The Ultimate Case For Business Innovation 2020

It is important to clarify the difference between invention and innovation. Invention is a new idea. Innovation is the commercial application and successful exploitation of an idea.

Innovation is basically introducing something new to your business. This could be:

The Ultimate Case For Business Innovation 2020

Improve or replace business processes to increase efficiency and productivity, or to expand the scope or quality of the company's current products and / or services.
Develop completely new and improved products and services, often to meet rapidly changing needs or the needs of customers or consumers.
Add value to existing products, services, or markets to distinguish businesses from competitors and increase perceived value from customers and markets
Innovation can be an important achievement, like a new product or service. However, this may be a series of other small changes.

    Whatever it is, innovation is a creative process. Ideas can come from:

    Within the company, for example, through employees or managers, or through internal research and development

    Outside the company, such as suppliers, customers, media reports and market research published by another institution or universities and other sources of new technologies.
    Success is achieved by filtering these ideas, identifying ideas, and using the resources the company focuses on.

    The Ultimate Case For Business Innovation 2020

    Ensuring innovation can help:

    1. Productivity needs improvement
    2. Costs reduction
    3. Be more competitive
    4. Promoting brand value
    5. Building new alliances and relationships
    6. Increase sales and improve profitability.

    Companies that don't innovate face risks:

    1. Loss of market share from the competition.
    2. Low productivity and efficiency.
    3. Key employees are lost
    4. It suffers from a constantly decreasing profit and margin.
    5. Get out of the business field.
    6. Innovation approach

    Business innovation can mean the introduction of new or improved products, services or processes.

    Market analysis

    There is no point in thinking about innovation in a vacuum. To help advance your business, you must study the market and understand how innovation adds value to customers. For more information on market analysis, see the Innovation Planning guide page.

    Identify innovation opportunities.

    You can identify opportunities for innovation by adapting your product or service to changes in the market. For example, if you are a hamburger specialist, you might consider reducing the fat content of hamburgers to appeal to a health conscious consumer.

    You can also grow your business by selecting a completely new product. For example, you can start making veggie and meat patties.

    You can innovate by introducing new technologies, technologies, or business practices, perhaps using better processes to deliver more consistent product quality.

    If research shows that people have less time to go to stores, they can improve their own distribution and offer a home delivery service, which can be linked to online and phone orders.

    If competing flagship products have a cheap and cheery reputation, instead of trying to undermine them above price, you can innovate by renewing marketing to emphasize product quality and consider including additional rewards.

    Innovation planning

    Some innovative ideas can get you out of nowhere. However, you must have:

    Innovation as part of the business strategy.
    Strategic vision of business development: If you spend your time monitoring business trends, you can focus your innovative efforts on key areas.
    Innovation not only improves your business' chances of survival, it also helps you prosper and increase your profits. There are several practical ways to assess whether your ideas have profit potential:

    The Ultimate Case For Business Innovation 2020

    Competency assessment

    Find out who your competitors are and where they work. Use the Internet and advertising resources such as yellow pages to learn about their products, prices, and operating culture. This gives you an overview of the points of sale and the areas from which you can benefit.

    For example, if the competition is focused on value for money, you may want to emphasize the quality of the product or service. Find business information across the country
    Study market or industry trends.

    Knowing the company's business climate helps with planning.

    You can find a lot of information about your industry on the Internet. Business and trade magazines also offer helpful articles.

    The Ultimate Case For Business Innovation 2020

    Connect with clients

    Knowing your customers is not enough. You also need to communicate with them effectively.

    Communication not only listens to your needs, but also actively monitors your behavior around existing products and services and generates ideas for improvement.

    Contract suppliers and other business partners

    Bringing resources with suppliers or other business partners helps you develop and develop creative ideas. Potential partnerships can also be developed through business networking opportunities.

    Then consider what it means to take an innovative step for your business. Ask yourself:

    What is its impact on operations and business practices?
    What additional training might your employees need?
    What additional resources might you need?
    How is the work financed?

    Create an IP that needs protection
    Finally, you must incorporate your vision into your business plan:

    Set short and long term goals and explain in detail how you want to achieve them.
    Linking goals to financial goals, such as reaching a specific traffic rate on a particular day
    Review your plan regularly

    The Ultimate Case For Business Innovation 2020

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