- May 28, 2014
- Posted by: Rafael Giacomassi
- Category: Business Growth Advice, Grow a Business, Innovative Business Strategies
Nowadays, innovation is a popular word in our vocabulary. But a clear understanding of what this term means and why it’s so important in the present economy is needed before exploring alternatives to enhance it.
Essentially, innovation is the usage of new ideas to develop and implement new processes, products, services, or even business models. Therefore, an idea of a particular individual has to be shared with an organization so the vision can be transformed into actions that will lead to innovation.
Innovation depends on ideas; insights that must not only be idealized by individuals but also shared through the organization. When people communicate with each other, more ideas are cultivated, and innovation prospers. This video illustrates “Where Good Ideas Come From”- by Steven Johnson.
Many tools and alternative approaches have been created to enhance innovation and creativity in the organizational environment. Two examples of these approaches introduced in the 21st century are the Agile System Engineering practices and the Business Model Canvas.
Through the use of visual tools, both agile system engineering and the Business Model Canvas create environments that facilitate the exchange of information.
They form idea networks that allow ideas to grow and become innovation. In conclusion, companies must incorporate these and other similar methods in their operations so they can continually innovate in order to generate competitive advantage.
To learn more about why these tools are disrupting industries, download my full article “New approaches to enhance innovation and creativity”.