Innovation Definition Tag

[vc_row][vc_column width="2/3"][vc_column_text] Process Innovation Defined [/vc_column_text][vc_empty_space height="22px"][qodef_blockquote text="Process Innovation refers to the implementation of new or significantly improved production or delivery methods to enhance efficiency, reduce costs, and increase productivity. It involves optimizing workflows, leveraging advanced technologies, and adopting innovative strategies to streamline operations across various industries." title_tag="h3" width="100%"][vc_empty_space height="22px"][/vc_column][vc_column width="1/3"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text] A Classic Example of Process Innovation: [/vc_column_text][vc_empty_space height="22px"][vc_column_text]Perhaps the most well-known Process Innovation of our time is Henry Ford’s adoption of the production assembly belt, to halve the number of workers required and reduce the time to assemble each Model T.  This historic invention exemplifies the core goal of Process Innovation: streamlining operations and reducing costs to enhance productivity. By harnessing new technologies and refining processes, businesses can improve the efficiency of product and service delivery. The introduction of the assembly line not only revolutionized industrial mass production but also laid the foundation for economies of scale. Process Innovation is not just limited to...

[vc_row][vc_column width="2/3"][vc_column_text] What is Sustainable Innovation? [/vc_column_text][vc_empty_space height="22px"][qodef_blockquote text="Sustainable innovation is the application of new ideas to create value while prioritizing benefits for both people and the planet." title_tag="h3" width="100%"][vc_single_image image="19424" img_size="full" alignment="center" onclick="custom_link" img_link_target="_blank" link="//ezassi.com/wp-content/uploads/2025/01/Sustainable-Innovation-venn.pdf"][/vc_column][vc_column width="1/3"][/vc_column][/vc_row][vc_row][vc_column][vc_column_text css=""]Professor Rajesh Chandy, a Professor at the London Business School, breaks down Sustainable Innovation into its component parts. What is Innovation? The application of a new idea to create value. Sustainability? This involves creating value for people and the planet. The world faces serious environmental, economic, and social challenges. It is the job of corporations, government, regulators, and individuals to meet the legitimate aspirations of the world’s population in a way that the earth and society can bear and that will also allow the planet and society to flourish. This dual focus on innovation and sustainability isn’t new. In fact, the concept of the “triple bottom line”—people, planet, and profit—was first articulated by John Elkington in the 1990s. Elkington’s...

[vc_row][vc_column width="2/3"][vc_column_text] What is Discontinuous Innovation? [/vc_column_text][vc_empty_space height="22px"][qodef_blockquote text="An innovative product, service, or process that dramatically transforms an existing market by introducing a groundbreaking concept or technology. This often leads to the creation of entirely new markets and fundamentally changes the way consumers engage with a product or service, marking a significant evolution in the industry." title_tag="h3" width="100%"][/vc_column][vc_column width="1/3"][vc_empty_space height="42px"][qodef_button size="" type="" hover_animation="" target="_blank" icon_pack="font_awesome" fa_icon="fa-arrow-right" font_weight="" text="INFOGRAPHIC" link="//ezassi.com/wp-content/uploads/2024/12/Disruptive-innovation-infographic.pdf"][/vc_column][/vc_row][vc_row][vc_column][vc_empty_space][vc_column_text]Innovation Strategy is the foundation for company growth and adaptability in the ever-changing environment that is business today. Innovators must conceive their innovation strategy around their business objectives and incorporate both Continuous and Discontinuous Innovation. Discontinuous Innovations introduce significant technological changes or leaps and can establish entirely new business models or markets. Think of Electric Vehicles or Streaming Platforms. Discontinuous Innovation is also used interchangeably with “radical” or “disruptive” innovation. However, there are important distinctions worth noting: Discontinuous Innovation refers to the introduction of something entirely new—a...

[vc_row][vc_column width="2/3"][vc_column_text] What is Social Innovation? [/vc_column_text][vc_empty_space height="22px"][qodef_blockquote text="Social Innovation refers to the creation of new solutions—ideas, services, or models—that meet pressing social needs and improve individuals' and communities' quality of life. Unlike conventional innovations focused primarily on profit, Social Innovations aim to create shared value, addressing complex challenges such as poverty, health, education, and environmental sustainability." title_tag="h3" width="100%"][/vc_column][vc_column width="1/3"][/vc_column][/vc_row][vc_row][vc_column][vc_empty_space][vc_column_text]Notably, in 2023, the United Nations General Assembly formally recognized Social Innovation’s contributions to sustainable development, underscoring its relevance in today’s interconnected world. The jury is still out on the greatest social innovation of all time; is it the wheel, the social innovation that got the human race rolling, facilitating trade and spreading ideas and wealth globally, or is it the tax system which allowed the creation of public service the (theoretical) equal distribution of wealth? The internet gets my vote, for its substantial social impact in a relatively short period. In less...