Technology Innovation
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Innovation is the implementation of innovations, which result in the creation of new products or services, better delivery of goods and services, or extension in offering existing products or services. According to the standard ISO 27001: 2021, innovation is “the development of something original and useful…The term was first used byologist Alexander Smith in 1817, although the definition of innovation is more complex and includes a broader range of activities than initially conceived.” In order for businesses to understand and determine whether or not they are innovation driven, the following characteristics must be present:
Innovation can be defined by creating new value through new processes but also capturing value through re-designing an old process or product. Innovation is “an instance in which something is made or renovated in order to offer new services or capabilities at lower cost.” Businesses often face a constant internal challenge of creating new ways to capture more value from their existing resources. There are many companies that excel in either creating new ways to capture new value or re-designing their existing products or services to create a competitive advantage over their competition.
However, the true innovation definition is a continuously evolving concept that must be understood and implemented in order to be valued and to make a company more competitive. Companies that embrace innovation have a far greater opportunity to profit and remain a strong, globally competitive business unit. In fact, some companies have actually been able to bring a company under financial distress by virtue of their innovative efforts.
Innovation is a very broad topic and there is great debate on what should actually be considered as innovations. For simplicity’s sake, however, all innovations are considered to be creations of some sort, whether it is a new drug with a new device, software application, or even an idea. The innovation process includes an initial discovery or invention, development of a new method, testing and/or improvements to the method, and/or making the method available to the public for purchase or use. Often, the process involves multiple steps. Additionally, innovation may involve a combination of these components.
A key aspect of the field of innovation management recognizes that, rather than relying on the word innovation, there are a number of different types of innovation. For example, an innovative new way of manufacturing can easily be considered to be an innovation if it is different than what has been done before. Similarly, an innovative way of providing health care can be called an innovation when it adds a new method of delivery or provides a solution to a problem or concern.
In order to effectively use the word innovation, businesses and governments need to be clear about what it is that they are trying to accomplish through their innovation strategies. This helps us define innovation clearly so that it is easier to measure and improve the performance of the organizations using innovative techniques. It also allows us to distinguish between methods that are simply new and those that are different or even revolutionary. Finally, it helps us eliminate the notion that innovation is only useful in bringing about radical changes and new concepts; rather, innovation is something that can be used to create a wide range of benefits in many different areas.
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