addition to free exposure, designers are provided monetary incentives including a $2,500 base award as well as a percentage of T-shirt sales. These incentives allow Threadless to encourage continual user contribution.

 

Marketing Innovation – Indeed Site Page …

  • Innovation is a process of developing an idea into another process, product or service. To increase the likelihood of developing successful processes or products, businesses use innovative marketing to inform consumers about new developments. Learning the benefits and methods of how to use innovative marketing can improve your strategies. In this article, we discuss what innovative marketing is, reasons to use it and methods of innovative marketing with examples of innovative marketing for businesses.
  • What is innovative marketing??? – – – Innovative marketing is a method of promoting new products and services in the process of innovation. It includes researching customer behaviour, needs and trends to help you develop changes in a product’s design to be more successful. Innovative marketing can include rebranding or repackaging an item or finding a new way to launch a product, such as in a new market or by using untraditional advertising to promote it. Innovation marketing covers initial market research for product planning, testing prototypes with focus groups and developing advertising content to interest potential customers.
  • Reasons to use innovative marketing – – – Companies use innovative marketing for several reasons, including to improve the success of new products and services when the company releases them on the market and to identify new or future markets the company can enter. When a company creates a new product, marketing is important to introduce and teach consumers about what the product is and how it works. This can increase interest and give consumers more confidence in their purchases. Innovative marketing helps companies identify new markets in their research stage of the marketing process, which can increase profits and provide opportunities for more innovations.
  • INNOVATIVE MARKETING METHODS – – – (01) – – – Re-Branding – – – (02) – – – Retaining Existing Customers – – – (03) – – – Programs to be the Best in the Industry – – – (04) – – – Expanding to New Regions – – – (05) – – – Interacting on Social Media – – – (06) – – – Creating Educational Contents – – – (07) – – – Hosting Special Events – – – (08) – – – Starting Customer Loyalty Programs – – – (09) – – – Changing Pricing Strategy – – – (10) – – – Making Partnerships with Not-for-Profit Organizations…..
  • Non-Conventional (targeted) Reach-Out is a suitable option too.

 

Innovation Leadership – Overview – WIKI Page …

  • To have a clear understanding of what innovation leadership involves, one must first understand the concept of innovation. Although there is some controversy over how it can be defined, through general consensus in the literature, it can be described as novel ideas of viable products that are put into operation. It includes three different stages, which are all dynamic and iterative (constant):
  1. Idea Generation
  2. Evaluation
  3. Implementation
  • The two types of innovation include exploratory innovation, which involves generating brand new ideas, and value-added innovation, which involves modifying and improving ideas that already exist. Ideas generated must be useful to be considered innovative. Innovation should also not be confused with creativity, which is merely the generation of a novel idea that may not necessarily be put into operation—though these words are sometimes used interchangeably in research literature when speaking about innovation leadership.
  • Innovation leadership is a complex concept, as there is no single explanation or formula for a leader to follow to increase innovation.
  • As a result, innovation leadership encompasses a variety of different activities, actions, and behaviours that interact to produce an innovative outcome.
  • Innovation leadership is a philosophy and technique that combines different leadership styles to influence employees to produce creative ideas, products, and services.
  • Without innovation leadership, organizations are likely to struggle. This new call for innovation represents the shift from the 20th century, traditional view of organizational practices, which discouraged employee innovative behaviours, to the 21st-century view of valuing innovative thinking as a “potentially powerful influence on organizational performance.”

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