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Business Innovation

Business Innovation relates to the creation or reinvention of a business itself. In contrast to product innovation, technology innovation or service innovation, a business innovation or business model innovation has as result an entirely new or different type of company that competes not only on the value or service it provides for the users, but also that in involves aligning the resources and processes in the company to fit with the value to the users as well as it is lined up to capture new market segments and differentiate from competitors.

Business innovation often results from the application of a scientific or technical ideas to decrease or bridge the gap between needs or expectations of a market or customers and the performance of existing products or processes. Business innovation may in a social context also involve developing and introducing new collaborative methods such as joint venturing and alliance creations. Innovation may be divided into A) Evolutionary innovation that comes from numerous incremental advances in technology or processes and requires little or just some user-learning to be implemented and B) Revolutionary innovation that require a good deal of user-learning and sometimes requires new behavioral patterns.

Companies and organizations in all sectors need to innovate and improve continually, and CreoTech’s approach is to work closely with our clients and help them to:

  • ensure that they develop or maintain the differentiation from their competitors;
  • reacts to and adapt quickly to changing needs and demands from stakeholders and customers;
  • implement processes for or actively look for ways of doing things more effectively and efficiently.

This may come out as product innovation, service innovation or technology innovation, but may also result in a more comprehensive business innovation to address the upcoming challenges. CreoTech’s Open Innovation approach makes it possible to bring together talents from within and outside the client organization. Innovation is not just about ideas but about their successful application and our approach bring together the people with the ideas with the specialists who can make it happen. Business Innovation can be viewed to be the highest level and differ from other innovation in that it more is about our client can be better in doing what they do. To make a difference it is imperative that we understand the markets where our clients operate, understand their customers’ needs and requirements, understands their operations and possible technologies; thus enabling us to help our clients to work better towards their clients and markets.