The best solutions tend to be a combination of technology and services.
While we tend to think of innovation in terms of new technology, solutions can also come in the form of new types of services that offer improvements on old ways of doing things, meet previously unidentified needs or fill gaps in the market. More often, innovation solutions use technology to support and dispatch new services so that the best solutions tend to be a combination of technology and services. For example, at its heart, ride sharing is a service, but it also heralded in the use of new technology to make the services available and viable. The service of sharing a ride wouldn’t be possible without the supporting technology, including smartphone apps, mobile payments and GPS locators.
Innovation solutions can also be particular to the innovation industry, which is tasked with partnering with companies to create a culture of innovation and help develop meaningful innovations. In this case, the term can refer to a whole suite of tools that are used to drive innovation within companies. Innovation solutions used to drive internal innovation can range from consulting services to software automation that allows teams to advance, scout, discover and accelerate innovation.