Pankaj Deshpande

Innovative ideas, particularly in today's world, are the only way for businesses to succeed. Over the last few years, there has been a significant increase in the competition amongst products and services. However, a product or service that meets people's requirements is the one that stands out above the rest. Read on to find out about process innovation and its importance.  What is Process Innovation?  Process Innovation deals with a set of facilities, skills, and technology utilized to create, distribute, and maintain a product or service. It can include changes in technology or even changes in products to produce the best outcomes. Apart from this, it also deals with improvements in software and tools to help a company through its supply chain management and delivery processes. It includes techniques that can help a firm with accounting and customer service. What is the Importance of Process Innovation? Process innovation is an essential factor, particularly for growing bus

Modern industries have made design thinking and innovations a fundamental component of their operations. One reason behind this is their ability to maintain high standards while competing with leading organizations. However, Innovation encompasses more than just the development of new products. Read on to find out everything about modular Innovation and its importance.  Modular Innovation is a technique that uses either a complete redesign of a product or service or core elements of a product while leaving the links between these elements in the usual positions. It is a framework that allows data to be shared and reused across applications, enterprises, and communities. It is defined as a method of making technology improvements in product modules without necessarily changing the architecture of a product or service. Relationships between people and products, experience control, and content ownership are all part of modular Innovation. It is a combination of management and engineering

Human beings are adaptive species. When our ancestors came on earth millions of years ago, the place was already inhabited by other species and kinds of organisms. However, as we began evolving and began using social innovation, we got the edge over others around us. The comfortable life we are living today is an outcome of thousands of prior generations' hard work and efforts. Thus, the responsibility to construct a sustainable environment for our future generations falls on our shoulders.  Now, what is social innovation? - It consists of various methods to fulfill the arising needs of a developing society. The concept is universally applicable and has multiple definitions. As a field, it is interdisciplinary, involving a wide range of topics.  Evolution of Social Innovation for Sustainable Living  Social innovation is not the latest trend. Humans have been practicing this since the dawn of time. Millions of years ago, ape-like humans first discovered the use of fire and stones. T

In the modern world, corporate strategy relies upon innovation. However, business is more than just simple innovations and designs. A firm must understand and implement innovative approaches to achieve the best results amongst customers while also gaining market share. Read on to find out about retail marketing and its importance.   What is Retail Innovation?  Technological advancements have proven to increase the marketing techniques for a company. According to research, around 73 percent of consumers purchase products and services through multiple platforms. Modern retailers strive to understand their customers and give them the right products and services while also meeting them through channels and devices they use. Retail innovation is all about developing products and modifying them in a manner that is most suitable for their customers.  New developments or advancements in technology, services, goods, or business systems are examples of innovation. It provides convenience and va

If you consider yourself to have an entrepreneurial mind and always think of innovative ideas, you may find value in earning an MBA in Innovation. Through this course, students will acquire the tools they need to bring their business ideas to life and put them into action. Even people already in the business world can find value in earning a master's degree in innovation.  Moreover, organizations that previously saw MBA in innovation only as an alternative for differentiation now realize it as a guarantee for their survival. Brief about MBA in Innovation What is an MBA in innovation? It is a program designed to help individuals perform an essential job function and bring fresh and revolutionary ideas to the table. Not only that, but students must also be able to develop leadership skills and learn to make better business decisions while they are earning their degrees. Additional skills that students can learn more about include ethical decision-making, creativity, teamwork, commun

Customer-Centric Innovation in Business  A product is introduced in the market when an organization assesses a gap between the needs of the consumer and the market that they can fill. Although businesses want to get the maximum profit from these products or services, the primary focus remains on providing goods or services to meet the customer’s demands and resolve their issues.  What is customer-centric innovation?  Customer centric innovation is product innovation, with the customer being at the heart of the process. In this approach of business innovation, the focus is given to customer needs, satisfaction and feedback. A customer-centric innovation would imply that the organization will actively work to create better products for its consumer base based on the following questions:  What do customers like about our product? What can we do better? What is an unnecessary or not updated feature you would recommend about our product? How to create customer-centric innovation? To create

