S ustained Innovations refers to incremental improvements or advancements made to a products and services , or technology over time. These innovations aim to improve quality, efficiency, and effectiveness for a business models in order to maintain a business competitive advantage and meet the changing needs of customers.
sustained innovation is not about creating entirely new products or services but rather improving what already exists, This can include making small changes to the design or features of a product, streamlining processes to increase efficiency, or investing in research and development to enhance existing technologies.
Sustained innovation is crucial for organizations to stay relevant and competitive in today's fast-paced marketplace. It helps companies keep up with changing customer demands, technological advancements, and emerging trends. By continuously improving their products, services, and processes, businesses can remain ahead of the curve and avoid falling behind their competitors.
One of the key benefits of sustained innovation is that it allows organizations to build and maintain customer loyalty, By consistently introducing new and improved products, businesses can keep their customers engaged, satisfied, and loyal to their brand. Furthermore,it helps a company to establish a reputation for quality and reliability, which can be a valuable asset in attracting and retaining customers.
Tech Business Model (Technology industry) has seen many examples of disrupted innovation, such as music downloads replacing compact Discs, Netflix, Apple iTunes, Kodak Vs Digital Cameras , Uber.
Disruptive Innovations :
Disruption theory is a business theory that describes the process of innovation that creates a new market and value network or enters at the bottom of an existing market and eventually displaces established market-leading firms, products, and alliances
Disruptive innovation does not improve or enhance products and services for the same target consumers, Rather, it is a process that leverages technologies to make such products and services affordable and available to a larger, non-targeted market .
Disruptive innovation can deliver important benefits to competition and consumers, in terms of new and better services.
it also has the potential to change our world for the better, but it can also have negative consequences for certain individuals and industries who cannot adapt to the changes.
Apple iPhone Vs Nokia , Nokia Supposedly was a Market Leader with more than 40% Market Share it didn't make any improvements to their Products that Could Meet their Key Customers Expectations , That's why it got Disrupted by other Competitors, Uber and other Competitors by time will Disrupt The Taxi Individual Business.
In summary, sustained innovation is a critical component of long-term success for businesses, By continually improving their products, services, and processes , companies can stay ahead of the curve and remain competitive in today's dynamic Marketplace.
Updated By 20 Sep 2023 - All Rights Reserved