It’s no question that innovation keeps companies and products alive. Unfortunately in many of today’s marketing and product development departments, the scope of innovation has been limited. How many companies hire someone for the Head of Innovation role and expect them to deliver increased sales every year solely through new products?

Innovation should be integral to everyone’s role in the company from the entry-level employee to the President and CEO.

The reason? Innovation does not just come packaged as a product. It may come as a new way to implement a system or a new technique in accounting. Innovation takes your old ways of doing something, evolves them and makes them better for business.

Great leaders in successful companies realize that innovation is not limited to the Head of Innovation role. They nurture innovation wherever it sprouts so it can be encouraged across the entire organization.

Tools to Realize More Innovation

The 16 Types of Innovation model may be common sense but is it common practice in your organization? There are many more ways to be innovative and successful than just rehashing a product or releasing a new limited addition version.

When a business is faced with a new challenge, it must not limit its scope of innovation but adopt a full-business approach that looks for opportunities to grow across the entire organization.

Growth comes from consistent attention on the right innovative ideas. Use these 16 innovation types as a lens to can generate truly innovative solutions:

• Product Innovation
• Service Innovation
• Value Proposition Innovation
• Resource /Asset Utilization Innovation
• Channel Innovation
• Launch Innovation
• Brand Innovation
• Pricing Innovation
• Differentiating Innovation
• Customer Innovation
• Design Innovation
• Experience Innovation
• Partner Network Innovation
• Business Model Innovation
• Marketing Innovation
• Core Technology Innovation

The CPG Innovation Case Study

Determined to turn around a platform business, the CPG organization took a strategic approach and used the Ten Types of Innovation model. They focused on innovation in the three different sections of configuration, offering, and experience.

Not willing to change their world-class products, the team focused on innovating other aspects of the business. The company studied the profit model and the process behind it.

Seeking innovation online, the CPG discovered new ecommerce channels to engage more customers. They also strengthened the brand and story to compliment their online innovation. This all-around business approach delivered sustainable results – all without new product innovations.

If you are faced with a challenge that requires innovation, new products may not be the answer. The secret to understanding innovation is taking the whole business approach and innovating in areas you might not have expected. By improving the entire process, your profits and success will increase.

EKI–Digital has worked with businesses of all sizes, and in various industries to help them benefit by designing, and deploying Business Process modernization as a tool to improve innovation. If you would like to learn more about this service please contact us at info@eki-consulting.com.