Digital Innovation and Strategy (Week 4) Flashcards
What is Digital Innovation?
Use of digital technology to create new or improved products, services, processes, or business models
What is Innovation Disruption
Innovation disruption is the transformation of industries by new technologies or methods, displacing established practices.
What is a Technology Push?
Technology push innovation starts with a research idea that could become a successful market product, driving its development
What is a Market Pull?
Identifying a market need, problem, or opportunity, driving the development of solutions.
What is a Vertical Innovation?
Innovation that targets specific industries like energy or healthcare, combining technologies for better performance or outcomes
e.g. 3D4Medical software allows surgeons to understand anatomy without dicing people
What is a Horizontal Innovation?
Innovation meets the needs of various industries, including technologies like cloud services, serving as a technical platform for diverse applications.
e.g. Apple pay or Google wallet allows online payments across any sectors
What is Product Innovation?
Innovation that involves changes to what is offered and/or how customers experience it
e.g improved encryption, search or analysis algorithm
What is Process Innovation?
Innovation that brings changes in the way things are created, performed or delivered
e.g. secure online payments
What is Paradigm Innovation?
Innovation that changes how people think about and approach doing something
e.g. Moving from installing software on individual computers to accessing it over the internet as a service, like Google Docs
Ways to create new ideas
–> Association: The bringing together of previously unconnected ideas to solve a problem or open a new market
–> Adaption/ Analogy: adaptation of an existing solution for a different purpose, potentially in a different situation
–> Serendipity/chance: new idea arises through random occurrence or accident
What is Strategy?
–> Defines how we will meet our objectives
–> Sets allocation of resources to meet goals
–> Selects the preferred strategic option to
compete within a market
–> Provides a long-term plan for the development
of the organisation.
