Innovation Management

This is structured mind map on the topic innovation management, definition of business innovation and examples of innovative technologies. It also gives advice on innovation strategy and innovative leadership.

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Innovation Management by Mind Map: Innovation Management

1. Process Innovation

1.1. Definition

1.1.1. The implementation of a new or significantly improved production or delivery method (including significant changes in techniques, equipment and/or software)

1.1.2. The application or introduction of a new technology or method for doing something that helps an organization remain competitive and meet customer demands

1.2. Process innovation happens when an organization solves an existing problem or performs an existing business process in a radically different way that generates something highly beneficial to those who perform the process, those who rely on the process or both.

1.2.1. For example: the introduction of a completely new sequence to an existing production process that speeds production by 100%, thereby saving the organization money and time

1.3. Process innovation can generate value to either internal customers

1.3.1. Including employees or the actual organization itself, or it can create value to external customers, including business partners, end users or actual consumers.

2. Innovation Strategy

2.1. Definition

2.1.1. A plan to grow market share or profits through product and service innovation

2.1.2. A plan made by an organization to encourage advancements in technology or services, usually by investing in research and development activities. For example, an innovation strategy developed by a high technology business might entail the use of new management or production procedures and the invention of technology not previously used by competitors.

2.2. Innovation strategy is not about selecting activities to pursue that are different from those of competitors

3. Innovative Leadership

3.1. Leadership plays an important part in how innovation occurs in an organization.

3.1.1. Leadership doesn't only come from upper-level management; it also comes from lower-level managers and all team members.

3.1.2. An effective leader is able to work with different people and mentor them so that they can achieve their goals.

3.2. Innovation leadership will trickle down from those in charge to other employees.

3.3. The manner in which messages are communicated to employees can significantly affect the success of a project.

3.3.1. Motivation is also important because of its impact on how some employees work.

4. Business Innovation

4.1. Definition

4.1.1. When an organisation introduces new processes, services, or products to affect positive change in their business

4.1.2. Business innovation is an organization's process for introducing new ideas, workflows, methodologies, services or products.

4.1.3. Business innovation is the creation and adoption of something new that generates business value

4.2. The goal is to reinvigorate a business, creating new value and boosting growth and/or productivity.

4.3. It should improve on existing products, services or processes; or it should solve a problem; or it should reach new customers.

4.4. Three models of business innovation

4.4.1. REVENUE MODEL INNOVATION If increasing profits is the main driver for business innovation, many organisations may choose to change their revenue model as a first port-of-call. This can involve re-assessing the products or services offered or taking another look at the company’s pricing strategy. Innovation does not have to be radical, sometimes changing even one element can yield significant results.

4.4.2. BUSINESS MODEL INNOVATION Requires organisations to identify which of their processes, products or services could be improved to boost the company’s profitability. Innovation in this case could refer to forming new partnerships, outsourcing specific tasks or implementing new technologies.

4.4.3. INDUSTRY MODEL INNOVATION The most radical model of business innovation Ambitious organisations can choose to change industry completely for the purposes of innovation.

5. Innovative Technology

5.1. We live in an amazing era where things like autonomous cars, personalized medicine and quantum computing are becoming real

5.1.1. Artificial Intelligence, crypto-currencies, advanced automation, deep learning and concepts like Universal Basic Income are about to reshape our world

5.2. Artificial Intelligence

5.2.1. Deep Learning and areas such as Computer Vision and Natural Language Processing

5.2.2. Computer vision is making huge steps, with massive applications in autonomous cars, navigation, robotics, pattern recognition, medical diagnosis

5.2.3. Digital assistants become more and more intelligent, contextual and proactive

5.3. Natural User Interfaces

5.3.1. Voice-driven interactions

5.3.2. Computer scientists have unveiled a set of algorithms able to predict the odor of different molecules based on their chemical structure Applications could range from marketing, VR, rich content, up to a re-designed airport security strategy.

5.4. Virtual Reality

5.4.1. Content creation for VR is a great opportunity with significant startup activity worldwide

5.4.2. VR startups are working across multiple domains and business scenarios E-commerce, gaming, social applications, learning and education, healthcare, online VR environments

5.5. Augmented Reality

5.5.1. What we get when physical and digital worlds blend into a single experience Typical examples are Microsoft HoloLens and Google Glass.

5.5.2. Content experiences, content discovery, data exploration and visualizations, intelligent and contextual object annotation, dynamic physical world mapping and discovery, industrial applications for field workers

5.6. Analytics and Visualization

5.6.1. Modern corporations have access to vast amounts of complex data, both internal and from the public domain

5.6.2. The breadth and depth of data available, require new ways to summarize, visualize and present data Novel ways to experience data and insights could involve intelligent interactive synopsis and ‘data navigation’ systems, VR and AR experiences, voice-driven insights discovery and ‘personalized data exploration’ scenarios

5.7. Blockchain

5.7.1. One of the most disruptive technologies Its distributed, decentralized and immutable properties make it the ideal way to store and track data across numerous domains and use cases.

5.8. Robotics

5.8.1. Regardless the particular class — humanoids, nano-robots, military, industrial, and so on — the progress is impressive.

5.8.2. It is the advances in terms of hardware, sensors and operating software

5.8.3. It is the progress of Artificial Intelligence which makes possible to integrate cognitive services and dramatically increase Robot’s capabilities for real-time decision making

5.8.4. In the near future we will start to meet Robots with proactive behaviors, advanced context understanding, able to adapt to human sentiment, enforce ‘personalities’ and communication styles.

6. Definition

6.1. The systematic promotion of innovations in organizations and includes tasks of planning, organization, management and control

6.2. The goal is new and improved products, new business models or new processes