Course of innovation is the appliance or introduction of a brand new know-how or technique for doing one thing that helps a corporation stay aggressive and meet buyer calls for.
Course of innovation occurs when a corporation solves an present drawback or performs an present enterprise course of in a radically totally different means that generates one thing extremely useful to those that carry out the method, those that depend on the method or each. For instance, the introduction of a totally new sequence to an present manufacturing course of that speeds manufacturing by 100%, thereby saving the group time and money, could possibly be thought of a course of innovation. Organizations at present usually herald new info know-how methods or discover methods to make use of older in new methods on the forefront of their course of innovation efforts.
Course of innovation is totally different from incremental innovation in each scope and dimension. Whereas incremental or steady enhancements generate restricted worth, innovation generates enhancements that enhance worth by upward of fifty%, 100% or much more. Some describe course of innovation as creating radical or game-changing shifts. Along with the introduction of a radically new strategy or know-how, course of innovation typically requires an extended planning time and assist from high-level administration. It’s additionally riskier than incremental enhancements and requires a better stage of cultural and structural change. Course of innovation additionally usually impacts a broader portion of a corporation than do incremental enhancements.
Course of innovation can generate worth to both inside clients, together with workers or the precise group itself, or it might create worth to exterior clients, together with enterprise companions, finish customers or precise shoppers. Values stemming from course of innovation embody lowering the time it takes to provide a product or carry out a service; growing the variety of merchandise produced or companies supplied inside a time-frame; and lowering the prices per product produced or service supplied. Moreover, course of innovation can generate important features in product high quality and repair ranges. Total, a person group must see a big enhance in a few of its key efficiency indicators (KPIs) to be a real course of innovation.
This was final up to date in October 2015
Proceed Studying About course of innovation