I just read an excellent article entitled, “The 12 Different Ways for Companies to Innovate” from MITSloan Management Review (http://bit.ly/goltRL).
In it, the authors identify the 12 dimensions of business innovation.
It’s important to consider the different dimensions since many people just think of new product development when they hear “innovation.”
I share the following with you to help you think beyond new product development when pursuing innovative initiatives within your firm.
Here are the 12 dimension to consider:
- Offerings — develop innovative new products or services
- Platform — use common components or building blocks to create derivative offerings
- Solutions — create integrated and customized offerings that solve end-to-end customer problems
- Customers — discover unmet customer needs or under-served customer segments
- Customer experience — redesign customer interactions across all touch points and all moments of contact
- Value capture — redefine how the company gets paid or create innovative new revenue streams
- Processes — redesign core operating processes to improve efficiency and effectiveness
- Organization — change the form, function, activity or scope of the firm
- Supply chain — think differently about sourcing and fulfillment
- Presence — create new distribution channels or innovative points of presence, including where offerings can be bought or used by customers
- Networking — create network-centric intelligent and integrated offerings
- Brand — leverage a brand into new domains
This article was written in 2006. What other dimensions of business innovation have you or your firm used in the last five years?