The world of business is becoming more and more competitive, influenced by multiple factors, from every corner of the planet. In order to stay competitive and substantiate value proposition to customers, Innovation has become a key ingredient for businesses. At the same time, innovation has been redefined as it now takes on a multidimensional role. It is not necessarily about doing something new or different, but it’s about a resulting in better customer experience. Providing a superior experience can come from multiple ways and means, not necessarily from ‘core’ service or products that the business is offering. Its much more than features and pricing.
In 1999 Doblin, a Chicago based Innovation consulting firm categorized Business Innovation into ten types. Popularly known as ‘Ten types of Innovation’, this framework categorized the innovations into four different areas: Finance, Process, Offering and Delivery. Doblin also provided enough examples that the value for customers may not necessarily come from the core product or service but it can come from other areas as well. Businesses need to develop deeper understanding about customers thereby finding other categories (example: Processes) for value creation. Here is the summary of ten types of Innovation:
When I was contributing for MyBangalore portal, we came up with an idea of taking ten domestic examples and map to the above mentioned model. The main reason was many of us are either not aware or not able to appreciate the innovations happening in the next door — but it’s happening right here. These innovations examples span across industries including Technology, Food processing, Entertainment, Healthcare and Media. I will be making minor modifications to those articles and publishing them here.
Watch out for ten more articles in this topic.