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Innovation Processes
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Innovate or die! It has become increasingly clear from detailed market research that only innovation drives sustained, above average market returns. It is also clear that innovation at just the product level is insufficient in today’s economy. it is generally simply too easy to copy products alone. Rather it is innovation at the process and business model levels – strategic innovation – that is required to achieve exceptional market returns. In the dynamic IT sector, for example, one need only look at Microsoft versus Apple, or Dell versus Compaq, to see this fact come through loud and clear. Process and business model level innovations have proved to be much harder to copy.
Historically, innovation, particularly strategic innovation, has typically been the product of “art-form" processes. The emerging best practice is to build systematic, enterprise processes for innovation. In fact, strategic innovation is an element of a broader process we term “business renewal" -- the set of processes, including business development, strategic marketing, business network development, etc., that directly drive business growth. The next generation of leading businesses are building the best practice business renewal processes right now.
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