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- DictionaryIn·no·va·tion/ˌinəˈvāSH(ə)n/
noun
- 1. the action or process of innovating: "innovation is crucial to the continuing success of any organization"
Learn the difference between innovation and invention, and see examples of innovation in various fields and contexts. Find synonyms, word history, and related articles for innovation.
Innovation is production or adoption, assimilation, and exploitation of a value-added novelty in economic and social spheres; renewal and enlargement of products, services, and markets; development of new methods of production; and the establishment of new management systems. It is both a process and an outcome.
Learn the meaning of innovation as a new idea or method, or the use of new ideas and methods, with examples from different fields and contexts. Find out how to pronounce innovation and see its collocations and translations.
- Why Is Innovation Important in Business?
- How Can Leaders Decide What Innovations to prioritize?
- How Do Organizations Become Better Innovators?
- What Are Examples of Successful Innovators?
- How Can My Organization Improve The Volume and Quality of New Ideas?
- What Is An Innovation Portfolio?
- How to Measure Innovation?
- How Do You Create A High-Performing Innovation Team?
- What Innovation Advice Can Help Business Leaders?
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Some companies do succeed at innovation. Our research considered how proficient 183 companies were at innovation, and compared that assessment against a proprietary database of economic profit (the total profit minus the cost of capital). We found that companies that harness the essentials of innovation see a substantial performance edge that separ...
Successful innovation has historically occurred at the intersection of several elements, which can guide prioritization efforts. The three most important elements are the who, the what, and the how: 1. An unmet customer need (the ‘who’):Who is the customer and what problem do they need to solve? Are macrotrends such as automation driving changes in...
McKinsey conducted research into the attributes and behaviors behind superior innovation performance, which were validated in action at hundreds of companies. This research yielded eight critical elementsfor organizations to master: 1. Aspire:Do you regard innovation-led growth as critical, and have you put in place cascaded targets that reflect th...
Real-world examples of successful innovation, related to some of the eight essentials listed, can highlight the benefits of pursuing innovation systematically: 1. Mercedes-Benz Group invested extensively in digitizing its product development system. That allowed the company to shorten its innovation cycles significantly, and its capabilities for pe...
Steps to help aspiring innovatorsget started include the following: 1. Hold collision sessions:Cross-functional groups gather in a structured process to think through the intersection of unmet customer needs, technology trends, and business models, bringing creativity and specificity to the process of idea generation. Then, a venture panel consider...
An innovation portfoliois a thoughtfully curated bundle of potentially innovative initiatives, with clear aspirations and required resources defined for each. Managing the portfolio this way helps find new opportunities and determine the appropriate number and mix of initiatives, including the following: 1. confirming the total value of the portfol...
One way to measure innovation is to look at innovation-driven net new growth, which we call the “green box.”This phrase refers to how you quantify the growth in revenue or earnings that an innovation needs to provide within a defined timeframe. This concept can help clarify aspirations and influence choices on the innovation journey. While many ima...
Innovation is a team sport. Experience working with strong innovators and start-ups has helped identify ten traits of successful innovation teams. Those fall into four big categories: vision, or the ability to spot opportunities and inspire others to go after them; collaboration, which relates to fostering effective teamwork and change management (...
One broad piece of advice centers on creating a culture that accounts for the human side of innovation. When people worry about failure, criticism, or the career impact of a wrong move, it can keep them from embracing innovation. In a recent poll, 85 percent of executives say fear holds back their organization’s innovation efforts often or always—b...
Innovation is the ability to create new products, services, processes, and business models for customers. Learn the eight essentials for successful innovation, see examples of real-world innovators, and get tips on how to generate and prioritize ideas.
Innovation is something new or different introduced, such as a new method or device. Learn the origin, synonyms, and usage of innovation from Dictionary.com, with examples from various sources.
Apr 9, 2024 · Innovation is the creation of a new way of doing something, whether concrete or abstract. Learn about the role of innovation in science, business, and society, and the factors that foster or hinder it.
Learn the definition, pronunciation and usage of the word innovation, meaning the introduction of new things, ideas or ways of doing something. See examples, synonyms and related words in the Oxford Advanced Learner's Dictionary.
