The majority of businesses know the importance of innovation to compete with the market’s velocity of change. Developments in technology is constantly evolving challenging all industries, it is crucial to maintain creative in order to have significance and not be forgotten.
Business innovation is when an organisation implements new processes, ideas, services, or products with the intention of optimising the outcome. It could be in the form of a launch which generates increased revenue, creating more efficient processes, or resolving a current business problem such as saving time and money by making existing business processes less costly, less time-consuming to complete, and more sustainable. The key driving force for innovation is to increase overall revenue for your business.
When correctly implemented, business innovation takes into consideration the direction of the market due to potential opposition or fluctuating consumer requirements. As a businesses this information can be used to make strategic changes and to encourage staff to think entrepreneurially.
Innovation has a major impact on how the brand is perceived by the customer. Consumers are more willing to buy from companies they believe are innovative and socially conscious. It shows that they are keeping up with trends, making them relatable and therefore relevant.
When you think about such companies that use innovation such as Fintech companies like starling and Monzo, where all banking transactions are completed online or through an app. Or platforms such as Zoom or Calendly where individuals can view diaries and book appointments without the need of an assistant this can be done via email, similarly meetings can be arranged and facilitated online. Although the companies mentioned are start-ups, veteran organisations such as Microsoft facilitate these same measures on their own Microsoft Office platform in the form of specific apps that allow interaction with colleagues and collaborative working to simplify common processes. Companies like this are at the forefront of innovation as are many others. And because of this have saved and made a lot of money as well as furthered their reputation as a brand.
