The graveyard of failed businesses is filled with companies that rested on their laurels. Hence, it is a cause for concern that only 2 in 5 Australian companies undertake one innovation project. Given that 9 in 10 business executives believe innovation is a major driver of growth, any one of them can make its way into Australia and mount a challenge on local companies who don’t take innovation seriously enough.
In today’s competitive business environment, not prioritizing innovation in your business strategy from the start is myopic. You’ll put at risk it’s viability and sustainability. With available technology, innovation can contribute towards solving complex problems, anticipating the needs of consumers and doing things differently. So, how can you be more innovative?
1. An innovative business culture
It was your innovative mindset that got you started to begin with. However, as you hop on the treadmill of running a business, the daily grind slowly displaces that innovative spirit. While the results of your effort may be paying off, you’d recall too that what got you here may not get you there.
Stay innovative! Both you and your team must embrace it. Over 9 in 10 business executives believe organizational culture is important to keep innovation at the top of a company’s agenda. Giving employees a voice helps.
2. Set up innovation goals
What gets measured, gets done. Innovation isn’t a wishful thinking exercise. Like every business activity, it must have clearly set up goals, metrics and processes. Without them, the activity may turn out to be a wild goose chase.
When innovation is a company-wide endeavor, clearly communicating its outcome and process is vital. It can happen and has happened – people getting lost as they pursue the next big thing. There has to be a strategy for getting there. Clearly stating the goals is the perfect start.
3. Voice of the customer
Customers make good co-creators. In the age of customer participation in marketing, ignoring the voice of the customer is a mistake. Thanks to IoT, customers are well exposed to thoughts, ideas, innovation from everywhere and anywhere. Implementing practices to facilitate this has to be a priority. With social media a big of people’s lives today, leverage on it for this purpose.
4. Be data-driven
It’s data galore to be in business these days. Almost everything you use for your business can be measured. It’s impossible to miss a workday without a set of data looking at you. At the risk of data overload, to be more innovative, understanding data is a vital business management skill.
But knowing the numbers exist doesn’t help. You need to learn how to use them. Big data must be accompanied by a depth of insights. Develop the skill or outsource it.
Being innovative should no longer be seen as something to plan for – it should be a “must-do”. In today’s competitive business environment, not prioritizing innovation means risking long-term viability and sustainability.
vLinkD helps businesses build innovative solutions to drive growth. Speak to us for a free consultation session.