Innovation is all about finding new ways to do things, whether you are implementing a new process, building a culture of innovation, creating innovative products and services, changing your business model, or applying new technologies.
In today’s marketplace, innovation isn’t a “nice to have” – companies that want to remain competitive and outlast their rivals must innovate. Ultimately, innovation allows you to achieve sustainable long-term success.
Here’s how innovation helps your business succeed:
Taken together, these elements improve your profitability and competitiveness.
Innovating may seem daunting, but it doesn’t have to be! Innovative ideas can come from many different sources, like your front-line employees, R&D, your external partners, newly available technologies, your customers, and the list goes on. It’s also not necessary for innovation to be a huge paradigm-shifting change in your company, industry, or the way you do business. It can be small, incremental improvements that add up to great effect.
It starts with asking the right questions to understand which areas your organization should focus on.
An article in Harvard Business Review outlines which five questions are key:
Innovation isn’t something you do once and then stop; it’s an ongoing process of improvement and refinement to help your company reach its goals. To reap the benefits, innovation and creative thinking should be formalized in your business strategy (if they aren’t already)!
Innovators Alliance is a business-to-business networking group of CEOs committed to driving growth through innovation. Be our guest at one of our upcoming events!
Is your company innovative? Try our Innovator Self-Test. It has only 10 questions and takes less than 2 minutes!
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