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What is Product Innovation? Definition, Types, Examples and Strategy Best Practices

IdeaScale

What is Product Innovation? Product innovation is defined as the creation and development of new or improved products, services, or processes by a company or organization.

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Product Innovation the Easy Way: 3 Real World Examples

IdeaScale

While this does occasionally happen, more often than not any great innovation is the result of people drawing from those around them for ideas and inspiration. Here are a few examples of companies that set the “lone inventor on a hill” myth aside in favor of real innovation with the help of IdeaScale. Citrix is all about access.

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Digital transformation marks the demise of product innovation

Jeffrey Phillips

We are warned that we are close to the tipping point for global warming, for example, where more carbon dioxide in the atmosphere may result in weather and climate changes that create catastrophic change in the weather, sea levels and other factors. I'm going to stipulate that the business cycle and innovation are at a tipping point.

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Exploring the Role of the C-Suite in Product Innovation

IdeaScale

Reward people who develop innovations, however small, and encourage them to keep it going. Highlight innovative ideas and approaches you find and ask the rest of your team to consider their own ways of applying those ideas. Leading by example is a truly powerful method to bolster innovation.

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Measuring Innovation Performance

Why do only a third of the organizations worldwide have formal innovation metrics in place despite accepting that innovation is critical to survival? Download this eBook to learn about the 5 basic principles that guide every successful innovation process.

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Is Social Media Part of Your Product Innovation Strategy?

IdeaScale

However, these examples illustrate that once you put a social media campaign out there, you can lose control of it. Gillette, for example, kept receiving notes from customers working as caregivers; it was difficult to use razors to shave someone else. If you do these things, these communities can be a powerful source of innovation.

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Innovative Strategies for Effective R&D Budgeting

Innov8rs

Following its carve-out from Siemens, for example, Siemens Energy faced the challenge of determining its R&D budget independently. Traditionally, R&D budgeting has been driven by historical data and centralized decision-making, as part of traditional, top-down budgeting approaches. However, some companies are doing things differently.