Four categories of innovation are defined by their process: continuous process improvement, process revolutions, product or service innovations, and strategic innovations. Continuous process improvement innovation represents methodologies such as Lean. The focus is on incremental innovations. Process revolutions relates to the implementation of new technology, such as RFID, for improving supply chain management productivity. Product or service innovations represent new products or services, such as the iPhone, without changing business models. Strategic innovations include new products or services but with new business models such as Segway rentals or web-based applications.
Courtesy of: Praveen Gupta
Added: Jan. 22, 2008