BNET Business Dictionary
Business Definition for: Innovation
- the creation, development, and implementation of a new product, process, or service with the goal of improving efficiency, effectiveness, or competitive advantage. Innovation may apply to products, services, manufacturing processes, managerial processes, or the design of an organization. It is most often viewed at a product or process level, where product innovation satisfies a customer's needs, and process innovation improves efficiency and effectiveness. Innovation is linked with creativity, and involves taking new ideas and turning them into reality through invention, research, and new product development.
Wiktionary Definition for: Innovation
- The act of innovate innovating; the introduction of something new, in customs, rites, etc.
- A change effected by innovating; a change in customs; something new, and contrary to established customs, manners, or rites.
- A newly formed shoot, or the annually produced addition to the stems of many mosses.
Additional Resources
- Creating a Culture of Innovation
- Innovation is critical for companies that want to remain competitive in the long term. It's a key discipline within product development and it underpins quality customer service. Although many companies recognize its importance, it can be difficult to identify the sources of innovation and create an innovative culture. A good...
- Articles 2007-11-15
- Leadership and innovation
- McKinsey research reveals a wide gap between the aspirations of executives to innovate and their ability to execute. Organizational structures and processes are not the solution. Like short skirts, innovation has traditionally swung into and out of fashion: popular in good times...
- Articles 2008-10-23
- The Innovation Value Chain
- The Idea in Brief ...
- Articles 2007-11-07
- Assessing Innovation Metrics: McKinsey Global Survey Results
- A recent McKinsey Global Survey shows that companies are satisfied, overall, with their use of metrics to assess innovation portfolios—though many findings suggest that they shouldn't be. The companies that get the highest returns from innovation do use metrics well; these organizations tend to assess innovation more comprehensively than the...
- Articles 2008-12-12
- Innovation: The Classic Traps
- The Idea in Brief Most companies fuel growth by creating new products and services. Yet too many firms repeat the same growth-sapping mistakes in their efforts to innovate. For example, some companies adopt the wrong strategy:...
- Articles 2008-01-02
- Teaming Up to Crack Innovation and Enterprise Integration
- Your company is continuously creating new generations of products, services, and business processes. These innovations require seamless collaboration across your firm's different parts. But in most large corporations, innovation and integration are unnatural acts. Resistance stifles...
- Articles 2008-12-10
- Berkeley-Haas' Henry Chesbrough on "Open Innovation"
- Henry Chesbrough is an adjunct professor at the Haas School of Business at the University of California at Berkeley. He serves as the Executive Director of the Center for Open Innovation… which makes sense, since his 2005 book "Open Innovation: The New Imperative for Creating And Profiting from Technology" is...
- Blog posts 2008-11-26
- Five Tips for CEOs on Innovation
- An absolute ocean of ink has been spilled about innovation but--to save you countless hours of reading--I'm going to boil the best insights I've gleamed from years of reporting on the subject: Create a company-wide culture where innovation is worshipped. Everyone should feel they can be involved...
- Blog posts 2008-01-30
- Collaboration Strategy: The Key to Innovation
- Big Pharma's playing nice; at least five of the big players are collaborating with competitors, sharing intellectual property, splitting costs, and sharing proceeds of future drugs. Considering the challenges facing the industry at present -- competition from generic drugmakers, tough FDA regulations, and high costs associated with bringing a drug to market...
- Blog posts 2007-08-31
- The Antidote to Innovation
- "Innovation" is creeping near the top of this year's business buzzword list, perhaps even nudging out "Web 2.0" for top honors. Business seers tell us that innovation is the best way to grow our enterprise, that it is a source of continuing competitive advantage (Wait, I wrote that!), that it...
- Blog posts 2008-07-16
- Innovation Is Not Overrated
- I was catching up on Sean Silverthorne's excellent blog and found this link to a post by Scott Berkun on Why Innovation is Overrated. Berkun makes a few reasonable points -- most people don't talk about 'innovation' in everyday conversation. Where it does get used, it's done...
- Blog posts 2008-07-29
- Short-term Innovation Is Better than None at all
- Now is the time for companies to focus on innovation that can be commercialized quickly, argues this post, Why short-term innovation can be a good thing. The author cites four reasons why: Companies clean up the portfolio and get rid of "living-dead" projects...
- Blog posts 2009-03-23
- Three Tips for Building Your Innovation Networks
- Want to come up with inventive products and insightful solutions to problems plaguing your organization? Don't turn to your office mates down the hall; look to your innovation network. That's the report from "Innovation: Sometimes it Takes a Village," an article discussing a recent conference on the...
- Blog posts 2009-07-16
- Innovation Through Competition
- Innovation Through Competitioninnovation through CompetitionI most certainly do agree with the subject under discussion but my feeling about innovation is that it needs to be something that comes out of the person without influencing factors. I need to explain this ..statistics prove that 90% of the great ideas and problems...
- Discussion threads 2007-09-13
- Part 2: Low Marks for Managing Innovation
- Part 2: Low Marks for Managing InnovationIdea Submission Should Be Normal Part of Strategic PlanningCorporate ideas are frequently lost in cyberspace because few companies have identified the proper workflow for processing ideas. The right solution for most companies is to have a well-designed corporate planning structure that includes one corporate...
- Discussion threads 2007-11-06
- Tough Economy Could Mean Fertile Ground for Open Innovation, says Haas' Chesbrough
- Henry Chesbrough is an adjunct professor at the Haas School of Business at the Universty of California-Berkeley. He serves as the executive director of the Center for Open Innovation. You can check out the first part of my conversation with him in my post of Wednesday 26 November....
- Blog posts 2008-12-10
- Driving Innovation
- Knowledge workers are a critical source of competitive advantage in the modern economy. But how can innovation be driven amongst this critical group? The path from innovation to imitation is increasingly fast. Across sectors, innovation is increasingly becoming a focus for senior level management. Not to be confused with pure...
- White papers 2003-01-01
- Innovation at Ground Zero
- It is discussed in the article that in today's rapidly changing world, entrepreneurs and executives must create a "culture of innovation" that increases performance and output throughout the organization. Too often, this creation process of cultural innovation starts with a poorly defined and communicated message, leaving middle-management to divine the...
- White papers 2003-01-01
- An Innovation Discipline Model
- Innovation is about doing things differently and doing different things. It fails if costs exceed returns over time. It succeeds if returns exceed costs in amounts sufficient to reward shareholders. Innovation failure comes from both errors of commission and omission. Doblin's Innovation Discipline Model provides a framework for categorizing innovation...
- White papers 2006-07-19
- Strategy-Focused Product Innovation With Product Scorecard And Product Innovation Scorecard
- This paper shows how strategy-focused product innovation can be done with a product scorecard and a product innovation scorecard. A product scorecard is a performance measurement system that allows the product managers to view the product performances from several perspectives simultaneously. A product innovation scorecard is a performance measurement system...
- White papers 2004-08-11
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