Innovation

Introduction

Innovation can be described as the practical implementation of new ideas, whether in process or products.

• Our world progresses because we all desire a better life. New inventions are being made because we desire something better.
• Many of the common things that we have today are the result of continuous innovation, such as cars, airplanes, smartphones and social media.
• Compared to 20 years ago, modern car incorporates numerous features such as keyless ignition system, reverse cameras and automatic braking systems. However, are these features groundbreaking?

A new innovation should be beneficial, practical and affordable enough for people to readily accept it.

Identify the Root Cause

Innovation often begins with addressing a problem that needs solving.

• For instance, sending messages by letters used to take months to reach another part of the world, leading to its replacement by telephone call.

Before attempting to find a solution, it is crucial to dig down to the root cause of the issue, as it often defines the appropriate solution.

• Quick fixes may provide temporary relief, but they are not always permanent solutions.

To illustrate this point, there is a story about Toyota's 5 Whys technique.

• An employee of Toyota noticed a drop of oil on the ground.
• While others would have simply wiped it off, the employee questioned why the oil was dripping.
• Upon investigating, they discovered it was due to a screw position.
• Instead of merely tightening the screw, they delved further and found an aging electric coil.
• This led them to inquire why only this specific screw's coil was aging, and they eventually found that it was from a different manufacturer.
• The information was then feedback to the purchasing problem, addressing the problem at its root.

This approach of thinking is crucial in our era when solving problems.

Solving Problems in New Ways

True innovation solves problems in new and unexpected ways, such as EZ Weight.

Constant work without breaks or mindless internet browsing can kill creativity.

• When you mind is occupied continuously with routine tasks or distractions, there is limited room for new ideas to emerge.
• On the other hand, when you are bored, your mind seeks stimulation and can naturally start exploring new ideas or activities to alleviate the boredom.

Creating Value

Innovation sometimes results in creating value that was previously unseen by consumers.

• As a pharmacist, I never noticed the need for a contoured base needle like the BD UltraFine Pro to compensate for variable injection forces.

However, not all innovations introduced by companies are equally significant.

• For example, I do not appreciate the memory feature of a blood pressure meter, especially in cases where a typical family shares one. The manual way of recording readings in smartphone note application is just as convenient.

Summary

Looking ahead, innovation predominantly revolves around information technology, be it in the form of smartphone applications or artificial intelligence.

In the present year, businesses are challenged not only by internal competition, but also by the pace of evolution.

• SMS roles have been taken over by messengers, leaving the task of receiving OTPs.
• Telephone calls have been replaced by video conferencing.
• The taxi industry is facing competition from ride-hailing services like Grab.

The ability to adapt and innovate has become increasingly vital in this dynamic landscape.