Lots of people talk about Inovation with out understanding all the connotations of it. Innovation is not a word its a philosophy, a way of thinking. There could be various types of Innovations.
1. Product Innovations : The product is kept from getting obsolete by carrying out innovative incremental impovements in the product. This leads to product remain appealing to the target audiance all the time. Take for example Lenovo Laptops, they initially had Face Recognition software for password , now they have Touch Screen Interaction as a new feature, Cool isnt it.
2. Product Line Innovation : Product Line Innovations like Apple does all the time adding new innovative products like Safari, I-Pod, I-Phone , Movies Distribution all leading to overall boost in customers of the comapany and their satisfaction.
3. Process Innovation : Doing someting to produce better quality product, or more customer satisfaction or simple cost reduction or efficiency is process Innovation.
4. HR Innovation : In this new Global Knowledge Economy what can not be achieved by managing your people innovatively. You can engage employees, keep them motivated and manage attrition of your comapny by keeping poachers at bay.