Any company wishes to do profitable business, laying out a business model is a core strategy to achieve this goal. However, suppose a business fails to revamp and update its business model with the changing trends in the industry or the world in general. In that case, you can be assured that the company will not sustain itself in the highly competitive market for long. What is a business model? The business model of a company refers to the company’s detailed plan that drives its members and associates to work to attain maximum profit. A business model consists of all the products and services that the business wants to sell, its targeted customer base, and the company expenses. Any investor will look at these numbers before investing in the growth of the company. So, a successful business model will attract more investment and growth opportunities. Why is it essential to have a well-curated business model? The two essential levers of a company's business models are pricing and cos

In a world that is drastically transforming itself, there is no discovery that the corporate world is also changing. According to Forbes' Technology Council members, they predict that 13 jobs will be automated by 2030. Who knows, machines could be achieving at least 70% of jobs that people perform now by the year 2050. But that is years beyond our time, and the only way to move along with today's fast-paced modernized domain is to acquire some innovation leadership skills.  What Is Innovation Leadership? Innovation leadership is an expression where businesses adopt different methods to create authentic first-of-its-kind kind products and services. Innovation leadership strives to achieve a specific creative goal that changes according to their customers' needs.  Effects of Innovative Leadership at the workplace The workplace benefits from the extra creativity of the employees since they are motivated to take risks. Harvard business review shows that employees feel psycholo

Necessity is said to be the mother of inventions but isn’t innovation an important part too? Novel ideas and even concepts are being introduced in the market day in and out. People are more attracted to things they have not seen or experienced before; people need innovation! If ‘basic need’ were the only requirement of humans, there wouldn’t be a variety of concepts and competition in the market.  Did you know? About forty percent of the leaders and entrepreneurs in the United Kingdom fail because they fear their ideas. But, you can’t succeed if you don’t start. So, let us look at some product innovation ideas that you need to know.  Latest product innovation ideas A pillow that is meant to hold your tablet  Don’t you feel tired of holding that tablet in your hands for a long period of time? Would you not feel comfortable grabbing and hugging a pillow instead? A pillow tablet does that. It allows you to feel comfortable attending a long and boring online lecture or watching a cool mov

In an ever-growing and competitive world, creativity is the best tool for success. But it should be properly utilized. Without good management companies will find a decrease in their profits, even if they have good creative ventures. This blog aims to introduce and explain the very significant topic of creativity and innovation management .  What is creativity and innovation management? It is a tool that fills the gap between the theory and practical applications of organizing imagination and innovation.  It is a tool that gives managers insights into introducing innovation within their organizations. It also helps in boosting the development of the creative performance in their staff. 94% of managers look for creativity while enrolling candidates.  There are five pillars in creativity and innovation management. These are: Communication : Make it clear how much you/the company values innovation. Create an innovative platform where everyone can brainstorm and share their ideas. Through

Today, innovation is much more than just new technologies, products, creations, or methodologies. It is about the interconnection between a product and a user, between a person possessing the ability to create wonders with the ecosystem. The two seemingly unrelated words, “marketing” and “innovation,” have a significant connection that is almost very disadvantageous to ignore. They serve as collateral assets to each other; an innovation needs amazing marketing to succeed, while marketing needs innovation for the success of its products. Marketing Innovation , thus, is the need of the hour to dive into the constantly changing world with the progress each day that does not see the sky as its limit.  What exactly is meant by Marketing Innovation? The only constant thing in the world is change, and marketing innovation is the best way of implementing this into reality. With significant changes in product design, management, packaging, promotion, placement, and pricing, marketing innovation

