Research and innovation are two terms that are almost synonymous with scientists conducting their research on a ground-breaking project. But little do people know that these two words can also be used in other ways, such as in businesses.
Basically, innovation means the process of converting the knowledge the individual has acquired into various services and products that are worthy to be sold to customers. Innovation does not necessarily mean that a person should be inventing something new. In most cases, it is also associated with transforming the existing product into something improve, new or better than its original one. This process is also called as incremental innovation.
One fine example to this case is the development of the flat screen TV – which is a product based on an existing one, without radical changes, but performs at a superior level. Then comes the smart TVs, which is an incremental innovation based on the flat screen ones. It forms 99 percent of marketing and development efforts of the companies, and mostly based on the skills they have already mastered.
It can also be the radical transformation by modifying the behavior of the user. This is referred to as disruptive innovation. This is also a part of the research and innovation process, in which it transitions the use of the product from one thing to another, such as the use of the telegraph into a telephone. It made it possible for 2 people to interact with each other without worrying about the distance that is between them. Another example is the transition of the old film camera into digital photography, which involves processing the photos into data that can be stored in computers.
This kind of innovation has created new patterns into how users consume and use the product, thus disrupting or making a revolution on the already existing products. It is also believe to lead to creation of radically various markets based on its initiator, which then becomes reference which will be followed. Disruptive innovation is highly utilized by companies as a way for them to gain a competitive edge and advantage towards their rivals and also as a way to catch up with the trends.
Between research and innovation, the former usually starts at the beginning before the latter is conducted. Research is used to describe the array of systematic efforts as a way to increase an individual or a group’s knowledge towards a subject or area. Research has an objective, and depending on this objective, there are distinctions made in between. These falls onto fundamental research, applied research and experimental development.
The first refers to the theoritical or experimental work as a way to acquire a completely new knowledge within the specified area. During this stage, there are no applications involved nore does the research results have any conrete use for it. The applied research primarily aims to get new knowledge, but based on a concrete and practical objective. Lastly, the experimental development, pertains to the efforts that has been undertaken in order to launch production over the new products or improvement with it. The efforts made here is based on the already existing knowledge, which is acquired via research.
Research and innovation go hand-in-hand together in business, as a way for companies to get ahead of their game and be at an advantage over their competitors. Based on the definition given above, people will constantly witness an improvement on lifestyle and convenience, as these companies will look for ways to create better lives and at the same time keeping the names of the business intact through many years, which is how some companies have lived more than a century.