In the past, we often thought of innovation as a direct path: new knowledge led straight to a new product.
But now, innovation isn't so simple or one-directional. Instead, it's like a system that grows out of many connected parts – individuals, companies, and the world around them all interacting.
To make thinking about innovation clearer, we can look at below key areas where it happens:
1. Business - How a business creates new value
2. Organization - How a company organizes itself in new ways
3. Process - How work gets done in new and better ways
4. Technology - Creating or using new tools and techniques
5. Marketing - Finding new ways to reach and connect with customers
6. Product - Introducing new or improved goods and services
Companies that get the most out of their new technologies and ideas are good at connecting those advancements with skills in other important parts of their business. This includes things like making products, getting them to customers, managing employees, marketing, and taking care of customers.