How to develop your business intelligence strategy

It, thus, visualizes the most common types of innovation. The innovation matrix as introduced by VIIMA helps categorize innovation based on two dimensions the technology it uses and the market it operates in. Radical innovation (discontinuous innovation) on the other hand may change the structure of an industry dramatically and has a high-risk high return.Gradual/ incremental innovation (continuous innovation) is based on abilities that can be easily learned and developed in an organization and has a low-risk low return.Preserve bargaining power in an ecosystem and blunt imitators.Increase the chances of becoming a market leader.Improve the ability to retain customers.вЂњAn innovation strategy guides decisions on how resources are to be used to meet a firmвЂ™s objectives for innovation and thereby deliver value and build competitive advantage.вЂќ вЂ“ Mark Dodgson, David Gann, Ammon Salter (The Management of Technological Innovation: Strategy and Practice)ДЄ companyвЂ™s innovation strategy should specify how the different types of innovation fit into the business strategy and the resources that should be allocated to implement these innovations. In other words, an innovation strategy guides the process of resource allocation, enabling the organization to achieve its long-term goals through the use of innovation.

An organization following an innovation strategy uses innovation to execute its business strategy. In the simplest of terms, innovation is the process of bringing new, unique, and creative ideas into reality. вЂњInnovation transforms insight and technology into novel products, processes and services that create new value for stakeholders, drive economic growth and improve standards of living.вЂќ In this post, we are exploring 5 effective steps for developing a powerful innovation strategy. A proper strategy in place to execute it ensures that you do it well.

Innovation is a long and complex process that takes an abstract idea and converts it into a successful product or service.

Innovation is one of the key activities in a companyвЂ™s operations. In a world of rapid change and increasing competition, innovation has become essential to maintaining business growth, competitiveness, and productivity. Innovation is an organizationвЂ™s path to survival.

How to develop your business intelligence strategy