Innovation is any new idea that can change the traditional way of doing something. It is thinking out of the box and coming up with a better and improved version of current working of any process, aspect or activity. Strategic Innovation helps in the overall growth of any organization. Strategic Innovation is about creating of new ideas about production of products and growth strategies that will be significant for both consumers and the corporation.
- Traditional Innovation is based on the present-to-future ideas whereas Strategic Innovations start with the end in mind. Strategic Innovations are long term innovations and break the traditional rules or way of doing things.
- In traditional innovations, rules and boundaries are very important. On the other hand, Strategic Innovations are very creative and thinks beyond the rules and conventions.
- Traditional innovations take on incremental approach while Strategic Innovations are like breakthroughs and change the whole perspective about that process or product.
- In traditional innovations, the input comes from con ventional sources; while in Strategic Innovations, no conventions are followed to create new productive idea.
- Traditional innovations are basically driven to customer’s satisfaction whereas in Strategic Innovations, inspiration is taken from the customer and new ideas are formed for both customer and corporation’s benefit.
- Strategic Innovations brings the change in the conventional way everything is done. It inspires an open minded exploration and helps in surviving in the today’s competitive market.
Strategic Innovations consist of seven dimensions: a managed innovation process, strategic alignment, industry foresight, consumer insight, core technologies, organizational readiness and disciplined implementation. All the major changes we have seen are a result of Strategic Innovations, like the technological advancements. It brings about the changes that are far away from the traditional conventions and maximizes the productivity of the products and services. This approach also follows disciplined approach in the implementation phase, but not in the thinking phase.