Get definitions for some of the most common innovation terms in this list below.
Making of products on a large scale using machinery for example via industrial production.
Idea management software is a digital tool or platform that focuses on ideation and idea management to generate and capture new ideas.
The Wisdom of the Crowd occurs when a large group collectively makes better decisions than a small group and even experts.
A situation that provides an advantage to both parties, as opposed to a zero-sum scenario.
A tool you can use to write or draw your ideas on walls, in meetings, or even in a digital format.
Weaknesses are internal characteristics that can reduce the success or competitiveness of a product, service, or project.
Weak Signals are early signs of potential major changes, threats, and opportunities with weak or no branding recognition.
VOC is a term originated by Toyota and aims to capture the customer’s needs and specifications. It can be collected through market research.
A sign that things could get worse. A sources of early information that things may be not going the right way.
A strategic planning tool used to give depth and coherent understanding of different aspects of a system or plan. They are usually presented as grid or table-based. Visual tools for strategic planning include menus, value chain, PESTLE analysis, SWOT analysis, the Business Model Canvas, and the Balanced Scorecard.
Visual thinking is a way to organize information by using visual formats to represent information.
Discover and capture the needs of your customers through various feedback and data collection methods.
Virtual work refers to any work that involves computer and diverse telecommunication solutions allowing for remote accessibility.
Visionary Leadership is a leadership style that inspires a team, company, or industry to move ahead into the future. Visionary leaders...
A lean-improvement method for identifying opportunities to streamline work processes.
Virtual reality (VR) is a simulated world that can be similar to or completely different from the real world.
Vertical Integration is often referred to as a strategic move made by a company wanting to move from the production end to sales end.
The term “Viability” in the world of innovation, business or product development, refers to the profitability or ROI of an offering.
The ethical concept that provides direction and motivation to individuals, and society as a whole, guiding behavior.
Venture capital is a form of private equity and a type of financing that is provided by firms or funds to small, early-stage, emerging firms that are deemed to have high growth potential or which have demonstrated high growth.
The process of ensuring the realization of the benefits forecasted by a particular project.
Value management – a system for defining, planning and delivering the value proposition of an initiative, program, or change.
Value Generation_FACTOR_BYTE
Value creation is the key to identifying and generating unique business opportunities for a business to grow and prosper.
Value Co-Creation occurs when companies and customers work together to find, create or enhance value a product or service
The sequence of activities and processes that add value to the goods and services in a company.
Value created by a company for a product or service for a customer and that customer perceives enough value to purchase the product.
At the heart of every exceptional customer experience is a foundation built on genuine insights. By harnessing a deep understanding of customer preferences, emotions, and feedback, businesses can cultivate an experience that not only resonates with the audience but forms a lasting bond.
Confirmation by examination and provision of objective evidence that the requirements for a specific intended use or application have been fulfilled.
Usability - The ease of use and learnability of a human-made object such as a tool or device.
An aspect of service design to determine the needs of the service's user base.
Insights, information, or input from product or service users about their experiences, good or bad.
The distinction between user needs and wants. The former being basic requirements that a user has when interacting with an application or any other service.
User-centric innovation is an approach to problem-solving that starts with consumer needs and work backward towards a solution.
Urgency in innovation refers to a pressing matter or need for a change to avoid a negative outcome or capitalize on a positive result.
The process of learning new skills or of teaching workers new skills.
Something customers deeply desire, but doesn't exist or they're not aware of as a solution
The unique selling proposition or unique value proposition refers to a feature that makes a product or service truly unique and valuable.
Occupational hazards and liabilities can be particularly perilous, even when they are not specifically identified or foreseeable.
Ideas that stand out against others through their originality and inventiveness.
Ability to see the difference or similarities between things; perception; cognition.
Unanticipated outcomes of an action or decision. They differ from a company's intended effects. Good and bad kinds.
Unconventional Ideas are ideas that are different and imaginative than what people are used to.
Types of Innovation refer to the different ways an organization can innovate that go beyond simply developing new products or services.
Process of building relationships with customers and employees that facilitates them to trust your business and its products/services.
Innovation involves risk. Trust transparency implies open and transparent communication that creates mutual trust in sustainable change.
Have you heard of this concept called “Trial and Error”? It involves researching, testing, and then retrying something until you find the solution you are looking for.
A type of Innovation that creates a new market, leading to the disruption of an existing industry.
processes & methodologies to assess how trends will unfold to help you shape & inspire your future products, services and customer engagements.
Information, including a formula, pattern, compilation, program, device, method, technique, or process, that provides a business with a competitive advantage in the marketplace.
