Innovation is the word we usually associate with the forward progression of mankind. Without innovation, the progress on earth would not be possible. For instance, without innovations in medicine, how can people live their lives with modern medicines?
Innovation can be defined as the “creative application of knowledge in the existing systems and procedures”. It refers to the adoption of novel techniques, products or processes. Innovation can be used to refer to the introduction of a new product, new process, or a series of processes or improvements to an existing product, or the adoption of a better process or technology for the existing products. It also includes the development of improved processes, equipment, knowledge, information, designs, and other aspects of business.
However, when it comes to creating new ideas, new processes, and new ways of doing things, there are different approaches and different levels of innovation. The level of disruptive innovation needed by a company may depend on its current structure. There are companies whose core business is in providing infrastructure and computer applications, where as others who make their bread and butter from selling various technologies, software applications, or data processing systems. These companies, like Apple and Microsoft, already know what disruptive innovation needs different approaches and different management styles.
Disruptive innovation can be caused by many factors. Innovation can be caused by introducing new products, processes, or computer applications into a market. Other causes of innovations are changing business models or the way in which business is being conducted. But when one thinks of business models and how to implement them in the current scenario, it leads one to the other causes of innovation, and these two cannot be left out.
There are many companies who make their bread and butter from selling products and in doing this they create new products and change the existing product development process. This continuous improvement or incremental innovation has helped many companies to stay ahead in their given industry. Companies like Apple Computers, Microsoft, and Google have revolutionized how people communicate, find information, and do many other tasks with the help of computers.
Even though there have been many innovations, there are some processes that are not applicable to all industries. Processes like concept creation, demonstration, testing, and modification, are generally left out when companies talk about implementing innovations. All the other processes are relevant and form the basic foundation of innovations. Innovation is a very broad topic and therefore, there is no single definition for it but each company must define and devise its own innovative processes in order to apply it across their business model.