This was the second lecture of NVD and the first blog that I am writing. I know it is late to start with writing the blogs now, but I am doing this with the help of the notes that I had made in the lecture. Its always better to be late than never!
This lecture taught me a lot of new things like the 4 Ps of innovation. To start with, I would first define innovation where it is not only about introducing something new but also a process which helps to meet new requirements of the society. There are these 4 Ps of innovation:
Product innovation – beneficial alterations in the things/products/services that an organization offers.
Process innovation – new ways in which the products and services are created/delivered.
Position innovation – changes in the context in which the products/services are framed and provided
Paradigm innovation – changes in the mental ideas and models which frames what the organization or the business is all about.
The process of innovation can be fruitful in changing the way people live, communicate, create etc. To make things clear, I have an example. Initially, people had these big television sets which would use up a lot of space. But with innovation, the old television sets are replaced with flat LCDs, LEDs etc. This way laptops have replaced desktop computers, pagers are replaced by mobile phones, to name a few. All this has made life easier for us. Technology and innovation go hand in hand. It is like technology leads to better innovation and innovation leads to better services and products.
Innovation has affected and benefited different parts of the society to an extent that people continually look for better services and products thereby offering them the most value. I hope people enjoyed reading my first post and have learnt something.