Innovation Management Types of Business Model Innovations

INNOVATION MANAGEMENT
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Innovation Management
Introduction
Innovation involves introducing a new device, material or method that will be applied to practical or commercial objectives (Schilling 2016, p. 1). These devices can be tangible products that can prove useful in running the business. Methods can involve models or new strategies that the company implement to increase competitiveness. Every type of innovation begins with a creative idea. The implementation of these ideas in the company can yield positive outcomes; however, the process of implementation also has to be controlled. Innovation management concerns the actions taken by companies and their staff to manage their innovation activities. Innovation has proven to be an important aspect of the current industrial age. This would mean that innovation management involves the means by which companies manage their acts of introducing new methods, materials or devices. Owing to the current changes experienced in the business environment, it appears that innovation is a must for any organization striving to sustain itself in this modern age. Since the industrial revolution, many industries have acknowledged the central role of innovation and its management (Westland 2008, p. 3). Innovation can be regarded as one of the core competencies of any company in today’s competitive business environment. According to Westland (2008, p. 3), the need for companies to adopt an innovation is no longer optional, since it can determine whether a company will sustain its competitive advantage or even stay ahead of their competitors.
Reviewing Innovation Management
Types and Patterns of Innovation
Innovations can be categorized into various dimensions. These dimensions are useful in clarifying how the various innovations offer various opportunities for regulators, users as well as producers. Owing to the broadened term, innovations were considered to be radical and incremental. The comparison, mainly focused on the extent of newness. This is so because innovation can be new regarding the overall marketplace of ideas, or within a particular new context.
Moreover, it can represent a radical novel notion or an old theme with a new twist. Concerning impact, the results of innovation vary from causing a significant change in the overall services or products and the entire technological process of the company, contributing a minor improvement to the company’s processes or the product, and change the entire marketplace or economy. Radically innovations may fail to affect the company’s operations or the product significantly. The three main types of innovations are a strategy, product, and process (Westland 2008, p. 6). These three types differ from each other regarding impact and newness.
Process Innovation
The recent rise in continuous and quality improvements led to the consideration of process innovation as an important topic. Companies that exist in the developed world tend to reach the limits of incremental process improvements. Companies are meant to achieve maximum effectiveness and efficiency through the radical process of re-engineering the compan...