Innovation is "a new or changed entity, realizing or redistributing value.

Novelty and value are relative to, and determined by, the perception of the organization and relevant interested parties.
An innovation can be a product, service, process, model, method, etc.
Innovation is an outcome. The word “innovation” sometimes refers to activities or processes resulting in, or aiming for, innovation. When “innovation” is used in this sense, it should always be used with some form of qualifier, e.g. “innovation activities”.
For the purpose of statistical measurement, refer to the Oslo Manual 2018, 4th edition, by OECD/Eurostat. See Annex B.2 for a comparison between the definitions of innovation by ISO and the OECD/Eurostat.

ISO 56000:2020(en)Innovation management — Fundamentals and vocabulary". ISO TC 279 2020