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Companies with structured innovation processes significantly outperform their peers in implementing new ideas and driving business growth. McKinsey’s findings suggest that companies fostering a strong culture of innovation excel in leveraging technology and accelerating their competitive differentiation.
However, the latest Boston Consulting Group report on Innovation Strategy & Delivery highlights the shocking reality that only 3% of companies are innovation-ready, yet 83% rank innovation as a top #3 priority. This is a shocking delta and what I refer to as an innovation growth gap!
The TRIZ acronym comes from it’s original Russian name, and in English it is often referred to as a “theory of inventive problem solving” or TIPS. However, there are more effective ways to innovate, as you will see further down this list. Suggested reading: 14 – Building a Culture of Innovation.
Radical & Disruptive Innovation On the flip side, radical and disruptive innovation challenges the status quo by introducing new concepts, products, or models that shift market dynamics. Radicalinnovation is about making significant leaps forward, often creating new industries or reshaping existing ones.
Discontinuous innovation represents a seismic shift in how industries function and evolve. By definition, it refers to the introduction of groundbreaking products or services that fundamentally change market dynamics, often rendering existing solutions obsolete.
Incremental innovation: additional development and/or optimization of existing products, services, or models. Radicalinnovation: implementing completely new ideas into products, services, or business models. They have the most significant impact because new markets or customer needs may arise from this innovation; ?
It is the first step in designing a robust innovation system for matching company goals with the types of innovations you will need to achieve them, while keeping an eye on the horizon. This is the foundation for a sustainable culture of innovation in a volatile global economy. Success by Design.
It is the first step in designing a robust innovation system for matching company goals with the types of innovations you will need to achieve them, while keeping an eye on the horizon. This is the foundation for a sustainable culture of innovation in a volatile global economy. Success by Design.
Innovation can be incremental, radical, architectural, modular, etc. In incremental innovation, a company improves or upgrades existing product, process, or service. In radicalinnovation, a company replaces its existing business model with an entirely new one.
Innovation can be incremental, radical, architectural, modular, etc. In incremental innovation, a company improves or upgrades existing product, process, or service. In radicalinnovation, a company replaces its existing business model with an entirely new one.
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