INNOVATION AND TRADITION

INNOVATION AND TRADITION

Innovation is the multi-stage process whereby organizations transform ideas into new/improved products, services or processes, to advance, compete and differentiate themselves successfully in their marketplace. Henderson and Clark, divide innovation into four types; Radical innovation: "establishes a new dominant design and, hence, a new set of core design concepts embodied in components that are linked together in a new architecture." Incremental innovation: "refines and extends an established design. Improvement occurs in individual components, but the underlying core design concepts, and the links between them, remain the same." Architectural innovation: "innovation that changes only the relationships between them." Modular innovation: " innovation that changes only the core design concepts of a technology".

Following are the points that need to be taken into account while innovating an idea.
1.Develop clear directions on how to submit ideas and who they should be submitted to.
2. Create a transparent means of ranking the ideas. Those who submit suggestions should see what other ideas are being submitted, and critiques should be based on sophisticated checklists to objectively evaluate merit.
3. Explain to people why their ideas were not accepted. Why exactly did the idea not work? How might the person or team approach the problem next time for better results? It's especially important at this point to nurture motivation and to prevent discouragement.
4. Make sure all members feel they are important to the innovation process. Innovation is not the capability of a select few. Everyone can contribute to the innovation process. Appreciate and openly praise those who contribute behind the scenes as well as those who typically get the attention. Innovation can come from all levels of an organization.

There is no doubt that traditions are important. From the holidays we spend with family year after year to the foods we cook for special occasions, the traditions we keep are anchors in our lives and form a fundamental part of our identity. The business world does not forgo the importance of tradition. Many companies take pride in their histories and strive to maintain techniques, products, and facilities that have been integral to their brand for a long time. Yet in staying steadfastly true to their heritage, businesses are obsolete. If maintaining tradition starts to become a pretext for resisting change, businesses risk becoming inefficient, outdated, and non-competitive in the modern consumer landscape. In today's saturated and globalized market, innovation is often the key to growth for businesses large and small. The abundance of digital startups that have sprung up over the past decade is a testament to this trend.

Without innovation, businesses can become less popular as a result. What good are traditions without the capital and brand awareness to sustain them? Using R&D Can Help Maintain Traditions. Brands need to balance forward-thinking attitudes with the value they place on core brand traditions and histories. Though it seems paradoxical, innovation can play an important role in staying true to business and product heritage. If businesses can keep pace with current trends and meet modern demands through innovation, they will gain both the means and the capital to preserve the most valued aspects of their heritage. Many highly successful companies have modernized aspects of their business structures and production processes while still staying true to their roots in critical areas. From corporate structure to production lines, from facilities to marketing methods, change can take place anywhere within a business model. Take iconic American whiskey label Jack Daniels, for example. This company has always sourced the water used to distill its famous whiskey from a single spring in Tennessee and continues to construct its own handmade wooden barrels for aging. These traditions are clearly not open for change-they are what define the brand's products. Yet to protect these traditions long-term and meet modern demands, innovations were made in other areas: to the advanced fire prevention systems at its distilleries and the brand's digital presence, most notably.