Innovation doesn’t necessarily have to be a random ‘Big Bang’ kind of event, but it can be an intentional and systematic process to cultivate an environment that can foster great innovative ideas. Now is the season to be creative and innovative, plus it doesn’t just have to be limited to certain individuals in the company. Rather, it can be liberated to the entire organisation. Great ideas can come from anywhere, and strategic collaborations across departments cultivate great execution. Here at UCSI Consulting Group, we can help you achieve breakthrough results via strategic innovation. We will also help you to pivot your innovation strategy and charter for sustainable growth. Depending on the business case and further customisation, these are some of the tools that may be used in the process;
The 10 Types of Innovation: The Ten Types of Innovation is a diagnostic tool to assess how you approach innovation internally. Additionally, it can help you analyse your competitive environment, and it can reveal gaps and potential opportunities for doing something different and upending the market. According to this framework, innovations can be categorised within a range of 10 distinct dimensions. Within these dimensions, anyone can use the resulting strategic framework to analyse the competition, to stress test for product weaknesses, or to find new opportunities for their products.
Design Thinking is not an exclusive property of designers—all great innovators in literature, art, music, science, engineering, and business have practised it. Design Thinking is an iterative process in which we seek to understand the user, challenge assumptions, and redefine problems to identify alternative strategies and solutions that might not be instantly apparent with our initial level of understanding.
In business theory, disruptive innovation is an innovation that creates a new market and value network and eventually disrupts an existing market and value network, displacing established market-leading firms, products, and alliances. The term was defined and first analysed by the American scholar Clayton M. Christensen. One can then design changes focused on disruptive interventions by identifying and analysing systems for possible points of intervention.
One of the common mistakes people make when it comes to business models is that they look at them very narrowly as just the pricing model for their products and services. While it certainly is a crucial part of the business model, the term is actually defined as the way an "organization creates, delivers and captures value". Business model innovation then is simply a novel way to put these pieces together to hopefully create a system that produces more value for both customers and the organization itself while reducing cost.
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