In today’s marketplace business enterprises are working day in day out to come up with unique products and services that will enable them to beat off the competition and be the delight of the customers. The task of beating off competition is dependent on how innovative you are as an organization.
According to statistics, 84% of global business executives believe that innovation is paramount to their growth strategy.
Innovation is needed to offer the right value to your customers because, in reality, businesses are competing for value creation to the customers. Innovation is the secret sauce required to set you apart from your business rivals and make you the preferred choice of the customers.
Innovation is defined as the process of making an idea or invention into a good or service that creates value and/or for which customers will pay. There are many different types of examples of innovation such as social innovation examples, incremental innovation examples and open innovation examples among others.
In this article, we will look at product innovation examples, radical innovation examples, process innovation examples, technological innovation examples and how Sinnaps, the project management software can support your innovation projects and helps you with your different examples of innovation.
Product Innovation Examples
All innovation strategy examples start off with product innovation examples. Product innovation involves creating new products or improved versions of existing products that increase and improve its use.
By embracing product innovation in your organization, you are assured of recording growth, remarkable expansion, and gain a competitive advantage over your business rivals in the same industry. This is because it allows your products to be differentiated from other products thereby making it more attractive to the customers.
Here are some creativity and innovation examples:
- The electronics company LG introduced a new type of screen that is flexible enough to roll up like a newspaper. This is one of the clearest invention and innovation examples as it solves the problem of portability.
- The Ludlow Traveller suit is an innovation example from J.Crew as it is made with rumple-proof technology which means no wrinkles to your suit and ensures that it always looks freshly ironed; a major time and effort saving innovation.
- Another typical example of a product innovation example was used by Apple Inc. with the introduction of iPhone series which are more attractive and classic to the customers. Apple Inc was able to do this through brand switching and it resulted in the customers switching to iPhones from other brands of phones.
You can manage your innovation project with Sinnaps, which helps you to prioritize your activities. It is also a collaborative tool that allows effective communication among the workforce. So, it improves a collaborative innovation.
Radical Innovation Examples
Some business organizations have been able to create innovative business solutions that have taken the whole world by storm. These innovative business solutions are radical innovations that transformed the fortunes of these organizations.
One example of radical innovation comes from Amazon, one of the best service innovation examples. The launching of Dash Buttons, which is a small WIFI connected device that allows you to reorder household essentials with ease, it is an innovation that drastically improves efficiency in the home.
Salesforce is another company to have launched a truly radical innovation and it is also one of the strongest marketing innovation examples. Its CRM system harnesses the new technology platform in the form of cloud computing and a new business model.
Since the company began in 1999, innovation has been at the center of its practices and it has been named as one of the World’s Most Innovative Companies for four years in a row by Forbes, making it one of the most obvious business innovative culture examples.
Process Innovation Examples
Notable business organizations have achieved mind-blowing results in their operations by embracing innovation in their process of producing their goods and services. Process innovation improves your efficiency via the reduction of cost of production, increases the quality of product and boosts your profitability.
Zara is one of the greatest process innovation examples, especially in terms of examples of innovation in the workplace. They do not spend money on advertising and instead leave it to word of mouth and the labelling on their bags. Zara has also developed a process to be able to respond quickly to market demands and have an innovative manufacturing process to help optimise their response to market demands.
They also re-design and only 15-25% of their clothes are produced before the season and 50-60% during the beginning of the season. Everything else is produced during the season so that they can meet customer wishes.
Zara’s process innovation allows the company to be effectively market-responsive and gives them a top position among high street fashion brands and it is definitely one of the most highlighted management examples of innovation. If you have an innovative process idea and want to put it to work, try planning it implementation with Sinnaps, the cloud-based project design option that will automatically calculate the critical path of your workflow.
Technological Innovation Examples
Technology is the heart of the operation of business organizations. Technological innovation will spur you to improve the process of manufacturing your products and services.
One of the most useful technological innovations examples is the innovations in renewable energy. The innovations include technological inventions such as wind turbines, photovoltaic cells, concentrated solar power, geothermal energy, ocean wave power and many other emerging innovations.
These value innovation examples of disruptive technology will undoubtedly add value to sustainable development.
Examples of Innovation in Business
No doubt, without innovation in the workplace, no business establishment can record any significant growth. The onus is on the management of business organizations to put in place a system that promotes collaborative innovation among its workforce to harness their skills and use it to the advantage of their business activities.
Innovation in business can be achieved in business when the management promotes healthy working relationships with the workers. The management should ensure that the workforce always feels at home while discharging their duties.
Furthermore, during the brainstorming sessions, business managers should allow their employees to share and opine the views about the activities of the business organization.
The following examples are organizations that achieved innovation in their business activities:
Google: Google is one of the most prominent computing innovation examples, offering a much better online experience for consumers. It also is included as one of the biggest breakthrough innovation examples from its introduction of Adwords, which changed the advertising world.
Facebook: Facebook is regarded as one of the most successful innovation examples and established the social network market.
WhatsApp: established the personal communications market, one of the best examples of being innovative with consumers’ day to day activities.
Overall, innovation is very important to business, especially in today’s hyper-competitive environment. In this article, we looked at organizational innovation examples and at different types of innovation with examples. Besides, here you can find some innovative quotes for inspiring yourself.
Leave a comment down below with some of your favourite business innovations or innovation at work examples! 😊