Have you ever wondered what Continuous Innovation is? Let's first understand the meaning of this term, which is a fundamental process for the growth of companies.
It all starts with Innovation which is something fundamental for the survival and mainly, the company's growth in the market. Innovation, in this case, should not be understood as a sporadic or punctual process. On the opposite, it must be a continuous strategy of the company, incorporated into its DNA.
This implies that it will be present in the company's organizational structure, in its internal processes, in the development of products and services, in the qualification of employees, etc. Lets learn about the different types of innovation?
Open innovation is the one that looks outside the company, seeking more connections and capturing data.
Startups are important players for those seeking to invest in open innovation, as they bring freshness and new solutions to traditional companies and, in order to make paradigms more flexible, these organizations usually invest in new connections, absorbing market trends.
Closed innovation is the one that deals with the company's confidential insights. It follows traditional paths in which the processes and resources for creating new products or services, or for improving existing ones, all belong to the company itself, with no exchanges with other players, and the information is the company's exclusive domain, without any exchange with the market.
In both types, open or closed, there are also Continuous Innovation and Disruptive Innovation.
Disruptive Innovation aims to create extremely new things, in which the company does not yet operate. In this case, products and services are usually replaced by a new solution, which has nothing to do with the previous one.
Continuous Innovation is about improving products or services that the company already works with. There is no replacement of previous models, but rather their improvement in order to place them at a higher level.
Since the focus today is on Continuous Innovation, let's learn more about this process:
Continuous Innovation is the result of a manageable and intentional method, and can be both disruptive and incremental. It is the result of a regular and frequent process of improvements in products, services, and businesses.
To be successful, it is necessary to rely on dedicated staff, looking at innovation, collecting ideas from various sources (market, employees, users), structuring them, understanding which ones have a chance of success testing them and afterwards, develop them.
In Continuous Innovation, governance is the greatest challenge. That means, counting on the collaboration and confidentiality of those involved, and having a continuous and well-established flow so that the process does not stop.
According to a McKinsey consulting survey, 84% of executives say that their success relies on innovation. Speaking of innovation is not a trendy thing: it is the desired and necessary way to stay in the market and more than that, to have a promising future.
We will keep on this path, innovating and taking innovation to our customers and business partners.
Also check out our content about what your company gains by investing in design and understand what is session design and user experience.
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