A key benefit of collaboration is innovation which focuses on deriving better and more unique ideas for products and services.
Innovation is termed as a service, product,strategy, business model that is both useful and novel. Innovations need not be be a major breakthrough in technology or it need not be a new business model; they can be any upgrades to the customer service of a company or features which are added to the existing product.
In business, Innovation is grouped into two categories:
Sustaining and Disruptive.
Sustaining innovation:
It enhances any organization's processes and their technologies to improve the product line for existing customer base.
Disruptive innovation:
It occurs when a smaller company challenge a larger business.
To learn more about innovation, refer
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