![]() ![]() In today’s tech-savvy era, digital transformation is inspiring process innovation as businesses leverage digital tools to automate and streamline operations for improved efficiency. The most notable process innovation is Henry Ford's invention of the assembly line, which decreased the amount of labor and time needed to produce vehicles. This type of innovation aims to increase efficiency and quality while reducing the costs of production. Making enhancements to methods or procedures is known as process innovation. An example of product innovation is Tesla creating durable, electric-dependent vehicles that reduce fuel dependence. It is the development or improvement of new products to solve problems, improve sustainability, or enhance the quality of life for those who use them. Product innovation is arguably the most well-known form of innovation. From innovative entrepreneurs to established businesses, there are many different types of innovations that people and businesses can leverage. Types of innovationĪn innovation, by definition, is the process of developing or renewing a technique or product to create or improve value. We've outlined the different types of innovation, the process of innovation, and a few of our Creativity and Design Thinking faculty's top examples of innovations from the 21st century in the guide below. ![]()
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