What is innovation? Being innovative is a unique trait that allows entrepreneurs and business owners to adapt to changes and create improved processes to better serve their clients. It’s viewed as the application of improved solutions to meet new requirements and needs, or existing marketing needs as customer trends change. Possessing innovative traits enables a business to stand out in this competitive world.
Fundamentally, innovation means introducing a new, advanced method into your business. This could include:
– Replacing or improving current business processes to increase productivity and efficiency.
– Developing new and improved products and services to meet rapidly changing consumer needs .
– Adding value to your existing products to be able to differentiate your service to that of your competitor’s, and to increase the perceived value to your customers.
Three types of innovation
When you think of innovation, new products generally come to mind first. Product innovation can be initiated in alternative stages and can include the development of a new product, the improved design or performance of a new product, or adding new features to your existing product. The driving factors of product innovation include technological advancements, change in market needs or customer requirements, or outdated product design.
Process innovation includes a combination of skills, technologies and facilities to produce and deliver a product or to provide a service. It can include changes in technology and equipment used in the manufacturing process, as well as improved methods utilised for accounting and customer service. Process innovation is often recognised by your customers and generally reduces production costs, making it the lowest risk innovation technique you can implement.
Business model Innovation
Business model innovation can be the most challenging of innovation types to implement in your business, as it requires major requirements for change. While product and process innovation is incremental and more moderate in nature, business model innovation is risky and radical, but incredibly transformative. It involves changing your entire process methods in how you present your company or service to your targeted market.
Whatever form it takes, innovation is always a highly creative process. Applying innovation to your business strategy can help you:
– Improve productivity
– Reduce costs
– Become more competitive
– Build your brand’s value
– Establish new company partnerships
– Improve your business profitability
If you fail to innovate, you could:
– Lose your competitive value
– Decrease productivity and efficiency
– Lose valued staff
– Experience reduced profits
– Notice a decline in business and be at risk of closure
What is your innovative approach?
These examples of innovation in business are a starting point for creating a more advanced, progressive company that can maintain an even footing with your competitors. If your business does not change, it will never get the chance to grow and progress.
At vLinkD, we know that progression is essential for every business, and that innovation is the key to company growth. Our team provides a vital link for businesses to break down the barriers causing your productivity to falter, and provide innovative solutions to streamline processes and improve performance.
If you’re a business that is ready for change and progression – get innovative today and give us a call.