The successful exploitation of new ideas is crucial to a business being able to improve its processes, bring new and improved products and services to market, increase its efficiency and, most importantly, improve its profitability.
In a recently-published article entitled, “Intersecting Innovations Create Change,” author and expert, Jeff Woods, writes:
“I recently took part in a lively panel in New York City where we discussed the impact of the intersections among digital technologies. During the discussion, we uncovered one aspect of why second-generation digital disruptions, like customer experiences driven by machine learning, are so much larger than first-generation disruptions like e-commerce: The exponential technologies that underpin digital transformation—the cloud, mobility, analytics—have been deployed across vast portions of the economy. Everything is web enabled. Data is everywhere,” adding that second-generation innovations develop when you layer sensors, machine learning, and other digital technologies on top of the existing digital landscape and let human ingenuity create connections among them.
It is important to be clear about the difference between invention and innovation. Invention is a new idea. Innovation is the commercial application and successful exploitation of the idea.
Fundamentally, innovation means introducing something new into your business.
“Change no longer happens at a point in time; nor can it be managed as if it does. Rather, change is constant and iterative,” he writes.
You can identify opportunities for innovation by adapting your product or service to the way your marketplace is changing.
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