There are varied ways in which companies can approach business innovation. A new framework has been developed to help companies, place initiatives within a system. This is known as the innovation radar. Innovation however is not how companies have traditionally seen it. It is not merely research and development or new product development. Such myopic thinking can lead to company advantages getting eroded, and competitors ending merely up as copycats of each other. This consequently leads to customers getting similar product offering under separate brand labels. The technology industry in particular is guilty of placing far too much innovative eggs in the basket of business research and development. On oil and energy companies, likewise it is merely on process innovation. This leads to chaotic innovation, with all players ending up making the same offerings.

Source:https://sloanreview.mit.edu/article/the-different-ways-for-companies-to-innovate/

Uploaded Date:15 January 2019