Why does innovation matter – more than ever – for businesses in today’s world?
Innovation isn’t just a buzzword; it’s a powerful technique that growing, profitable, and forward-thinking businesses are using every day. It’s when you apply new processes, models, and ideas throughout your organization (from your workplace culture to the products you offer). It’s a commitment to getting better and better, instead of standing still and allowing the competition to overtake you.
Although innovative ideas and practices have always been important for business success, today we are seeing three distinctive and significant forces coming together. These three trends are making innovation a necessity in the current marketplace:
1. Accelerating Pace of Change
Look at the world around us. Products, processes, services, systems, and technologies are all changing at an ever-increasing rate – faster than many CEOs can keep pace with. Yet, in order to stay competitive and relevant in this constantly shifting and advancing environment, business owners must keep up with the speed of change.
You cannot keep doing things the way you’ve been doing them or your business will be swept away in the tide of change.
Businesses that do innovate and embrace the changes will be poised to benefit from the opportunities and advantages afforded by these new ideas and technologies. These are the businesses that will grow and outpace the competition.
Think about it – how would implementing a streamlined customer relationship management software help your sales process? What great ideas would employees bring forward if your workplace culture was a culture of innovation? How would your marketing benefit from social media advertising targeted at precisely the right audience?
2. Global Marketplace = Worldwide Competition
Globalization has led to an increasingly competitive global marketplace. Remember the days when your competitors were local, or perhaps national? Now, competition can come from anywhere around the world. Companies and customers alike have global access.
This interconnectedness brings worldwide competition, but it also gives you access to new markets, new ideas, and new opportunities if you have the courage to seize them. Relentless innovation is the only way to stay ahead of the global competition.
3. Changing Demographics
Baby Boomers are retiring and Millennials are taking over as both your employees and customers. What worked before – internally within your company and externally when interacting with prospects and customers – may not work for Millennials the way it worked for the Boomers.
If you want to attract and retain top talent, you need to think about your workplace culture and how you can engage the new generation of employees. Check out this report by PWC about how millennials are reshaping the workplace.
If you want to speak to Millennial customers, you need to consider where they are (hint: online), how your service or product addresses their needs, and what type of marketing works (or doesn’t work) for them.
It’s simple: adapting to the shifting demographics will require innovation from your leadership team.
Your Business Must Innovate
If you want your business to exist in five years, you must innovate.
If you want your business to thrive and grow, you must innovate.
If you want your business to meet challenges head-on and take advantage of new opportunities, you must innovate.
Big or small, B2B or B2C, your organization has its own specific priorities and obstacles; however, every organization can differentiate itself through innovation. And in the face of these three momentous trends, you need to innovate for the future today or risk being left behind.
Innovators Alliance is a peer-to-peer networking group of CEOs committed to driving business growth through innovation. Become a member!
Is your company innovative? Try our Innovator Self-Test. It has only 10 questions and takes less than 2 minutes!
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