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Types Of Innovation to New Inventions Success
Types OF Innovation to New Inventions Success

Types of Innovation

If you're in business, you must constantly innovate. But, do you know the different types of innovation? You don't want too much innovation at once, for that would lead to a mutation, and mutations almost always destroy those who undergo them. There are different areas in which you can innovate, and understanding them enables you to have a better comprehension of what you must do in order to be innovative and stay one step ahead of your competitors today. Most people think of innovation as always involving the continued development of a product or service, but there's far more to it than just that (although of course that's always very important).

Egg Ultrapasteurization - Patent Drawing

Business Model Innovation

The first of the types of innovation where you can innovate is your business model. This is simply the way you get paid. For instance, the business model of a sit-down restaurant involves you being served first and paying just before you leave. The business model of a fast-food restaurant requires you paying up-front and getting your food after you've paid. Now, what if you've been running an online business and you have been sending out products before being paid (invoicing your customers)? This may seem like a generous gesture to your customers, but if you had them pay you in advance, you would have a lot more working capital, which would allow you to increase the quality or the selection of your products-resulting in more business.

Partnership Innovation

Another of the types of innovation could be in your partnerships. Ask yourself what the true-core strength of your business is. We cannot be all things to all people. Do you find you're better at marketing, or better at being a supplier? This could revolutionize who you work with, enabling you to cut costs and increase productivity with a sharper focus.

Organizational Innovation

Another innovation type is internal organization innovation. Many businesses would probably do well to innovate here. For instance, Wegman's supermarkets are widely regarded as one of the best places to work. They make it clear that they put their employees ahead of their customers, turning the old "the customer is always right" concept upside down. That may sound crazy until you go shopping at a Wegman's supermarket. They have one of the largest arrays of offerings of any supermarket in the nation, their customer service is second to none, they have amazing prepared foods, and they have extremely competitive prices. What if you owned a business that required executives? Instead of paying them large salaries, like executives usually expect, you decide to pay them only small salaries like those of the other employees in a lower pay range; however, you give them full benefits, a car, a cell phone, a laptop computer, housing, and a generous bonus plan? How motivated would your employees be to perform at their maximum potential with such an incentive program?

Business Plan Innovation

The last type of innovation that we are going to cover here is business plan innovation. How do you conduct your day-to-day operations so that you turn a profit and give value to your customers? What if you decided to operate on a smaller profit margin, but more than make up for it by selling more products as a result of your highly-competitive prices? An example of this are stores like Target. It is obvious that selling cheap, but in volume is in their business plan.

Summary

As you can see, there are many types of innovation. Innovation extends far beyond just making improvements or expansions to products and services. It involves constantly seeking for ways to improve all aspects of your business.





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