Innovation, Invention, or Optimization?

Written by Judy W Bell on January 11, 2011. Posted in Innovation

Reminder… It’s a new year. 2011 is here for 12 months and this is when individuals and companies typically look at what they want to do new and/or differently for the upcoming 12 months.

So, how do we decide if we are going to innovate, invent, or optimize? Or maybe we will do all three!

Innovation is actually defined as the renewal of something already in existence. Innovation could be looking at how you currently handle your accounts receivable, decide what works and what needs tweaking, and then reengineering your AR process to make it more efficient. A key concept in innovation is creativity.

Invention is described as a new idea. Usually- with invention- comes 1.) Production of the new product or service, 2.) Productivity is increased, and 3.) Economic wealth increase typically follows. Key concepts for invention are both idea generation and creativity.

Optimization should occur after you have implemented invention and innovation. Optimization takes advantage of the momentum that is seen once invention and innovation have taken place. Key concepts for optimization are strategic thinking, metrics, targets, and benchmarking.

Remember, what gets measured gets improved! And the marketplace likes improvement