There are two types of thinking that must be balanced for companies to improve incrementally and with big-picture innovation, says professor and author George S. Day. The first is from the outside looking in, he argues: "You're looking for innovations that create new value for customers that they are willing to pay for." The second is an inside-out view: "You need to have mastery of the technology, and you have to have the engineering skills, the production skills, the supply chain skills."

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