How amazing it is being able to form ideas and concepts through the genius of the human brain. This process is termed as the Innovation Process. The most interesting thing about innovation is, in fact, being able to turn an idea into a successful project. However, the innovation process is a complex process. What is Innovation? The Innovation Process is the structure that ensures your innovation team has novel ideas and the ability to successfully implement them. With the innovation process, you have a strategy that compels you to drag it all the way to the finish. It also increases the efficiency of actions, as it places innovation that is continuous.  Importance of the Innovation Process Ensures business survival : Some companies have been on the market for years and, therefore, remain in their comfort zone. Meanwhile, other businesses are investing in the Innovation Process to meet the current needs of the consuming public.  Organizes internal processes : Innovation management crea

Definition of Innovation and Invention The actual development of a new concept or theory is known as invention. It is described as the creation of a concept for doing or doing something without first confirming that it works or is commercially useful. Invention is impossible without creativity, but creativity alone is insufficient to successfully create an idea. In the industry, innovation binds everything together. The impacts of having a strongly aligned innovation strategy (with the overall company plan) and a pro-innovation culture on the growth of the enterprise's value were explored in a Booz & Co. research, which found a 30% improvement over businesses that didn't have both. Innovation entails commercialising an invention and promoting its widespread adoption. This is the point at which big ideas, after they've been fully created, are presented to the public. But despite all this, according to a survey by McKinsey Global Innovation, 84% of executives think that i

 What is Disruptive Digital Technology? Disruptive digital technology is an innovation that disrupts and supersedes the existing technology, thereby significantly altering the pattern of the operations of industries, business enterprises, or consumer behavior with its superior attributes. This term disruptive technology was defined and popularized by Clayton M Christensen in 1997. History has witnessed the evolution of disruptive technologies from time to time. Think of how the intervention of digital imaging displaced the conventional Kodak films. Likewise, economies get disrupted by such innovations and tend to adapt and evolve in due course. The change is inevitable. Technologies keep changing, so is our way of life.  Disruptive digital technologies for tomorrow: Disruptive digital technology is transforming every industry. Microsensors, ‘smart’ gadgets, A.I., nanomaterials, and cloud computing are innovative technologies transforming the world. Let’s take a look at five disruptive

What is Digital Innovation? Digital innovation is an extremely important way to engage with new people and organize internal affairs at better means. Since market conditions develop in new ways every day, you need to catch that pace. Accelerating Digital Innovation helps you achieve this and introduce new products and services into the field.  Why is Accelerating Digital Innovation important? In today's era, it is extremely difficult to think of a company that does not function with the help of digital tools. Digital Innovation: These digital tools can be enhanced and the phone provides better results and increases the efficacy of a business model. According to the latest study conducted, approximately 89% of the major organizations look forward to adapting digital innovation. It was also noted that organizations that did not stick digital innovation at par with the current scenario had to face the consequences.  Keys/Ways to promote accelerate digital innovation Understand the t

Making a career in Innovation has grown as one of the most promising professional fields that many young individuals are leveraging in today’s time. For many professionals and students, getting a postgraduate degree looks like the subsequent reasonable step to promoting their career. Recently, many students are opting for different post-graduation options like pursuing an MBA in Innovation. This is the reason why an MBA degree in innovation has gained a lot of popularity nowadays. Earning a Master’s Degree in Innovation can assist students in building a stable career for the future.   What is Innovation Management? Innovation Management is a business field that promotes and fosters organizational innovation and involves methods that help the industries strategically. Doing a Post Graduate Program in Innovation Management at the university level will equip you to determine the prevalent difficulties businesses meet to favourably innovate, whether that business is an established company,

 Innovation and creativity at work are essential aspects of today’s business world.  A culture of innovation refers to an environment that aids creative thinking for innovation to gain more economic and social value for digital business innovation and transformation. Digital business innovation and transformation refer to new and digital transformation processes to reimage the business and meet consumer requirements. Digital innovation could be observed at work through various automated systems introduced in recent times, like chatbots, HR Payrolls, and the internet. Thus, in this world of cut-throat competition, the only choice left in front of you is to either adapt or die. So, in order to build a culture of innovation and foster digital innovation and transformation , an organisation could adopt the following practices:  Identify the problematic core areas: To adopt a culture different from the existing ones, the areas that hinder the innovation culture and digital transformation a