The OECD Innovation Strategy (OECD, 2015) explains these four forms of innovation in the following way:
Product Innovations are typically a new product or service. This might be radical, incremental, or even disruptive, and is a new thing.
Process Innovations are new ways to produce or acquire a thing. The product or service itself might be fundamentally unchanged but by making or selling it in a new way it creates new value to the maker or the buyer, or both. When Amazon started selling books it didn’t invent or (at that point) change what a book was, just that we could buy it online rather than in a physical shop. Amazon has innovated in all kinds of ways since (although some have questioned their practices), but the first element was a process innovation.
Marketing Innovations similarly take existing products and services but promote and sell them to different people and/or in different ways to how it was done previously. Taking a product sold in one country and introducing it to another would be a very simple example.
Organisational Innovations are changes to how a company or organisation does things that lead to gains or efficiency. The adoption of Lean Manufacturing processes in a factory might reduce costly waste, the promotion of greater creative autonomy amongst staff might lead to higher rates of new products. When people talk about innovation, or think about innovators, they often imagine completely new products and services. In reality, most innovation is about smaller evolutions of existing technology.
At the forthcoming South West Regional E-Commerce Summit & Expo from Monday 23rd - Wednesday 25th March, 2020 at NuStreams Conference & Culture Centre. There will be over 30 speakers delivering 40+ hours of content across 24+ sessions. Delegates will have an unprecedented opportunity to hear exclusive, brand-new content from speakers that will be addressing the power of market-creating innovation, understanding the job your product or service is hired to do & how innovation increases the odds of success. – Many for the very ﬁrst time!
Furthermore at the summit you will learn about the latest technologies, trends and business models and interact with the ecosystem to embrace innovation.
Through generous contributions from our sponsors and partners, we are pleased to offer attendance scholarships for those in need of ﬁnancial assistance to attend the 2020 Innovation Kitchen.
REGISTER NOW to be a part of it: Three easy ways!
BY EMAIL: Info@summitexpo.com.ng
TELEPHONE & WHATSAPP: +2347037325246
To read the full write-up Follow the Link: https://innovationkitchen.com.ng/tools/classplayer/get/object_name/Application_Article_View/?article_url=/2020/02/25/forms-innovation.html
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