Final answer:
Innovation in a company can be incremental or radical and pertain to product or process improvements. Adding value to innovation can occur through understanding customer needs, utilizing technology, enhancing processes, and fostering collaboration.
Step-by-step explanation:
To address your question about the types of innovations a company is pursuing, it’s essential to first understand what innovation involves. Innovation is the process of making changes to something established, especially by introducing new methods, ideas, or products. It’s often categorized as either incremental or radical and can be related to products or processes.
Incremental innovation involves small improvements to existing products or processes, while radical innovation implies a fundamental change that disrupts existing markets or creates new ones. Product-related innovation focuses on changes in the goods or services offered by a company, whereas process-related innovation refers to changes in the way these goods or services are created or delivered.
To add value to a company's innovation efforts, one could focus on understanding customer needs to guide incremental improvements, suggesting ways technology can enable radical changes, or enhancing internal processes to support efficient innovation management. Additionally, embracing strategies that encourage collaboration and knowledge sharing can fuel both incremental and radical innovations further.