Analytical thinking and innovation are two of the most sought-after skills one can develop in the fast-evolving digital world. Despite its significance, most of us don't fully understand the real meaning and application of the two at work.
Let's understand INNOVATION first.
Most of us use the term INNOVATION in everything without fully differentiating the types of innovation they are referring to. This can make you look naive or ignorant of you mention this during the interview or at work in front of an expert.
There are four types of innovation at large.
1. INCREMENTAL INNOVATION 🔧
- This is 90% of all things you do daily, and call it innovation. Things like changing the color of the content, making a small patch (potti) to an existing product, giving a discounted price offering of the same product, or relaunching the same product with some minor changes.
If you enjoy calling these innovations and expect a raise/promotion at the end of the year, you will get stuck in life. Everyone does these, and they don't show any true innovation.
2. ARCHITECTURAL INNOVATION 🧩
- This is a system-level innovation where you have to change the existing architecture of a solution in multiple ways to develop a new, superior product/solution.
An example of this is what my team and I did when building the #MyGP App in Grameenphone Ltd. To provide the existing self-care value to our users online with a seamless journey, we had to reimagine the system and information architectures to design from the ground up.
3. RADICAL INNOVATION 📱
- A simple example of this is the iPhone. The first personal smartphone was released in 1992, and before the launch of the first-ever iPhone, there were already millions of smartphone users in the world. Despite the market traction of Blackberry, Nokia, and Motorolla phones, Apple radically changed how the world could use smartphones with a full touch, no keyboard internet phone.
4. DISRUPTIVE INNOVATION 🔥
- Netflix is an example of this type of innovation. People were already used to renting CDs/DVDs to watch movies. But Netflix disrupted that user behavior in 2007 by selling video-on-demand online. The rest is history.
Entrepreneurs, CXOs, and Product Managers often invest so much of their money into building INCREMENTAL solutions that either don't add values that last or get quickly obsolete with a slightly superior change in the market.
How we intentionally and carefully build our products and services using the various types of INNOVATIONS can determine where we will be as a business.
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Founding ML Scientist @ Predelo | on the n-th iteration
2yLoving the coffee break series, Salman bhai!