In the business industry where innovation plays a key role in supporting and developing the businesses, 10 types of innovation model is an innovation matrix that helps the businesses to identify the various kinds of innovation available based on the goals or objectives of the organization. It helps the business innovation teams to carry out productive business processes.
Innovation matrix can be identified as a graphical representation of available innovation types that help to define the best innovation strategy for the organization.
An innovation matrix can be used from different perspectives to classify and categorize on below aspects.
1. to identify the origin of innovation
2. To identify the strategic relevance of the innovation
3. To identify the governance system that should be used by the organization to become successful
Since there are various reasons to identify many different types of innovations, different types of innovation matrices can be identified to cater to the reasons.
The below mentioned are the most used innovation matrices for various business requirements.
Not having an understanding of the scope of the innovation types related to the organization can lead to many implications for the success of the innovation plan of the organization. Especially, in large organizations where many employees are not aware of the innovative techniques, identifying the scope can become difficult for the organization.
To overcome these difficulties, the Doblin group has been working on the 10 types of innovation model since the late 90s. According to this model, the ten types are split into three main areas: configuration, offering, and experience.
Configuration is about how the company is planning and organizing to make a profit through innovation. The offering contains core product elements and how the product is integrated. Experience is the way the company is maintaining customer relationships and engagement.
Profit model – This is the first stage of 10 types of innovation model. This explains how the organization turns its values into profit.
Network – The value that is created in the process by working with others. Networking and maintaining proper connection helps to continue the production process smoothly. Networking involves both inside and outside of the business organization.
Structure – This is the third stage of the 10 types of innovation model. This involves organizing the available assets and talents within the organization. It is important to execute this process carefully to maintain the uniqueness to face the competition. Process – This involves the core operations of the business. It explains how the business executes its production or service processes.
Product Performance – The available features of the product, quality, capacity, and capability are involved in this stage. This is usually considered as the part that is involved innovation and normally revolved around the research and development department of the company.
Product System – Combining multiple values to the product by obtaining other firms’ products and services involves in the product system stage. By combining multiple products and services along with the main product can add more value to the main product or the service.
Service – This makes the product more user-friendly, enjoyable, and more useful. This stage helps to attract and retain more customers with the product.
Channel – This stage is about connecting with the customers. It is important for organizations to use an effective method to connect with customers. The channel is usually decide based on the target market for the product or the service. Based on the target market, the organization should adjust the channel to reach a more customer base and to get genuine feedback.
Brand – Brand is one of the most powerful ways of attracting and retaining customers. It is a powerful innovation that can represent the value of the organization and the value it provides to the customers through the product or the service. That helps the customers to identify the innovation in the product among the competition.
Customer Engagement – Customer engagement is the last level of 10 types of innovation models. Understanding the customer expectations and provide innovative products to satisfy the customer needs and influence the customer expectations.