Disruption and innovation determine our corporate world. Due to the digital transformation and the megatrends more and more companies are reinventing themselves completely. In order to modernize their own business model and to gain an understanding of the possibilities on the market, there are different types of innovations.
Product innovation
One type of innovation that quickly attracts attention is product innovation. A company that is constantly developing its products and showing itself to be a pioneer, that we can quickly inspire new customers. By adapting product features to solve problems, companies can quickly communicate their new path and build on their existing product. Possibilities of product innovation are the differentiation, variation and standardization of products or product categories.
Process innovation
Not every innovation has to reflect externally. In order to work more efficiently and dynamically, some processes in manufacturing or other operational processes must be redesigned or improved. The goal of process innovation is to use existing resources to improve existing processes and results.
Social innovation
Social innovations affect all employees, departments and business processes. Especially with the emergence of megatrends such as the neo-economy and the importance of environmentally conscious, customer- and employee-centered processes, social innovations are becoming increasingly important within a company. Social innovations affect both management style and corporate culture and promote a modern working environment.
Organizational innovation
Organisational innovation goes in a similar direction to social innovation within a company. Their aim is to improve the structure of the company and its processes. However, this is less about social interaction than about the processes within a company.
Before companies begin their innovation, they should consider the potential of the individual types of innovation and consider which type would be particularly promising for their current challenges.
With the right innovation, you can then start setting up an innovation team and develop initial prototypes to drive the company’s innovation power forward step by step.
