GENERAL KNOWLEDGE

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: -An innovation process is a set of steps between an idea’s conception and its implementation. It is a streamlined process that is managed in a way that reflects a company’s structure and innovation goals.

Detailed explanation-3: -Innovation is the spark of insight that leads a scientist or inventor to investigate an issue or phenomenon. That insight is usually shaped by an observation of what appears to be true or the creative jolt of a new idea. Innovation is driven by a commitment to excellence and continuous improvement.

Detailed explanation-4: -An innovation is a new or improved product or process (or combination thereof) that differs significantly from the unit’s previous products or processes and that has been made available to potential users (product) or brought into use by the unit (process).

Detailed explanation-5: -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.