We usually associate technology with world-changing innovations that revolutionize the way in which we live. Indeed, technology can also play a key role in smaller scale with improvement that can help companies being more innovative. The successful exploitation of new ideas is crucial for a business to improve its processes, bring innovative and improved products and services to market, improve efficiency and profitability. Technologies mean breakthrough and incremental but little changes.
There are four concrete benefits innovation can bring to your company:
- Improve sales and customer relationships: investing in innovation and client’s feedbacks, customers will notice and appreciate the value you are providing them. This means an increase in sales;
- Reduce waste and costs: innovation could help in reduce waste and focused on the long-term and valid innovations. We know that companies in order to achieve the competitive advantage, in addition to the products or services offered to the market, must reduce costs or increase profits. Eliminate waste can bring host of benefits;
- Boost market position: understand and implement innovation, could help in anticipate market changes quickly and differentiate yourselves from competition;
- Improve employee relation: create an innovative workplace is stimulating for employees. Is important for people work in a place where productivity is boost and in which they are support in share and implement innovative ideas.
Companies must identify opportunities for innovation. Then, can simply adapt their products or services to the market or developing a new product. Innovation must be part of the company’s business strategy and strategic vision. But innovation is not only about products and services, could also be about the implementation of a new technology inside the company’s process that could give a more consistent quality to all the company. Also help in thrive and drive a profit increase.
Innovation could come from external and internal input but for both, is important to promote innovation internally in order to catch the opportunities coming. There are some steps companies can implement to better promote innovation:
- Implement processes and events that capture and enhance ideas;
- Create a supportive atmosphere in which people feel free to express their ideas without the risk of criticism;
- Encourage risk taking and experimentation, not penalizing those who try new ideas but fail;
- Promote openness and collaboration between people and teams Teamwork, newsletter and intranets could help people share information, knowledge and encourage innovation and innovative idea;
- Reward innovation and celebrate success;
- Share and stress responsibility among employees. Everybody must feel involved in the innovative process;
- Look for imagination and creativity during the recruiting process.