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Source: Freepik
In today’s global context, many companies have understood the importance of the role that innovation plays in the provision of their products or services. Given the level of technological advances in the business world, it is becoming increasingly common for companies to feel pressured by their competitors and to look for a way to stand out in the market.
This is why many companies have implemented different innovation strategies to adapt to this evolution, but many of them start this process without having a clear idea of how it really works.
Innovation, as the Merriam-Webster Dictionary states, is “the act or the process of introducing new ideas, devices or methods”. However, this definition remains widely incomplete in most cases.
The OECD Oslo Manual has therefore refined this definition as follows: “(…) a new or improved product or business process (or a combination thereof) that differs significantly from the firm’s previous products or business processes and that has been introduced on the market or brought into use by the firm.”
Indeed, innovation brings with it many benefits, for example: the development or improvement of the product or service, the added value it brings to the company, increased revenue opportunities, efficiency and productivity, cost reduction etc.
But just as benefits, starting this process can bring risks such as uncertainty of return or investment (ROI), failure of ideas or requirements, high costs, waste of resources, etc.
Once we have understood both the advantages and disadvantages of innovation, we can weigh up whether our company is ready to start this process.
It all starts with an idea, but this is only the first step on the long road ahead. In this first stage, the generation of ideas is essential, but in addition to the quantity and quality of the ideas, ideas must also be well implemented.
For this purpose, it is worth knowing the different techniques or methods available to achieve this, among which we can find:
- Brainstorming
- Brainwriting
- 635 Method
- Morphological Box
- MindMapping
- Provocation
- Ideart
- Painting
- Moodboard
- Method SCAMPER
Don’t know where to start or which one is the most suitable for your company? In IDEA project we will show you what they are all about so that you can develop new solutions through ideation processes.
Remember that this project aims to develop a new tool to support innovation, creativity and collaborations as a means for the growth and sustainability of SMEs. In this way, they will be able to face the different obstacles and business challenges that stand in their way!
Don’t forget that all the results will be published on the official website of the IDEA project: https://ideaproject.erasmus.site/, as well as on their social networks: