Type of Innovation
When someone talks about “Innovation”, the first instinct is to link it to “Product Innovation” ie Add new feature or functionality.
Actually there are 10 different types of innovations, and the more types you incorporate , the more successful your innovation likely to be:
1. Business Model: How enterprise makes money
2. Value Network: Enterprise structure and value chain
3. Core Processes: Proprietary process that add value
4. Innovation Process: How company organizes to Support Innovation
5. Product/Service Performance: Basics feature, performance, and functionality (Remember, ”Product Innovation” !)
6. Service System: Extended system surrounding the offering
7. Customer Service: How you service customers
8. Channel: How you connect offering to customers
9. Brand: How you express offering’s benefits to customers
10. Customer Experience: How you create overall experience for customers
Platform-centric innovations (Product Performance & System) helps to create value, Business-centric innovations ( Profit Model, Network, Structure and Process) helps to capture the value and Experience-centric innovations( Customer Service, Channel, Brand, Customer Engagement) helps to deliver the value to customers.
There are lot of companies which have followed innovation in one or more areas and have been able capture the customers’ attention.
Reference: https://www.slideshare.net/openinnovation/10-types-of-innovation
