innovative products

 products

Definition

Industrial products are goods that are destined to be sold primarily for use in producing other goods or rendering services as contrasted with goods destined to be sold primarily to the ultimate consumer. They include accessory equipment; installations; component parts; maintenance, repair, and operating items and supplies; raw materials; and fabricating materials.

The distinguishing characteristic of industrial goods is the purpose for which they are to be used, i.e., in carrying on business or industrial activities rather than for consumption by individual ultimate consumers or resale to them. The category also includes merchandise destined for use in carrying on various types of institutional enterprises.

Relatively few goods are exclusively industrial products. The same article may, under one set of circumstances, be an industrial good, and under other conditions, a consumer good.

 bags. They sometimes caused clogs and buildup that affected the vacuum’s performance. With these pain points in mind, he built the first bagless vacuum cleaner. Since then, Dyson has revolutionized cleaning technology and continues to innovate with its users' key pain points in mind.

9. iPhones

It’s no surprise that Apple products are almost always mentioned in any discussion about innovation. The iPhone is a modern innovation that revolutionized cellular phone technology. While computers and cell phones were constantly evolving, Steve Jobs understood that consumers’ latent need for portability and speed couldn’t be solved with a computer or phone alone. This is what led to the iPhone.

HOW TO BE INNOVATIVE IN THE MODERN WORLD

Innovation isn’t just for inventors and entrepreneurs. It isn’t just for the workplace either. In fact, an excellent way to foster innovation as a regular practice is to adopt a design thinking mentality.

Design thinking is a user-centric, solutions-based approach to innovation. In the online course Design Thinking and Innovation, Harvard Business School Dean Srikant Datar touches on design thinking’s principles using the four phases of innovation framework:

• Clarify: Conduct research to clarify a problem and empathize with your target audience. The goal is to identify key pain points, ensuring solutions are useful.
• Ideate: Focus on idea generation to solve problems identified during research.
• Develop: Explore potential solutions generated during ideation. Create prototypes to validate their effectiveness.
• Implement: Advocate for your innovation to key stakeholders and encourage its adoption into the organization.

This approach provides structure to aid your innovation process but doesn’t require rigid adherence. Creative problem-solving methods, like design thinking, aren’t one-size-fits-all. Rather, they’re roadmaps to creating innovative products and services.