Pankaj Deshpande

Product innovation is exactly what it sounds like; it involves coming up with business innovation ideas to develop new products or improved renditions of existing products to make them more useful. The rollable LED television by LG is one of the best examples of Product Innovation. Other good examples of product innovation are Nike, Spotify, Amazon. Business innovation ideas that stand out are shifting focus from mass production to mass customization, serving customers uniquely, as a service and differential experience. According to a study, 63% of the clients appreciate it when a company offers them a new / upgraded product. Product innovation can be of three different types.  A brand can develop an entirely new product.  The brand can improve the performance of an existing product.  Last but not least, the brand can add new features to the existing products.  Product Innovation for Business Growth   Expansion : Effective product innovation sires more development, which essentially e

How should Employees come up with Innovative and Unique Business Ideas? Coming up with business innovation ideas is a cakewalk for some people, but at the same time for others, it is a tough row to hoe. In most situations, a person knows that they want to start a venture, but they do not know the process or the initial steps. The foundations of a stable business are creative and innovative ideas and product innovation. The ideal approaches to incorporate innovation in entrepreneurship are to move toward it from various angles. Here are some of the tips of Innovative and Unique Business Ideas for Employees . Tips for Coming Up with Business Innovation Ideas Product innovation is easy as pie if you know the right way. Therefore, the following are some remarkable suggestions to help you integrate innovation in entrepreneurship -  Look for a Problem Instead of looking for a solution, try to find a problem. Do proper research to find out what the needs in the market are. Who could be your

Since 2018, the world has grown up in terms of innovation and technology.  Digital innovation is trending, which helps to grow from offline to online business market. More than 50% of businesses are now regulated and managed online by using 47% of Artificial intelligence technology. Also, many new web technologies are getting developed every day, so keeping it up with the evolving technologies and channelizing it for boost is essential. Discussed below are the top 10 innovative technologies that will impact the business and will help in growth and expansion. Artificial intelligence  These days AI – Artificial intelligence technology, used in most businesses for security purposes and makes work easy. Today in more than 47% of online companies, AI applications are being used. From forecasting consumer behavior to giving customer service via chatbots, enabling personalized advertising, product recommendations, and much more, AI is changing the conventional approaches.  5G networks While

In the era where social media is not less than a drug, innovation and technology have become an integral part of every company in this competitive corporate world. According to a report from Emarsys,2019, 45% of the total world population is engaged in social media, making it a powerful medium. This ever-increasing value of social media calls for an effective innovation strategy by each company focusing ideally on digital innovation for business growth and expansion. So, mentioned below are 5 Digital Transformation that will help transform your company. Artificial Intelligence AI is a magic spell that gives intellectual access to humans to machines. Artificial intelligence is already being actively used in the automation of work, data analytics, and processing of natural language. Artificial Intelligence is the future of innovation and technology that would be used actively in the business world. It helps your business grow by forecasting consumer behavior, customer service through te

  Innovation in Organization Innovation in Organization is as important as education in a human's life. Education helps a person grow and improve themselves; similarly, business innovation ideas help an organization grow and stand out in the crowd. According to research conducted by McKinsey, "84% of the executives mentioned that innovation is the most important part of the growth strategy". A study done by Booz and Co. states that "the organizations that follow the pro  innovation culture  have 30% more growth rate as compared to other organizations." Importance of Business Innovation Ideas Incorporating innovation in your business strategy helps you grow as a brand. Innovation makes sure that the products you sell or the services you offer do not become insignificant. Innovation allows you to stand out in the market. Innovation helps you establish a long-term relationship with the customers. Innovation not only helps your business grow but also enhances your b

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 changes. Incrementa

About this Course A product’s price, design or advertising are no longer the sole parameters to beat the competition. Rather, understanding customer needs, knowing their ability and willingness to pay are the factors that decide competitive advantage. Data’s role in a business has never been more valuable. We have now entered into what can be called as the third generation of business intelligence (BI). But the role of a BI team has always remained the same – to understand and analyze the past and use that knowledge to make better decisions in the future. Business intelligence, big data and analytics are changing how organisations operate and make decisions. Power BI offers a comprehensive set of AI capabilities which help customers analyse text and images, build automated machine learning models, interact with data by asking questions, and automatically detect patterns in data, all through interactive visual experiences. Business Intelligence Market to Reach USD 39.35 billion by 2027.