What are some identifiable benefits of innovation?

A few identifiable benefits would be in the areas of product innovation, business system innovation, that is the way a company runs their operations. There are many balanced metrics that can be used to measure financials, customer satisfaction, operations and learning and growth. When a company or a manger chooses to implement a new process change, develop a new way of producing a widget etc. they should put together balanced metrics to be able to measure whether or not they are seeing identifiable benefits. A. Johne’s article on “Successful Market Innovation” reviews three types of innovation that would be seen as identifiable benefits. He reviews how each of them contribute to organic business development; product innovation, process innovation and market innovation.

The outcome is three main types of innovation can be pursued for this purpose:

1. marketinnovation, improving the mix of markets and how these are served
2. productinnovation, improving the mix of offers
3. process innovation, improving themix of internal operations.