Question

1.What is the difference between process innovation and product innovation. What is innovating process' important? Give and example of process innovation - try and find a company that has recently improved a process or procedure.

Answer 1

Product innovation can be defined as a process of modifying or creating a new product . For example: Digital camera is a product innovation from old camera.

Process innovation:

When , procedures, tools, competencies and methods etc. are utilzed to produce products with a new way then it called as process innovation.

For example: Now products are delivered to customer at their home via courier facilities. Amazon is having process innovation in customer service management. Amazon is known for its process innovation like kindle , prime video, amazon prime and online customer feedback. Its customer believe that amazon care their basic requirements and challenges of their shopping experinces .

Innovation is important beacause of the following reasons:

1) It reduces time, effort , and cost involved in manufacturing or services delivery.

2) It attracts new customers.

3) It introduces new features which benifited the customers.

4) It reduces hassles present in production system.

5) Each stakeholders should be given an interactive platform to communicate.

6) It helps to tap remote customers.

7) It gives value advantage against the competitors.