Dimensions of Innovation

How do you encounter the growth of competitors, technology, reduce cost, retain employees and develop killer applications? INNOVATE

What exactly is innovation? Beth McConnell has his views on this ..

“Although the subject has risen to the top of the CEO agenda, many companies have a mistakenly narrow view of it. They might see Innovation as synonymous with new product development or traditional research and development. But such myopia can lead to the systematic erosion of competitive advantage. As a result, companies in a given industry can come to resemble one another over time.

In actuality, business innovation is far broader in scope than product or technological innovation.

In fact, a company can innovate along any of 12 different dimensions with respect to its

(1) offerings,
(2) platform,
(3) solutions,
(4) customers,
(5) customer experience,
(6) value capture,
(7) processes,
(8) organization,
(9) supply chain,
(10) presence,
(11) networking, and
(12) brand.

Together the 12 dimensions of innovation can be displayed in a new framework called the “innovation radar,” which companies can use to manage the increasingly complex business systems through which they add value.