Last week we looked into Design Thinking, a human centered approach to innovation. Hopefully you learned something from the article. If you have not had time to read the article, you can read it here. Nowadays, everyone is talking about innovation. We hear statements like, "Innovation is the growth driver in business" but does business success really depends on innovation you may be wondering?
The answer is a resounding yes. While business does not solely depends on innovation to succeed,
Innovation plays a tremendous part in enabling businesses to thrive in a competitive business environment.
Therefore, for your business to grow and reach greater heights, you must be willing to adapt and change to meet the demands set by the dynamic marketplace hence business innovation matters.
So, what is business innovation?
It is the introduction of new processes, ideas, products and services, methodologies, and workflows that help organisations create value. The value created by innovation may include new revenue streams, or driving more revenue through existing streams, convenience, improvement in productivity or performance. In simpler terms, innovation can lead to higher profits.
In the world of business, there is product and process innovation:
Product Innovation - this is the improvement of an existing product or development of a new one. Improving an existing product can be adding some new features to a product to make it more functional with the aim of making the lives of consumers easier or solving a problem in an unexpected or unique way.
Process Innovation - this is the improvement of processes involved in creating, delivering, and supporting a product or service. An example of such innovation may be modifying business processes and workflows to reduce redundancies. This type of innovation often leads to reduction of costs, which in turn increase profits.
Learn more about how you can create value for your business through innovation on the links below.
Innovation is the only true way to create value.
Innovation matters more than ever before.
The Importance of Innovation in business.
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