English reader on

 

Innovation 

Innovation is the process of creating new ideas and putting them into 

practice. There are two basic types of innovation: product innovation and 

process innovation. Product innovation involves creating a new or improved 

product or service that will better meet the customer's needs. Process 

innovation results in introducing processes that will improve operations. This 

processes can be in any branch of the organization: manufacturing, marketing, 

accounting, information management, or any other improved process for the 

company. 

The Innovation Process. The innovation process involves four steps: (a) 

creating ideas, (b) doing initial experiments, (c) doing feasibility studies, and 

(d) using the idea in the company. Innovative organizations have structures 

that support innovation. These include: teams, cross-functional integration, 

decentralization and empowerment (for large organizations), and toleration of 

mistakes. A feasibility study is a research report that examines a course of 

action and tries to see how well it might work and what problems it might 

cause.