ENTREPRENEURSHIP

Detailed explanation-1: -A process innovation is the implementation of a new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and/or software.

Detailed explanation-2: -A service innovation is a service product or service process that is based on some technology or systematic method. In services however, the innovation does not necessarily relate to the novelty of the technology itself but the innovation often lies in the non-technological areas.

Detailed explanation-3: -Service innovation is helping companies develop new revenue sources by meeting their customers’ demand to get things done in sectors ranging from heavy machinery to health care to financial services to consumer goods.

Detailed explanation-4: -Process Innovation is the act of creating an entirely new aspect of a process – or even overhauling the process itself – to reach a different market, grow your business or disrupt a particular industry. An example of this is the idea of using an app to access and pay for an Uber, instead of calling for a cab.