Refers to individuals tasked with making high-level decisions and setting long-term objectives firsthand. Top-level management.
As used in innovation, Tools and Techniques refers to the various methods, processes, and systems that companies use to innovate.
Featured on reallygoodinnovations.com in the Top 50 Innovators and Thought Leaders in 2024.
The perfect and concise definition for a ReallyGoodInnovation.com glossary article about the term "Toolkit"
Top-down approach is a hierarchical way of dealing with larger problems by breaking them down into smaller projects or tasks.
Aplication software designed to help people involved in a common task to achieve their goals more effectively and efficiently.
A metaphor for a connected collection of methods, techniques, technologies, frameworks used to facilitate innovation in practice.
Time To Market: The period taken by a company from inception to the actual launch of a product or service. Also referred to as product time to market.
Time Constraints is an allocation of time made by the project manager to provide a limit for when certain project activities are done.
Three horizon framework comprises the three types of innovation: the core business over the short term, emerging opportunities, and potentially disruptive ideas.
The six aspects that drive innovation culture and sustainable business excellence within an organization: Ideation, Insight, Inclusion, Inspiration, Implementation, Impact.
A concept, framework, or explanation that corresponds with a set of known facts to describe or illustrate a specific phenomenon.
Thought leadership is the most innovative thinking that shapes the future and moves markets. Leaders build authority and connections by sharing that thought leadership.
Factors outside an organization's control that could have a negative impact on the business. Threats must be monitored and planned for.
Inventor of the first practical electric light bulb, Thomas Edison revolutionized the world with numerous breakthroughs.
The Theory of Growth suggests that every innovation goes through its own life cycles and stages of growth.
A framework developed by Larry Keeley, Helen Walters, Ryan Pikkel and Brian Quinn of Deloitte to identify new forms of value.
An approach used by companies to test new ideas on small subset and learn from these tests before scaling to the public
The process of evaluating and refining a product, service, or system to make it better.
The process leading to technology acceptance. Technology Adoption is also a model forecasting product user adoption.
The rework that will be required from not quite right technical choices in the design and build phase of a digital product.
Task Unification applies the operation type of ‘internal’ task into the original object to launch a new product.
Technological Innovation refers to the discovery and subsequent development of innovative technologies.
The combined action of a group of people, especially when effective and efficient.
Task prioritization is the process whereby an individual, team or business determines the order in which short, mid and long-term tasks should be completed.
The group of people at whom your products or services are aimed.
Having physical form.
Adaptation of products and services to individual customer needs. Features of product are modified to meet specific requirements.
A tactic is a specific, identifiable element in a business strategy. It helps to break down top-level goals and strategic initiatives into detailed action steps so the strategy can be executed effectively.
Knowledge is the kind of knowledge that is difficult to transfer but can be learned through interactions and on-the-job experience.
Systems Thinking is the process of understanding how different factors within a system all influence one another.
Teams with multidisciplinary skills, with everyone having deep knowledge in one area and broader skills to collaborate across the business.
Systematic Innovation is the method in which organizations to create multiple new products and services on a continuous basis over time.
SWOT Analysis is a strategic planning technique used to help a company identify strengths, weakness, opportunities, and threats related to business competition or project planning.
The center of a mass is lifted when rotating an object. Metaphorically, it refers to an optimal range for the development of something
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The person or entity that provides something to a company. Typically, a primary supplier provides a substantial portion of a company’s needs and has an ongoing relationship with that company.
Sustained Innovation is about keeping the business growing through the right innovations.
A sunk cost is a cost that has already been incurred and cannot be recovered.
Structure and Organization means the way your company or its divisions are designed, the types or depth of roles, and the reporting lines.
Strategy Innovation is the combination of strategic management with cutting edge business model thinking to generate and deliver impactful and resonant ideas; either within an organization or its ecosystem.
Relationships between businesses formed to pursue common opportunities that neither company could achieve alone.
Storytelling is the art of sharing a message in an engaging way, using narratives, emotions, and characters.
A group of senior stakeholders responsible for the oversight and governance of the innovation project.
A small piece of paper designed to include short messages, for notes or reminders, that can be easily removed and reapplied elsewhere.
The current state of things or existing state.
STEM is an acronym for Science, Technology, Engineering, and Mathematics. This term is commonly used in educational policy.
A startup is a newly formed company which is in the phase of developing its product or service. Startups are typically small and initially financed & operated by a handful of founders or one individual.
A framework that emphasizes speed, flexibility, and a willingness to take risks—qualities that are integral to successful start-up businesses.
The process of experimentation and low-risk investments to gain insights and experience with a new approach, idea, or technology.
