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Basic principles of innovation

Often when we hear the word innovation we tend to associate it with the concept of modernity or with the development of new technologies. However, innovation can take different forms, and that is why the needs and requirements will vary depending on the idea that is proposed.

At UIE, we are always committed to innovation in our educational offering. For this reason, we invite you to continue reading this article so that you can learn more about this topic.

What is innovation?

According to the Royal Spanish Academy, innovation is defined as “the creation or modification of a product, and its introduction into a market”.

On the other hand,The Oslo Manual, international reference guide for the management of innovation statistics created by the OECD (Organization for Economic Cooperation and Development) and Eurostat, also proposes its own definition. According to the manual, describes innovation as a new or improved product or process that has been made available to potential users.

In other words, innovation is the act of creating, modifying or introducing updates to a product, process or service, in order to generate value.

Types of innovation

As we have already mentioned before, the Oslo Manual is a reference framework as far as innovation is concerned. In fact, its parameters have been adopted not only by the European Commission but also by Spanish legislation. Now, this document points out that there are four types of innovation:

Technological product innovation.

It refers to the presentation of a new or improved good or service with respect to its previous characteristics. This type of innovation also includes intellectual products such as digitized information.

Technological process innovation.

It’s a new or improved process and that differs significantly from previous processesmade by the company. This process encompasses various functions, both central and support. Core functions consist of the production of goods and services, while supporting functions include areas such as distribution, logistics, marketing, sales, information technology services, administrative and management functions, among others.

Organizational non-technological innovation.

It is about the implementation of new organizational methods within a company or in the workplace in general.

Non-technological marketing innovation.

It includes the introduction of new marketing strategies, changes in design and packaging and the promotion of products through new pricing and service policies.

What are the basic principles of innovation?

Principles are a set of rules and foundations on which the ways of life of an organization are based: from a political ideology, a religious doctrine, to the way a company operates. Next, we detail the principles inherent to innovation:

Principles associated with the object.

  • Having clearly defined the essence of the organization regarding what it is and does (mission) and what it wants to achieve (vision).
  • Propose a general strategy.

Principles associated with the subject.

  • Have the aptitudes (knowledge, methods and systems) and the necessary attitudes (soft skills such as dedication, empathy, teamwork, etc.).
  • Have a multidisciplinary team and clear leadership that guides the different processes that will be carried out within the organization.

Principles of departure.

  • That the idea with which you want to innovate is useful or desirable for a real or potential client. You cannot innovate if there is no recipient.
  • The idea must materialize and achieve its purpose. Otherwise, there will be no innovation.

Principles of method.

  • Innovation must be considered as a process.
  • Both the sources of innovation and the existing knowledge in the market and competition must be defined and managed.
  • The management of an innovation project must take into account the tasks, the deadline schedule and the resources that will be needed.

Closed cycle.

  • Keep in mind that innovation is a continuous process, but that each project has a beginning and an end.
  • You must learn from your own processes constantly.

Advantages of innovation

Innovation is important, since it is a strategic and necessary weapon for any company that wants to maintain its competitiveness in the market. Among other advantages, innovation allows:

  • Reduce production times.
  • Attract new clients.
  • Improve the productivity of the human team.
  • Prevent economic losses resulting from human errors.
  • Improve decision-making processes.
  • Improve customer satisfaction.
  • Impact in terms of improvements in the quality of health, education and life in general.

Although innovation may require a certain budget at the beginning, innovating will bring subsequent results that compensate for such investment. However, it should be taken into account that innovation can be done in many ways, so it will not always be necessary to have large sums of money to make improvements within an organization.

At UIE, we are pleased to mention that our educational offer has evolved according to the requirements of the business and technology sector. Our university degrees are constantly updated, as we are aware that the training of our students must be oriented towards the future. If you want to learn more about our commitment to innovation through our academic model, we invite you to visit our website.

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