In a layman’s language, Innovation can be defined simply as to invent something new and distinctive but this does not complete the meaning of innovation. In a real sense, it is to create the value of your idea. It is to respect your idea and have a belief in it. Innovation is the moment when you actually start discovering something different.
It is very important for businesses these days to create a product which no one can equate with. It gives a business to have a competitive edge over others. Many consumers often see innovation as something that will add value to a company or product – by introducing fresh, bespoke and unique concepts that will drive success.
In fact, In a study from consulting firm Accenture, 96 percent of executives surveyed said that their organization’s long-term success depends on developing new ideas opens in new window. Here we present the stages of a sustained and successful innovation:
Process of Innovation
Generation and deployment of new ideas: The foremost step in this whole process is to create new ideas. It means to bring someone new in the market keeping in mind the market requirement, consumer needs, and latest trends. Trend plays a very important role in this whole process. If you want people to consume your product then you need to provide them with the updated version of “anything.” Sometimes, the inspiration for new ideas also come from the existing ideas. Learn from what already has been created and bring something different out of it. Deployment of ideas means to place your idea at the right location. For example- at another firm where it is required.
Advocacy and Screening: It is not necessary that all your ideas are worth implementing. Here’s the Advocacy and Screening’s role to play. It helps to evaluate your ideas on the basis of its strengths and weaknesses and make a conclusion on the basis of it.
Experimentation: Experimentation is the stage where you can test the practical applications of your idea. Sometimes, experimentation leads to new ideas due to information that is gathered on the results and the overall feasibility of the original idea.
Commercialization: Commercialization helps you to create a market value of your idea depending upon its impact in the market. It also merges ideas with other ideas such as packing of ideas with other ideas. An important part of commercialization is establishing the specifications of any given idea. It is the stage of the innovation process when the focus shifts from development to persuasion.
Implementation: Here is the most important part of the whole process i.e implementation. For the innovation to succeed, it will need the proper resources, a marketing plan for customers and an open culture with strong advocacy. Implementation is the opportunity for future ideas.