Business Innovation for Competitive Advantage
Through business innovation, an organization introduces new workflows, ideas, products, services, and methodologies. Business innovation should ensure that goals across the whole organization are met, and core business initiatives and objectives are also accomplished, just like IT innovation which involves using technology to come up with ideas to solve problems in an organization. Idea generation often leads to innovation where ideas are pooled together to come up with brainstorming solutions that leaders consider to be viable, desirable and feasible business opportunities. In addition, to improving the production process, products or services, business innovation should also solve a problem or tap into new markets.
Business nnovation enables an enterprises to create value from new or existing revenue opportunities or summing up more revenue from existing channels by improving productivity, performance or establishing frameworks that save money or time or both. Hence, besides yielding a competitive advantage for the organization, making it grow and reach or even surpass the strategic goals, corporate innovation should boost profits.
An organization alienates itself from its competitors, using the business innovation model, based on how it operates, how it exploits new ideas and how efficient it is in service delivery. Business innovation does not only benefit the organization but also consumers who get to use new products and services. Customers also enjoy quality products or services, for example, medical treatment in the case of the healthcare field. However, very few companies have sought business innovation, despite it boosting profits and securing competitive advantage. The new product development process demands time, funds and energy that most managers and CEOs do not have. Most organizations lack an essential component for the success for business innovation; teamwork.
For successful business innovation, organization should recognize their differences and pay attention to their personal needs. Moreover, a company should not be rigid, it should accommodate change. They should be risk takers, willing to fail first and to be brave enough to kill an unproductive idea. Customer relationships can be excellent sources of revenue, depending on the business’ extent, hence, it is essential to know your customers. Since negative or positive feedback would aid innovation, customers say what they want, and they can be a guide.
Since they do not promptly act on the frustrations that are associated with business innovation, most businesses fail. Employees may take some time before adjusting, financial issues and the fact consumers may take time before they adapt to the new product or service are some of the frustrations that the business has to deal with. In some scenarios, it may be not about how you alter the service or the product, but how you talk about it. Marketing should be a critical aspect of business innovation if any organization is to succeed.