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25 Business Innovation Technique Terms

25 Business Innovation Technique Terms

In a time when old ways are quickly replaced by new ones, innovation is not just a trendy word—it’s crucial for survival.

For businesses to succeed today, mastering innovation is essential.
However, understanding the language of innovation can be confusing until you get used to it.

We’ve put together a list of 25 important business innovation terms that everyone, from new entrepreneurs to experienced executives, should know.

Think of it as a guide to smart thinking and creative problem-solving—a map to the world of innovation.

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What are innovation business terms?

Innovation business terms refer to the language and terminology used in the business world to describe innovative concepts, strategies, and practices.

 

These terms are constantly evolving and changing as new technologies and ideas emerge in industries.

 

One of the most common innovation business terms is “disruptive innovation,” which refers to a process by which an existing market or industry is disrupted by a new technology or product.

 

What are the 4 types of innovation strategies?

There are four main types of innovation strategies that companies use to fuel their growth and success:

 

  • Product Innovation

This type of innovation is centred around creating fresh or enhanced products or services that cater to the evolving demands of consumers.



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It can involve creating completely new products, improving existing ones, or finding innovative ways to deliver them.

 

 

  • Process Innovation

Process innovation focuses on enhancing the efficiency and effectiveness of internal processes within a company.

 

This could include streamlining production processes, implementing new technology, or optimising supply chain management.

 

  • Business Model Innovation

Business model innovation refers to changes in the way a company creates value and generates revenue.

 

This could include implementing new distribution models, changing pricing structures, or entering into new partnerships.

 

  • Organizational Innovation

Organisational innovation involves making changes to the structure, culture, and operations of a company in order to foster a more innovative and agile environment.

 

This could include encouraging cross-functional collaboration, promoting a culture of experimentation, or implementing flexible work arrangements.



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Business Innovation Technique Terms

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1. Design Thinking

A human-centric approach to innovation that integrates the needs of people, the possibilities of technology, and the requirements for business success.

2. Blue Ocean Strategy

A marketing theory suggests businesses are better off searching for ways to create uncontested market space (Blue Oceans) than competing in blood-red waters (Red Oceans).

3. Minimum Viable Product (MVP)

The simplest version of a product that can be put on the market to test the hypothesis.

4. Crowdsourcing

The process of getting ideas, services, or content by soliciting contributions from a large group of people, especially from the online community, rather than from traditional employees or suppliers.

5. Lean Startup

A methodology that strives to increase efficiency in a company by minimising waste and refining products quickly through continuous development.

6. Intrapreneurship

A system where employees are empowered to act as entrepreneurs within the organization, instilling a culture of innovation from the inside out.

7. Open Innovation

The practice of soliciting ideas and guidance from individuals outside of the company to promote diverse thinking and faster innovation.

8. Idea Sprint

A time-constrained, action-oriented process to answer critical business questions through design, prototyping, and testing ideas with customers.

9. Pivot

A shift in strategy without a change in vision, to respond to new information or to changing market conditions.

10. Disruptive Innovation

A term used to describe an innovation that changes an existing market and propels a new one, typically displacing established market leaders.

11. Business Model Canvas

A strategic management template for developing new or documenting existing business models.

12. Six Sigma

A set of techniques and tools for process improvement, focusing on reducing or eliminating defects.

13. SWOT Analysis

An examination of a company’s internal strengths and weaknesses, along with external opportunities and threats, to create strategic plans.

14. Kanban

A system that controls the logistical chain from a production point of view is intended to regulate the on-time delivery of components.

15. Agile Methodology

A system of project management that is characterised by the division of tasks into short phases of work and frequent reassessment and adaptation of plans.

16. Platform Thinking

The process of designing business models that allow multiple participants (producers and consumers) to connect to create and exchange value.

17. Digital Twin

A digital replica of a physical entity or system that helps to monitor, simulate, and analyze data for real-time intervention or future planning.

18. Value Proposition Canvas

A business tool that helps you to understand your customers and the value that your company’s products or services bring to them.

19. Scrum

A framework within which people can address complex adaptive problems while productively and creatively delivering high-value products.

20 Rapid Prototyping

A group of techniques used to quickly fabricate a scale model of a product using three-dimensional computer-aided design data.

21. Business Ecosystem

The network of organizations—including suppliers, distributors, customers, competitors, and government agencies—that are involved in the delivery of a specific product or service.

22. Business Process Reengineering (BPR)

The analysis and design of workflows and processes within an organization, with the goal of making them more efficient and more capable of adapting to an ever-changing environment,.

23. Scenario Planning

A strategic planning method that organizations use to make flexible long-term plans. It’s a way for organizations to consider how different scenarios might arise and plan for the response to each.

24. Value Stream Mapping

A lean manufacturing or lean enterprise technique used to document, analyze, and improve the flow of materials or information required to produce a product or service for a customer.

25. The Four Steps To The Epiphany

A book and strategy for developing successful startups and launching disruptive new products.

Takeaways

Now, armed with these terms, you’re ready to chart a course toward an innovative future.

Remember, innovation isn’t just about doing something new; it’s about doing something different in a way that brings value to your business and the world around it.

Dive into these techniques, integrate them into your lexicon, and watch how they transform not just your operations but also your mindset.

Your business journey is about to get a whole lot more innovative!

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