Pankaj Deshpande

Maybe one of your coworkers did an online course on it, or you've just heard the phrase thrown about so much that it feels like a concept you'll never really comprehend. Simply put, the design thinking process is a human-centered method of problem-solving that has gained a lot of traction in recent years on online platforms and elsewhere.  Even though design thinking has become increasingly popular these past few years, the notion itself has been around for years. And, as is often the case, the more famous it became, the more it was used out of sense, causing even more ambiguity. Top Five Steps of the Design Thinking Process Design Thinking, to put it simply, is a thought process that allows you to solve problems innovatively. Design thinking, in particular, is a human-centered design approach. It aids teams in finding the delicate balance between what makes meaning to end-users, what is technologically possible, and what is commercially viable.  Design Thinking further gets r...

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 bu...

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...

In the last decade, service innovation has become increasingly common as a means of constantly improving current services and creating entirely new ones. Read on to learn more about what it means and why it's becoming incredibly relevant and important!  What Service Innovation IS exactly! The innovative application of thought to the delivery of utilities and services is known as Service Innovation . Established programmes can be enhanced, or entirely new services can be created. Consumer-centric : Service innovation focuses on identifying customer desires in order to make services more user-friendly, sustainable, and meaningful. The consumer interface is the main priority. Holistic : The premise behind holistic Service Innovation is that the whole organisation is engaged in the process. As a result, the emphasis is not only on the customer-facing touchpoint, but also on internal business procedures and staff who are critical to the service's operation. Interdisciplinary : Custo...

 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 tr...

In the wave of modernization, it becomes extremely important for a corporate company to move along with the wave of modernization. The process in which these companies implement innovative ideas into their existing innovation culture is called corporate innovation .  According to the Lab42 Innovation Survey, 84% of the survey respondents believe that they would prefer to buy from an innovative company. Thus, the workplace's design thinking process is extremely significant in an organization; thereby, highlighting the importance of corporate innovation.  For a better understanding of the importance of corporate innovation, we have enumerated the following points -   Sustain Growth: By adopting corporate innovation, a company could sustain its growth for a long time. According to the statistics from different sources, it has been concluded that an innovative organization offers standardized products over others in the industry.  If a company adopts a design thinki...

Innovation is the key to the success of modern businesses. An organization needs to walk on the path of innovation as the modern world requires a modern solution. According to the Lab42 Innovation Survey, 84% of respondents of the survey said that it is very important that the company they buy from should be innovative. Innovation helps a company to achieve heights that they could not achieve with conventional methods. Innovation is the need of the hour as customers today demand products with a modern design that meets all the people’s future needs. These are some of the principles of innovation that an organization can adopt:. Look for innovation everywhere in the organization: Organizational innovation should not be limited to a certain number of people. Everyone should think of innovative ideas, and everything should inspire to be an idea. The organization could implement these ideas as they might be truly unique and give an edge over the competitors if successful. Even the problem...

Evolution is a very necessary component for an organization of any kind. A company that wants to stand out in the market, regardless of the niche in which it will be inserted, will need at some point to bet on  Product Innovation  otherwise, it will be massacred by the competition. So, let's know more about it! What is Product Innovation? Product Innovation  is the development of new goods or services to be launched in the market. It can also be an improvement in the functions and assignments of an existing product. The idea is to gain space with pioneering changes, which may or may not involve high technology. Often, a simple and organic idea can be very innovative and attract consumers' attention. Without a doubt, it is a necessary step that must be taken to remain active in the market. Types of Product Innovations There are 3 types of  Product Innovations: Radical Innovation :  It consists of innovative ideas, high risk, considerable investment and market cha...

 Online Innovation courses: Learn what matters The world is changing faster than ever. Adapt to survive. Innovate to grow. Our online innovation courses in Pune are cocrafted with Industry professionals, who are the very cusp of change and action. Embed a culture of innovation in your organization's DNA or be a strategic powerhouse. Learn what matters. Peruse through these diverse online innovation courses offered by MIT ID Innovation. Customer Experience and Innovation Agility Learn how customer experience innovation is changing business practices to meet customers’ changing perspectives. The best companies understand that the most sustainable form of differentiation is Customer Experience Innovation. Building Digital Brand Learn how to gain a competitive edge in the market for your offerings and build a brand that your customers can connect with. Contrary to belief, the responsibility of selling does not lie only with the Sales & Marketing team of an organization. Business M...