{"id":463,"date":"2018-11-05T14:59:28","date_gmt":"2018-11-05T10:59:28","guid":{"rendered":"http:\/\/cipr.am\/?p=463"},"modified":"2019-02-07T10:25:21","modified_gmt":"2019-02-07T06:25:21","slug":"what-is-innovation-and-why-its-important","status":"publish","type":"post","link":"https:\/\/cipr.am\/hy\/blog\/what-is-innovation-and-why-its-important\/","title":{"rendered":"What is innovation and why is it important?"},"content":{"rendered":"<p>[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; overlay_strength=&#8221;0.3&#8243; shape_divider_position=&#8221;bottom&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_position=&#8221;all&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_link_target=&#8221;_self&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]<\/p>\n<p style=\"text-align: justify;\">What is the driving force of successful companies, you would ask? I would answer, innovation!<\/p>\n<p style=\"text-align: justify;\">The importance of innovation is highlighted in your company\u2019s competitiveness, ability to reach its vision, getting the perfect product\/market fit, and finally, hitting your revenue goals to accelerate your growth.<\/p>\n<p style=\"text-align: justify;\">As an innovative company, you firstly need to have a clear understanding of what is innovation. Let us untangle this Gordian Knot which never comes down to a single definition.<\/p>\n<p style=\"text-align: justify;\"><strong>1. What is innovation?<\/strong><\/p>\n<p style=\"text-align: justify;\">Innovation does not come on its own,\u00a0 but it has some peripheral attributes that we need to discuss first.<\/p>\n<p style=\"text-align: justify;\"><strong>Creativity<\/strong> is the source of all the buzz created around innovation and entrepreneurship. It is defined as <strong>deviation from what is normal<\/strong>, in other words, <strong>the shift from the status quo and an ability to do\/see things in a new light.<\/strong><\/p>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-469\" src=\"http:\/\/cipr.am\/wp-content\/uploads\/2018\/11\/What_is_innovation_CIPR-221x300.jpg\" alt=\"What_is_innovation_CIPR\" width=\"221\" height=\"300\" srcset=\"https:\/\/cipr.am\/wp-content\/uploads\/2018\/11\/What_is_innovation_CIPR-221x300.jpg 221w, https:\/\/cipr.am\/wp-content\/uploads\/2018\/11\/What_is_innovation_CIPR.jpg 361w\" sizes=\"auto, (max-width: 221px) 100vw, 221px\" \/>Carrying these mind-blowing ideas in your mind can be a bit heavy for you, therefore, you would rather bring them to life. <strong>When you apply your creativity and get something tangible that can be measured or evaluated, you innovate.<\/strong><\/p>\n<p style=\"text-align: justify;\">It includes:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Understanding and responding to the market need\/demand,<\/li>\n<li>Evaluating and using available resources,<\/li>\n<li>Recognizing and using opportunities,<\/li>\n<li>Envisioning the social well-being as a result,<\/li>\n<li>Making profit.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">According to Prof. Mary-Hrachoohi Boghosian, innovation can be seen as (see next image):<\/p>\n<ul style=\"text-align: justify;\">\n<li>Thinking + Creating + Making Change<\/li>\n<li>Lifeblood of the company<\/li>\n<li>Having a vision and be proactive<\/li>\n<li>Prospective (jump the curve), futuristic<\/li>\n<li>Understanding customer\u2019s pain &amp; need<\/li>\n<li>Elegance, comfort, simple, unique, valuable, flexible, against the norm, profound, clear &amp; obvious, and more.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><strong>2. What Are the Types of Innovation?<\/strong><\/h2>\n<p style=\"text-align: justify;\">There are 4 types of innovation that I will discuss next:<\/p>\n<h3 style=\"text-align: justify;\"><strong>2.1 Product Innovation<\/strong><\/h3>\n<p style=\"text-align: justify;\">This is a type of innovation when you offer <strong>new<\/strong> <strong>things<\/strong> to your customers based on the need they have. This new product that you introduce, will lead to an incremental change in the market and will ultimately affect the market.<\/p>\n<h3 style=\"text-align: justify;\"><strong>2.2 Process Innovation<\/strong><\/h3>\n<p style=\"text-align: justify;\">This innovation is way to <strong>improve your business operations<\/strong> by making those more efficient and effective. This can be achieved through new technology, new methodology, digital design and more.<\/p>\n<h3 style=\"text-align: justify;\"><strong>2.3 Service Innovation<\/strong><\/h3>\n<p style=\"text-align: justify;\">Service innovation is similar to Product innovation, however, in this case, you provide a <strong>new service, <\/strong>can be intangible, instead of a product. The core principles hold the same \u2013 you encounter customer needs and demands.<\/p>\n<h3 style=\"text-align: justify;\"><strong>2.4 Business Model Innovation<\/strong><\/h3>\n<p style=\"text-align: justify;\">The business model innovation assumes coming up with<strong> a new way of serving the society, running your business, and making money<\/strong>. This type of innovation shakes up the industry and vastly affects entrepreneurial creativity.