WHAT IS INNOVATION ?

The term "innovation" is widely used and is not compatible with media and
business literature
Looking to the Latin roots of the word, in-nova-tion literally means in a
new way. Innovation can become the success of new concepts and
knowledge in new products, services or processes that deliver new customer
value.
Innovation can be defined as a process for the implementation of new ideas
for creating an entity. This means creating a new service, system or process
or improving existing ones.

The Innovation Process

Step 1 Identifying the goals or problems to be solved

In the process of innovation, the first step is to know the objectives of your
business innovation and why you want to do this kind of innovation. It is
important to develop the business section of the cross section to increase the
customer and customer network through the organization's specialization
and market vision.

Step 2 Analysis

The second step consists of the current situation, customers, their needs,
challenges and customer discoveries. If you look at the competition, any
trend that will affect your business will be essential. Your business can learn
about the innovations of outsourced companies

Step 3 Development and design

Depending on the information and thoughts obtained in the analysis, it

is advisable to develop an idea portfolio including ways to innovate to
meet goals and problems. After developing these ideas, the portfolio of
innovation and initial assessment will take you

Step 4 Conversion

The following condition is to become a product for practical

innovations geared toward the ideas identified in the market. The goal
here is not to launch innovative products, but rather to demonstrate
your ideas in a limited thread, to be ready to accept and pay customers
like innovation. This means that prototypes are complemented by the
design, design and design of basic costs and basic processes, that is to
say, innovation centers.

Step 5 Commercialization

The last step where you are testing new innovations and developing
large-scale operations. This requires access to production facilities,
marketing routes, logistics, etc. In it, companies and companies can
 play an important role in the collaborations, cooperation and
subcontracting management outside.

What is innovation management?

Innovation management describes decisions, activities and activities to

bring an idea that generates business value. Investing is managing the
creation of the value of creating customers that need help to grow.

In general, innovation investment develops new products, services or

technologies. However, it also overcomes the types of novelties to
improve the business results, including changes in the business model
of the company. Identifying and performing these investments is the
main goal of success and over and over again

Product Innovation

Good development and marketing or new service, redesigned or

significantly improved. Examples of product innovation in a company may
have the invention of a new product; Technical specification and product
quality improvements. or to incorporate new products, materials or desirable
features into an existing product.

When people think about innovation, they often think about product
innovation. Product innovation can be achieved in three different ways
The development of a new product, such as the Fitbit or Amazons Kindle.
2) An improvement of the performance of the existing product, such as an
increase in the digital camera resolution of the iPhone7. 3) A new feature to
an existing product, such as power windows to a car.

Types of Product Innovation

Innovation is the development and launch of a product or service that

improves things. When most products are developed to establish a unique
position in a crowded market, product innovation may aim to replace the
whole market with something new. This is difficult to achieve and true
innovations are rare. The following are common types of product
innovation.
Time
Reduce time-wasting, including things that increase productivity or provide convenience
to users. For example, software that reduces the time for the interior decoration to
produce a panel plan from 4 days to 4 hours
Efficiency
Reduce the inputs needed to reach the target. For example, it is currently costing around $
10,000 pounds to launch things in orbit. It is believed that this can be reduced to less than
$ 100.
Cost
Reducing the costs of products and services. For example, the price per watt of the solar
panel module fell from about $ 75 in 1974 to less than $ 0.50 in 2017.

Performance
Performance of products and services such as merit measurement. For example, computer
speed doubles approximately every two years since 1975.

Quality
Fully advanced in product quality in areas such as availability, durability and reliability.
Experience
The experience of products including intangible elements such as concepts, feelings,
taste, vision, sound, touch and smell.
Risk
Reduction of risks such as improving the safety or sustainability of products.

Service innovation

Service organization can be called product blend innovation, i. "Introduction of new

products or significant quality a change in existing products "and an innovative process,
that is," investing a new process of production or supply of goods and services
(Greenhalgh and Rogers 2007,).

Service upgrades are different from innovations in manufacturing since services are
characterized by an incomprehensible, unfavorable departure, customer interactivity and
concurrent production and consumption (Sampson 2001, 2007; Sampson and spring
2012).

Services are produced, delivered and consumed at the same time, making them more
difficult to distinguish between service innovations (manufactured, delivered and
consumed) and innovations in the service process (how to produce, deliver and
consumes) (Bessant and Tidd 2007; Trott 2012).

Service innovations can focus so much of these interactions, both of the actual product or
service process, and this is called "Servuction" in the service literature (Miles 2005).
Technology plays a key role in providing innovative services; for example refrigeration
technology has led to innovations in food trade as well as in genetic engineering in
biotechnology and medical services (Miles 2005).

When developing a new service, attention you need to pay not only for designing the
main features and attributes of the service but as well as the processes of providing
services that increase the value of users (Papastathopoulou et al. 2001; Trott 2012).