What is an innovation?

Innovation derives from the Latin innovates, meaning “introducing something new” or intransitively meaning “to bring in new things, or to alter established practices.” Within the realm of science, when new inventions or technological advances are achieved we describe them as an innovation.
А new or improved product or process (or a combination thereof) that differs significantly from the unit’s previous products or processes and that has been made available to potential users (product) or brought into use by the unit (process).

Organizational Innovation

Organizational innovation refers to the development of a new organizational strategy that will somehow change a company’s business practices, as well as the way its workplace is organized and its relationship with external stakeholders.
Examples of organizational innovations:

• The first companies adopting a four-day week working schedule of only 4 days per week
• The first companies that started to use the power of digital and allowing employees to skip the office and work from home (depending on the role)

Process Innovation

Process innovation is about implementing a new or improved production or delivery approach, including changes in operational methods, the techniques used and the equipment or software.
Example of process innovation:

• The first firms betting on SaaS (software as a service) technology, and using, for instance, cloud contact centers from Talkdesk, changed the way their customer support processes used to be organized

Product Innovation

Product innovation is the introduction of a new or improved good or service. These inventions or changes may have to do with improving technical specifications, the materials or the software used or even advancing on UX (user experience). An improvement to or addition of a new function can also be merged with a loss of other functions or the downgrade of some other specifications.
Examples of product innovations:

• Lego has been changing the materials of its famous bricks to biodegradable oil-based plastics.
• The first electric vehicles introduced in the car’s market were also an innovation, and new batteries with longer ranges that keep coming out are also an example of innovation.

Marketing Innovation

Marketing innovation means developing a new marketing strategy that produces changes in, for instance, the way a product is designed or packed, or even other decisions regarding price or promotion.
Example of marketing innovation:

• Waste-free container (return packaging). Consumers have the opportunity to shop smart with a focus on waste-free products and packaging. Products are delivered directly to consumers in durable packaging, which is then returned to the system for reuse.