In business today, ask yourself if you need to become more innovative. Do you feel the impact of globalization, technological and knowledge revolutions, migration and generational divides? How about the Millennials and their viewpoints on digital media issues?
Innovation can bring the added value you need to your business plus widen your employment base. It may be detrimental for the quality and growth of your business.
Where do good ideas come from? Watch this informational video by Steven Johnson:
Most exhilarating is Johnson’s conclusion that with today’s tools and environment, radical innovation is extraordinarily accessible to those who know how to cultivate it. Where Good Ideas Come From is essential reading for anyone who wants to know how to come up with tomorrow’s great ideas.
One of my top blog posts of all time is regarding INNOVATION and the YouTube video by Steven Johnson @stevenbjohnson with over 3.7 million views at time of this post. He is a TED speaker as well and has written eight books including Where Good Ideas Come From: The Natural History of Innovation.
Innovation can be explained as the using of new ideas that lead to the making of any new products, services or processes. Not only is the invention of something new important, but getting it out into the marketplace is just as important. This can involve management restructuring and technological transformation. Innovation means using new technology and using new ways of thinking to add value to an existing idea or product and to make substantial changes in society.
Different studies have confirmed that businesses want to be more innovative. In my experience, I found on average, that almost 90% of businesses think innovation is a priority for their success. However, depending on the business age group, it may take awhile for some people to catch on and not stay in the status quo. The importance of innovation is on the rise. “Great companies” recognize it and will act on it. Technology, digital trends and easy access to a plethora of information can help you build upon or complete your idea.
The ability to be innovative is a major factor that influences strategic planning and it has also been acknowledged that it leads to creation of wealth.
If you ask most CEOs, they’ll tell you that experimentation is imperative for their business. Experimentation is how new innovations are born and stay competitive. Automotive companies have concept cars; food companies experiment with new foods and flavors; retail companies experiment with placement of products and store atmosphere; drug companies are built on experimentation; tech companies experiment. Google Labs is a great example of innovation and experimentation. Take a look at sports teams – they experiment with new plays and/or players.
The different types of innovation that you are likely to run across include product, process, supply chain and marketing. The latter is the creation of new methods to market your product design or packaging with added enhancements.
What are some of the reasons that businesses should not be without continual innovations?
1. Creative Development – Qualities of innovative nature are essential for new businesses today. You can achieve growth by learning how to be creative. You need to learn this business skill to help make things of value from your creativeness. When you have this business skill you will find that it opens up all kinds of opportunities and gives you the potential for a new market and helps you to keep up with the current trends.
2. Continuous Improvement – Innovation gives organizational sustainability when you are making continual improvements and repackaging and re-branding. Any good manager will recognize the need to innovate and grows the business skills to increase their creativity.
3. Reinforce Your Brand – Development branding is popular in organizational leadership. This process reveals information to help leaders to learn other ways to be more innovative. It is important because it is recognized as one of the main drivers for success. It gives organizational sustainability such as brand maintenance.
4. Making the Most of What You Have Already – It is not all about creating a new product or service which you can sell, but you also need to focus on your existing business procedures to improve your efficiency, find new customers, increase your profits and cut down on the amount of your waste. When you are continually innovating and improving on the practices of your business you will likely also attract better staff and keep more of your existing staff. This is detrimental to the health and performance of your business in the long-term.
5. Responding to Competition and Trends – Innovation can help you see what exists now in the form of opportunities or be in alignment with ones that will pop up in the near future. Businesses which are successful don’t only respond to the current needs of their customers, but usually predict the future trends and come up with an idea, service or product that can meet the future demand quickly and effectively. In this way you can stay ahead of your competition as trends, technology or markets shift.
6. Having a Unique Selling Point – Generally, consumers will see innovation as something which adds value to products or a company. When this is used the right way, it can give you an advantage commercially, especially in a market that is saturated or shifting rapidly. It can get your more positive exposure in the media and your customers will be more willing to pay the extra money for something that is well-designed and new, rather than picking the less exciting and cheaper rival.
7. The Use of Social Media – Including the use of social media in your innovation campaign is great for managing, motivating and getting focused in your business. When you use it in your business, you are drawing ideas from a wide range of people on the social networks, giving you a successful outlet to find new ideas for your business. You can also use social networks to see what customers are saying about your services, products or company.
Color Your Message – on Amazon October 2014
- Innovation And Partnerships – Procurement Transformation Blog | Capgemini (procurementtv.wordpress.com)
- If Ideas Are The Seeds Of Innovation… (vistage.com)
- Removing Barriers to Innovation (business.time.com)
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