Full article: [[Mohanbir Sawhney, Robert C. Wolcott, and Inigo Arroniz, “The twelve different ways for companies to innovate”|/static/files/MBI/Module%208/61695-12WaysToInnovate.pdf]] The article makes clear that innovation can happen in many ways and along different axes: * Business innovation is about ''new value'', not new //things// * Business innovation comes in many flavors * Business innovation is ''systematic'' The [[Innovation Radar]] displays 12 dimensions of business innovation anchored by the offerings a company creates, the customers it services, the process it employs and the points of presence it uses to take its offerings to market. It can be used as a tool to help explore in which ways a company can innovate. The four most important dimensions are: * Offerings * Customers * Processes * Presence <html> <img src="/static/files/MBI/Module%208/innovationradar.PNG" width=400> </html> Between the four anchors are 8 other dimensions that can serve as avenues of pursuit: * ''Offerings'' ** Offerings are a firms products and services. Innovation along this dimensions requires the creation of new products and services that are valued by the customers ** ''Platform'' *** A platform is a set of common components, assembly methods or technologies that serve as building blocks for a portfolio of products or services. *** Platform innovation involves exploiting the "power of commonality" - using modularity to create a diverse set of derivative offerings more quickly and cheaply than standalone *** Innovations along this dimension are often overlooked even though their power to create value can be considerable. ** ''Solution'' *** A solution is a customized, integrated combination of products, services and information that solves a customer problem. Solution innovations creates value for the customers though the breadth of the assortment and the depth of integration of the different elements. * ''Customers'' ** Customers are the individuals or organizations that use or consume a company's offerings to satisfy a certain need. To innovate along this dimension, the company can discover new customers segments or uncover unmet needs. ** ''Customer experience'' *** This dimension considers everything a customers sees, hears, feels and otherwise experiences while interacting with a company in any moment. *** To innovate here, the company needs to rethink the interface between the organization and its customers ** ''Value capture'' *** The value capture refers to a mechanism that a company uses to recapture the value it needs. *** To innovate along this dimension the company can discover untapped revenue streams, develop novel pricing systsems and otherwise expand its ability to capture value from interaction with customers and partners. * ''Processes'' ** Processes are the configurations of business activities used to conduct internal operations. To innovate along this dimension a company can redesign its processes for greater efficiency, higher quality and faster cycle time. ** ''Organization'' *** This is the way a company structures itself, its partnerships and its employee roles and responsibilities. Organization innovation often involves rethinking of the scope of a firm's activities as well as redefining the roles, responsibilities and incentives of different business units and individuals. ** ''Supply chain'' *** A supply chain is the sequence of activities and agents that moves goods, services and information from source to delivery of products and services. To innovate in this dimension, a company can streamline the flow of information through the supply chain, change its structure or enhance the collaboration of its participants. * ''Presence'' ** Points of presence are the channels of distribution that a company employs to take offerings to market and the places where its offerings can be bought or used by customers. Innovation along this dimension involves creating new points of presences or using existing ones in creative ways. ** ''Networking'' *** A company and its products and services are connected through a network that can sometimes become part of the firm's competitive advantage. Innovations in this dimension consist of enhancements to the network that increases the value of the customers offerings. ** ''Brand'' *** Brands are symbols, words or marks through which a company communicates a promise to its customers. to innovate in this dimension, the company leverages or extends its brand in creative ways.