Boards and Process Innovation
By Panashe Maisva Product innovation involves innovating on features, functionalities and performances of products or service offerings. Process innovation on the other hand, is about innovating around processes (i.e. manufacturing, distribution and support of products/ services). It is about innovating to improve business strategies, reduce costs, improve service levels, mitigate risks and improve general company performance. Product + Process Innovation = Value Chain Innovation As companies formulate their process innovation strategies, four (4) questions need to be answered: Who? – Insourcing versus outsourcing? Should I do it myself or outsource? Do I have internal competencies and capabilities to do it myself or find someone to do it for me? Where? – Do I do it in Zimbabwe (inshoring) or do I do it in China (offshoring)? Do I source globally or locally? Necessary evaluation of pros and cons need to be carried out before a strategic decision can be made