The something new can be a new idea, a new device, or a new method of doing something. Something new does not necessarily have to be something entirely new; it can be an improvement of something that already exists. In addition, innovations can be tangible or intangible.
For example, we are leveraging machine learning, natural language processing, and other artificial intelligence tools to help us analyze data, and we are monitoring 2/3  BIS central bankers' speeches  how financial institutions use these tools in their decisionmaking.