Innovations
Innovation is the process of creating and implementing new ideas, products, services, or business models that are useful and novel. It can involve a variety of activities, such as: Upgrading customer service, Adding features to an existing product, Testing and prototyping, Evolving a business model, and Inventing or reinventing a product or service.
Innovation can be categorized into two types:
Sustaining innovation
This type of innovation improves an organization’s processes and technologies to enhance its product line for existing customers.
Disruptive innovation
This type of innovation occurs when smaller companies challenge larger businesses.
Innovation involves risks and uncertainties, so effective risk management is important to ensure successful outcomes. Organizations can identify, assess, and manage risks by evaluating the feasibility, viability, and potential impact of innovative ideas.