When many people think of innovation, they imagine a new tool or technology. But business improvements go beyond products. They’re about transforming creative ideas into solutions that drive business development, improve productivity and help meet up with customer demands.

In its broadest sense, business innovation involves any procedure, activity or strategy that transforms a company’s core offerings. It can take on two forms: keeping and disruptive. Sustaining innovation makes improvements to existing techniques or products that improve a company’s competitive status, such as development more sustainably or integrating technology into wearable textiles. Disruptive innovation, on the other hand, takes a step beyond improvement and makes a product or service that disrupts an existing market and causes substantial upheaval within that industry.

Disruptive innovations can take a number of forms, out of rethinking supply chains to offering innovative new goods. One example can be Netflix’s move from DVD-by-mail to over the internet streaming. It changed the way in which consumers used media and ushered in a new marketplace.

No matter what form it takes, business advancement increases a company’s overall value by giving benefits such as higher revenue and increased consumer self-confidence in a brand. This can be utilized to browse around these guys entice new customers, rewards employees and investors or to fund further business innovation.