The 4 types of innovation from a strategic point of view

Innovation is commonly associated with new products or technology, but it can be applied in different fields and disciplines. According to Accept Mission, innovation is the realization of new products, processes, propositions, or business models to create added value for customers and employees. Larry Keeley's book, "The Ten Types of Innovation," attempted to classify innovation into different types, but the author narrowed it down to four. These types are finance, process, product, and delivery innovation. Finance innovation deals with a company's monetization models or network, process innovation covers production or sales processes, product innovation involves anything related to the product, while delivery innovation pertains to customer satisfaction. By understanding each type, companies can better allocate their resources and focus on specific areas.