Innovation is the practical implementation of an idea, invention, or improvement that creates economic, social, or technological value. It goes beyond simple creation, transforming concepts into new products, services, processes, or methods that provide an advantage or meet a specific need.
A distinction is generally made between:
- Product innovation: the creation or improvement of a good or service.
- Process innovation: the implementation of new production or distribution methods.
- Organizational innovation: changes in practices, structures, or management models.
- Marketing innovation: new marketing or customer experience strategies.
Innovation is a driver of competitiveness and progress, enabling businesses to differentiate themselves, adapt, and generate value.