Developing an innovation process can boost the long-term value of a company.

Businesses are more than ever realizing the importance of the innovation process.

The creation of an imaginative idea or even the alteration of an existing idea to create a modified solution is both examples of innovation.

The value of innovation to a company’s long-term success is undeniable.

Organizations reject outdated models and develop substantial improvements through innovation, which is often is a collaborative effort.

An organization cannot benefit from an innovative idea until it is validated and deployed.

The process of innovation can be categorized into seven phases of development:

1. Ideation

Defining and assessing the problem, as well as coming up with proposals for possible solutions.

2. Research and development. 

This is a phase of intensive research and analysis to collect as many details as possible about the idea.

3. Prototyping

This phase synthesizes the information gathered by turning the idea into a product.

4. Piloting

Validate if the product is as effective as it claims to be.

5. Implementation

This is the phase at which the product becomes a reality.

6. Scaling

The final phase of the process, which leads to mainstream adoption of the product.

7. Continuous  innovation

The evolutionary phase is characterized by continuous product improvement. Innovation is a never-ending process.

Read more on Crenov8:

Pioneering Innovation in a Digital Transformation era

Creating value through Innovation

Strategies for sustained innovation