Please enable JavaScript.
Coggle requires JavaScript to display documents.
Technical Innovation (TI) - Coggle Diagram
Technical Innovation (TI)
What.
Process of implementing new ideas, experience, knowledge, from a technical perspective.
After applying a productive method for a long period of time, business look for opportunities for improvement.
Business’s success lies in staying updated with the latest technological changes.
Results in lower production costs or greater value added.
Lower production costs result from better production process.
Greater value arise from better quality or new features.
Focuses on enhancing user experience at reduced rates.
Importance.
Ability to produce creative products.
Falling behind in technology brings businesses off track.
Numerous advantages to this process.
Competitive advantage in the market
Result in benefits to the customers.
Low price.
Better products
It makes manufacturing and other businesses less complex.
Examples.
Artificial intelligence (AI).
3D printing.
Robotics.
Blockchain (encryption technology).
Types.
Incremental
Minor upgrades to current product/methods.
Introduced to increase efficiency, productivity, etc.
E.g. replacement of manual accounting with accounting software.
Disruptive
It is a breakdown of conventional products or services.
New technical innovation is considered ‘disruptive’ when it gains wide accessibility and availability to consumers at affordable prices.
E.g. cloud computing (technology that provides big data storage and computing power).
Radical
Radical TI's main focus is exploiting present competencies
Envisions achieving long term goals by replacing current product with new products.
E.g. Netflix (home-entertainment).
Architectural
Refers to TI on the architecture of the product.
Maintaining the usefulness but enhancing the architecture.
E.g. traditional to digital photocopier
Key considerations for TI strategy.
Effective project management.
Collaborations, forming a team.
Alignment of team activities (basically similar interests).
Getting insights through customer feedback, interview, surveys (basically primary research)
Constantly testing and changing product until it meets all specifications/customer's expectations.