Innovation is not just represented by introducing or implementing new ideas or methods. The definition or meaning of innovation can be defined as a process that involves multiple activities to uncover new ways to do things.
It should not be confused with creation since this can be defined as the act of making, inventing, or producing something. However, new innovations can be realized with creativity. People need to think outside the box in order to create incremental enhancements.
Innovation, for its part, can refer to something new or to a change made to an existing product, idea, or field. One might say that the first telephone was an invention, the first cellular telephone either an invention or an innovation, and the first smartphone an innovation.
For a business or an organization to realize competitive advantages, it should be able to adapt and innovate to the changing trends and new generations. Innovations apply for management and organizations on all levels, sizes and in operating in all industries.
Innovations create bigger opportunities and are critical for the survival, economic growth, and success of a company. Innovating helps developing original concepts and is a driver of optimizing operations.
If innovation is an art and a science of its own, so is the act of making it happen in organizations. This is what is referred to as innovation management, or the ability to systematically introduce new things and manage the whole process in a way that helps you make innovation more predictable and scalable.
Most commonly we differentiate between 4 levels of innovation – Incremental, Disruptive, Architectural and Radical. Innovation can be in different forms and outcomes – Product & Product Performance Innovation, Technology Innovation, Business Model Innovation, Organizational Innovation, Process Innovation, Network Innovation, Customer Engagement.
It does not matter if you are getting the ideas from outside the organization, through brainstorming, combining existing ideas, or radical new thinking within your field.
Startup executives can use this template when preparing to meet with investors. For example, you can detail the innovation plan and milestones, implementation costs, and expected profit increases.
Marketers can use the slides from this template when preparing a marketing strategy to promote a new product. For example, you might imagine the impact of innovation on a potential customer’s decision to purchase a product from your company rather than a similar product from a competitor.
Engineers can use the slides in this template to prepare an Innovation Needed Report for a new production line design. CEOs and crisis managers can use this template when preparing a company’s development strategy or getting a company out of a crisis.
Innovation Template Template is a professional template that contains four slides. If necessary, you can independently change the type and size of the font, the location and color of the infographics in accordance with your corporate requirements. The template will be useful for innovative companies, startups, IT companies. The slides in this template will update and seamlessly complement your old presentations.