<\/p>\n<h2 style=\"text-align: justify;\"><strong>3. Why is It Important to Innovate?<\/strong><\/h2>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-470 size-full\" src=\"http:\/\/cipr.am\/wp-content\/uploads\/2018\/11\/Whar_are_the_types_of_innovation_CIPR.jpg\" alt=\"Why_is_innovation_important_CIPR\" width=\"750\" height=\"418\" srcset=\"https:\/\/cipr.am\/wp-content\/uploads\/2018\/11\/Whar_are_the_types_of_innovation_CIPR.jpg 750w, https:\/\/cipr.am\/wp-content\/uploads\/2018\/11\/Whar_are_the_types_of_innovation_CIPR-300x167.jpg 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/p>\n<p style=\"text-align: justify;\">In the introduction I introduced the main reasons why companies should innovate.<\/p>\n<p style=\"text-align: justify;\">Let\u2019s dive deeper now.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.inc.com\/gordon-tredgold\/4-reasons-why-you-need-to-focus-on-innovation.html\">Inc.com mentions 4 reasons why companies should innovate:<\/a><\/p>\n<h3 style=\"text-align: justify;\"><strong>3.1 Your Business Will Grow<\/strong><\/h3>\n<p style=\"text-align: justify;\">Innovative companies manage to scale up easier since they recognize the opportunities and know how to leverage them.<\/p>\n<p style=\"text-align: justify;\">Finding creative and innovative solutions to old problems, the businesses manage to irrupt to the growth stage of their lifecycle or even further depending on their current status.<\/p>\n<h3 style=\"text-align: justify;\"><strong>3.2 You will Stand out from Competition<\/strong><\/h3>\n<p style=\"text-align: justify;\">Imagine a straight road that takes everyone toward the same destination. Then suddenly, someone sees a shorter or faster way taking to the same place that is hidden from everybody else. The person breaks through from the conventional path and reaches the final spot first.<\/p>\n<p style=\"text-align: justify;\">This is the next chapter of your story if you decide to innovate.<\/p>\n<h3 style=\"text-align: justify;\"><strong>3.3 Your Customers Will Be More Satisfied<\/strong><\/h3>\n<p style=\"text-align: justify;\">The needs of customers are evolving, so do the solutions. Being reactive and merely responding to buyer needs is not the way of winning the market anymore.<\/p>\n<p style=\"text-align: justify;\">Innovation is the tool of proactivity. Your business needs to meet the unrecognized needs of the customers, create new ones and provide the best solutions.<\/p>\n<p style=\"text-align: justify;\">This is how the world works.<\/p>\n<h3 style=\"text-align: justify;\"><strong>3.4 You will Develop the Best Team<\/strong><\/h3>\n<p style=\"text-align: justify;\">The best talent wants to work for the best companies, and the best companies are the ones that innovate.<\/p>\n<p style=\"text-align: justify;\">The best talent, aka innovators, like to learn, explore new opportunities, analyze the past and challenge the status-quo. Isn\u2019t this someone you are looking for to join your team?<\/p>\n<p style=\"text-align: justify;\">You need to revolutionize your image today. They are waiting for you.<\/p>\n<p style=\"text-align: justify;\">Having learnt about innovation, I would like to challenge you and ask, \u201cAre you truly an innovative company?\u201d<\/p>\n<p style=\"text-align: justify;\">If you want to become one, then you should <a href=\"mailto:info@cipr.am?subject=Blog_1_reader_CIPR\">contact us<\/a> and get at the top of your success.<\/p>\n<p style=\"text-align: justify;\">Why would you innovate?<\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; overlay_strength=&#8221;0.3&#8243; shape_divider_position=&#8221;bottom&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_position=&#8221;all&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_link_target=&#8221;_self&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text] What is the driving force of successful companies, you would ask? I would answer, innovation! The importance of innovation is highlighted in your company\u2019s competitiveness, ability to reach its vision, getting the perfect product\/market [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":464,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[59],"tags":[6,7,8,5],"class_list":["post-463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-definition-of-innovation","tag-innovative-companies","tag-types-of-innovation","tag-what-is-innovation","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is innovation and why is it important? - cipr.am<\/title>\n<meta name=\"description\" content=\"To be competitive in contemporary business world, you need to understand what is innovation and why it is important for you company.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cipr.am\/hy\/blog\/what-is-innovation-and-why-its-important\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is innovation and why is it important? 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