INNOVATION IN BUSINESS
Innovation generally refers to changing or creating more effective processes, products and ideas, and can increase the likelihood of abusiness succeeding. Businesses that innovate create more efficient work processes and have better productivity and performance.
What is business innovation???????
Business innovation is an organization's process for introducing new ideas, workflows, methodologies, services or products.
Innovation can be a catalyst for the growth and success of your business, and help you adapt and grow in the marketplace. Being innovative does not mean inventing; innovation can mean changing your business model and adapting to changes in your environment to deliver better products or services.
Key steps towards business innovation
- Conduct an analysis of the market environment, your customers wants and needs and competitors. Be open to new ideas and adaptive to change.
- Develop a strategic, responsive plan, which includes innovation as a key business process across the entire business.
- Leadership in innovation - train and empower employees to think innovatively from the top down. Inspirational leadership and motivation is what drives innovation in business.
- Connect with customers and employees to generate ideas for improving processes, products and services both internally and externally.
Benefits of business innovation
- There are a number of benefits to innovation in your business including:
- having more efficient and effective work processes
- saving time and money
- innovation can be a profit centre- it can help drive sales and results
- business agility
- increased customer satisfaction
- compliance with legislation and possible tax benefits
- encourages and supports diversity
- may lead to competitive advantage.
COST EFFECTIVENESS
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