Creating Innovation for business growth
Why is innovation so important?
For companies that fail to understand the importance of innovation, they risk survival in today’s ever-changing business world. And they will likely fall behind.
On the contrary, brands that stay on top of the latest innovations are more likely to have successful outcomes. Taking ownership of the innovative mindset means your company improves its chances of adapting its business strategy and culture. Ultimately, you stay updated and ahead of the competition.
One vital outcome of successfully adapting to change is growth. And innovation is critical to growth. Through an innovative approach, companies can identify growth opportunities and improve performances through their business strategies.
According to a survey conducted by McKinsey, 84% of executives agree that innovation is important to growth strategy.
Remember: change is inevitable, but you won’t always get your innovations right immediately.
Taking risks may not be in your company’s DNA, but they allow for new learnings. Innovation can also be an enabler of efficiency and a different way of problem solving. When something new arises, innovation helps your company to stay relevant. It also helps you to implement new ideas and improve services to cater for the change.
The right innovative techniques can also help companies save time and money. The European Central Bank states that innovation can lead to higher productivity, meaning that the same input generates a greater output.
How your business can benefit from being innovative
Whether it’s the rise of mobile use, voice search, or delivering a more personalized experience, adapting to changes with an innovative approach can help your company to succeed in many ways:
Build the value of your brand
Having the willingness to adapt your business to new innovations helps your company to understand new trends.
It also helps you to study market or industry trends and become much more aware of how your business is operating. This will help you strategically plan your future objectives, adapt to the trends and develop new solutions – improving your company’s value and reputation among both customers and employees.
Innovative thinking not only enables your company to expand its business, it can also give you the upper hand on your competitors.
Studying your market and assessing your competition helps you to understand current and potential customers. Here, having a creative edge in planning your strategy can be a big help in attracting and engaging your primary target customers.
Increasing productivity and efficiency
Finding new processes through innovation means adding something new to your business. This means you are able to extend your offering and cater for a wider audience’s needs.
Innovation also allows you to work smarter. You can monitor your progress and prioritize tasks, which reduces time-consuming work.
Positive impact on company culture
By adhering to innovation practices, it can increase the ability to create, develop, and utilize different competencies. Employees work with and develop specialized tools and are rewarded with the freedom to be more imaginative. Moreover, they are motivated to learn and grow.
All you need to do is support them along the way.
Realize your company’s potential
Without an innovative approach, you may not fully appreciate how value adding your products or services can actually be. Having a more open-minded approach to innovation can bring you even closer to your customers and create happier employees.
With certain digital innovations, you can even reduce your costs by knowing who and where to do business. This cuts out time-wasting tasks and helps you to focus on targeted markets that you know are engaging with your brand.
Being innovative is a collaborative effort
What’s the point in being successful If you’ve not nobody around you to celebrate it with?
Ask yourself this:
What would innovation mean to your company?
Innovation through collaboration encourages diverse ideas and creates a dynamic environment for employees with various competencies to thrive in.
Collaboration equates to togetherness.
Furthermore, an innovative environment is one that welcomes the generation of ideas; an ecosystem of various skills and values that come together to achieve the same goal.
“As a professor and trainer who teaches a series of innovation and creativity programs, I can tell you from observation that innovation is not for geniuses working alone. It is a group activity and is definitely a teachable skill.” (Theodore Henderson, Forbes Councils Member)
A collaborative process can also reveal hidden gems among your employees. Innovative thinkers aren’t always those who are the most outspoken, or with the most qualifications.
It’s much easier to convert employees into brand ambassadors with a collaborative attitude, an openness among teams, and a flatter hierarchy.
Collaboration in innovation is also a huge benefit for sustainability – both in industry and society as a whole.
Innovation doesn’t have to be constant change. It can create a knock-on effect.
By changing practices to reduce or completely remove negative impact on the environment, you can set standards, become a thought leader, and pave your own way for continued change and growth.
Key takeaways about the importance of innovation
- Invest in market research
- Integrate innovation into your business strategy
- Encourage the freedom to fail
- Assess your competition
- Create a unique voice and be remembered
- Build a closer relationship with your customers
- Improve employee happiness
- Save time and cut costs