05th Sep, 2018
, , Designation
We are in a phase of development where “innovation” plays a huge role – be it in professional or personal situations. For a layman, innovation means offering ideas out of the blue, leading to substantial discoveries and achievements. However, there is a lot more than that in the bucket.
Innovation – as we call it, is more of a strategic, systematic, human-centered and technological lever for developing agile/ innovative cultures, accountable business management processes, and global industry eco-system.
Essentially, innovation is the only way how a successful business responds to their current customer or organizational necessities. Innovation around new-age technologies Artificial Intelligence such as, Machine Learning, Data Analytics, and Business Intelligence helps to deal with complex business operations, services offerings and internal procedures quite successfully – leading to the overall sustainability of the business as per changing industry dynamics.
Also, with continuous innovation within the organization, it is assured that people develop a creative confidence, self-assurance and also the ability to come up with creative ideas in order to collaborate and impact the desired changes in the processes around them.
What are the core business benefits?
As a business leader, one should always look for newer methods to expand business across the globe. For that, there should be defined methodologies to solve problems, increase productivity and also to stand out against competitors. Here, innovation certainly acts as a key to provide the significant outcomes.
Not only does it provide creative insights to look at things from a different angle, but also revitalize strategies as per changing demands, to stay ahead of the competition. Some of the core benefits that an organization derive by incorporating constant innovation into their daily routine includes:
Unleashing the power of employees, and empower them to create, invent and innovate new products, processes, and services
Creating a progressive workplace, that fosters creativity, problem solving capability and thereby creating a platform of growth for its biggest asset, the employees.
Increasing overall ROI to shareholders, as a direct outcome of building IP leveraging continuous innovation.
Increasing business value by making it an attractive deal for the stakeholders, or for any mergers/ acquisitions
Making productivity and efficiency gains to increase profitability, by significantly reducing the costs on any wasteful activities
Competing successfully to respond the industry disrupters, increasing the market share and extending the product lifecycles
Responding quickly by developing the internal capabilities in both human and technology resources to change the direction and do things differently
Clearly, with the help of innovative ladders, organisations can easily create inroads into the new and untapped territories along with improving their customers’ experiences.
How can we ‘NOT MISS’ being on the right track?
Flowing with the advances in technology
As we see, technology and innovation progress side by side. Technology aids in providing innovative minds a ‘right boost; to solve complex business situations more smartly. For instance, Cloud and Mobile technologies drive innovation by helping the employees collaborate with the teams and brainstorm great ideas.
Moreover, technologies like AI and IoT help the organization in building the new business models and revenue streams that leverage the existing assets in a whole new exciting and profitable ways.
Adapting to changing workplace dynamics and trends
Today, business processes, workspaces and social norms are all altering with remarkable developments brought about by the digital revolution and ongoing social progress.
Companies are now designing their workspace in order to boost the social relationship between employees. By refurbishing traditional open-plan offices, it provides workstations that generate opportunities for people to collaborate and spark creativity.
Fostering and building a culture of continuous Innovation
By empowering employees to believe that everyone can contribute to the progress of the company. Providing platforms that encourage employees to put forth new approaches, methods, and algorithms to solve a problem in a simple but effective manner.
By removing the aura of privilege or hierarchy around who can make positive and futuristic contributions to the organizations business strategy. Lastly but most importantly creating a culture of openness and transparency in the way the organization functions.
Responding to increasing customer expectations and choices
There is surely a marked evolution in customer behavior, in terms of high expectations for proactive services, personalized interactions and connected proficiency across the channels.
Innovative customer service ideas such as 24*7 chatbots, offering self-service channels, creating real-time support and follow up on customer queries is an effective way to engage and satisfy your customers. Essentially, these kind of innovative and proactive approaches are the ‘need of the hour’ to attract them and have them hooked for long-run.
Undoubtedly, tremendous efficiencies are experienced because of the development and use of new and innovative strategies. One way to experience this is when distinctly different ideas come from different minds. So, don’t be afraid to surround yourself with people who have ideas that differ from yours. This is the only way you’ll come up with distinct ideas that you can group to achieve an innovative approach from what has always been done.
Consequently, today if you really want to succeed, it is important that you are passionate enough in making innovation a way of your life so as to impact the overall business growth and enable your organization to thrive successfully amongst competitors.
This blog was orginially published here.