Innovation is the act of introducing something new or starting something for the first time
The term "innovation" should be reserved for an initiative that can produce a viable new business concept
Successful innovations must
- Generate enough free cash flow to justify themselves
- Meet internal hurdles and performance targets
- Occur fast enough to stay ahead of competition
- Occur often enough to develop a corporate capability around it
Innovation requires a strategy and a disciplined process for implementation!
Innovation = (Idea/concept/invention) x Implementation x Success
Unlearn
From previous own understanding of innovation is only about introducing something new in the marketplace. However, from new learning, it is also about produce new business concept with strategy for implementation and success!
Relearn
With the introduction of Pfizer Value Card to the hospital, it is actually a new business concept for loyalty patients whom are currently on Pfizer's products. However, in my opinion, in order to sustain the business and values provided to customers, we ought to continue to innovate using new technology in order stay ahead of the competition. Also, Pfizer needs to find the uncontested market space to grow our business. How we can achieved this is by analyzing the aging population in Malaysia and offers a wide range of Pfizer's products by providing additional counseling program to the senior citizens.
1 comment:
Interesting observation.
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