Introduction new ideas which are one of the best

Introduction

            Innovation requires a constant
stream of ideas that come from or involves a host of ideas from a variety of
sources. They think and create new ideas, make an improvement to existing
products and services, think outside the box, and ignore the status quo to innovate.
The important thing is to identify and act upon opportunities. Every company
has to keep up with trends, do research, keep up with their competition, be consistent and create a
profit while keeping their customers committed. Each
source of innovation has to be categorized and addressed based on their
characteristics, and what they provide for the business. In this paper,
the sources of innovation will be identified and discussed, trends and
forecasts will to be assessed, and disruptive
innovation will be evaluated.

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Sources of
Innovation

            Some sources of innovation include a
company’s employees, customers, leaders, and competitors. Employees within the company
have hands on experience with the way things work and can be a large source for
ideas. Communications should be provided so employees are encouraged to submit
new ideas. The customers are the ones who give the final evaluation of products
and services, as well as determine sales which make customers a valuable source
for innovation. Innovation leaders can utilize the internet to get reviews,
complaints, ideas, and provide surveys and questionnaires for customers. This
information can be compiled and used to create and develop new ideas which are
one of the best sources businesses can use to stay ahead of the competition. Attending
trade shows, exhibitions, and industry conferences, companies can keep up with
what the competition is up to. In case the competition present ideas that can
be changed or improved that can be used to stay ahead competitors.

            Sources
of modern innovation are credited to Peter Drucker. Peter Drucker identified
seven sources of innovation: 1.) The unexpected 2.) Incongruities 3.) Process
needs 4.) Industry and Market Structure 5.) Demographics 6.) New knowledge 7.)
Change in perception (“The 7 Sources,” n.d.). Though all sources by Drucker are
significant, individual priority expounds greatest impact on modern business
based on the principles of evolved marketing demonstrated by V. Kumar (2015). The
first source of innovation, unpredicted results, causes responses that are
reactive to the awareness. The next
source, incongruities, can act as a source of innovation in several ways. Incongruities or discrepancies
between what is and what everybody assume it to be, are either symptoms of change
that have occurred, or change that can happen. The next source of
innovation, process needs, relates to weaknesses or missing components in an
existing process. An example of this can be seen in modern media.
The next source of innovation is changes in industry and market structures. These changes usually
occur because of a change in customer values, preferences, and tastes. The fifth
source of innovation Drucker (2015) identified is demographic changes. Changes in population and
demographics such as age, education, employment status, or income have long been a
reliable indicator of the future needs for innovation. The sixth source
of innovation is new knowledge. New knowledge is a progressive
development influenced by change over time. Just as
knowledge evolves, perception and meanings also change. This brings us to the last source of innovation,
changes in perception. Innovation opportunities open when
an attitude changes from optimistic to pessimistic. While it is nearly impossible to quantify
what makes an individual optimistic or pessimistic, it is easy to exploit those moods
innovatively.

Trends and
Forecasts

            The Boston Consulting Group has
forecasted that the USPS will experience a profound decline in volume form 177B
pieces of mail in 2009 to about 150B pieces by 2020. This will happen if it
does not make changes to its current business model. This decline will also
affect its net income which will threaten its viability. This forecast is
dismal as the USPS continue a steady decline in mail volume leading to annual
losses to about $15B by 2020, a massive increase from it $4B loss in 2009. The
change is attributed to shifting from the lucrative First-Class Mail to the
Standard Mail, which is less profitable. This process is irreversible because
more customers are receiving bills, statements, invoices, and payments. Senders
are aggressively addressing the cost of paper transactions which has a lapse in
response time but has an added delivery cost. As security, the Internet
security concerns are addressed more consumers will move online to do most of
their business that was otherwise done by mail. This decline in mail volume is
also experienced by other countries because people have chosen online
alternatives (BCG), (2010). Particular attention has to focus on specific
predictors of innovation novelty and how they are connected to failures to
understand and improve the innovation process. Research and Development have to
manage interventions to cut down on the incidences of failures and improve
radical innovation (D’Este, 2014).

Possible
Disruptive Innovation

            Disruptive
innovation is just not a simple action; it is a mind-set if the aim is to have a smooth running
process. Disruptive innovations represent new products, services,
and technologies introduced into an existing competitive market in an attempt
to gain reasonable advantage. Communication is the key to manage new products and services. Early disruptive innovation is evaluated on the
qualitative foundation because they are new and don’t have any other developed
markets or products to make a comparison. The success
of this process depends on a company’s knowledge of early adopters. Research
shows that early adopters to disruptive innovation are knowledgeable to the product domain. It is
important for a company to address early adopters and the strategy adopted for
product development.

Conclusion

            Innovation will continue to require
a constant stream of ideas now and in the future. Keeping up with trends, doing
research, and keeping up with the competition will keep customers committed while
bringing in a profit for the company.  Innovation
comes from many different sources such as customers and employees, as well as
from Peter Drucker. The sources of innovation was identified and
discussed, trends and forecasts were assessed, and disruptive
innovation was evaluated. It is vital for a company to assess its position in
the marketplace and align themselves with the continuous changes in
technology and the trends of the customers. If a company wants to remain on top, they have to
keep innovation as a priority.