Innovation can assist businesses in achieving several key objectives including increasing profits, creating new products or services, and establishing an appealing brand image to customers. It can help businesses remain ahead of the competition in a world that is constantly changing, as increasing numbers of industries are being disrupted.
Business innovations come in a variety of shapes and sizes. They can be as simple as developing new products and services, improving processes, launching campaigns or changing the company culture. They can also be changes to existing products and services, such as adding new features or upgrading the customer service. The most effective innovations will be ones that are both useful and original.
Innovative ideas aren’t the source of innovation if they don’t produce solutions to the problems of the world. To become an innovation an idea that is innovative must be beneficial to the customers as well as the business itself. A business idea is considered successful when it is new and valuable.
A successful business innovation will not only provide new sources of value however it will also improve decision-making, problem-solving and communication within an company. It is crucial for businesses to keep track of market trends and customer feedback to identify opportunities for business innovation.
It is recommended to look outside the industry where a company operates to discover innovative ideas. For example, the invention of the modern accounting machine was a major business innovation by IBM when IBM realized that banks couldn’t purchase new machines in 1933 due to the fact that they were in a financial bind.
The introduction of scleral lenses to eye surgery is another example of business innovation. Alcon added a preservative to an enzyme that doctors used for 50 years to dissolving cataracts. This was a revolutionary change in business that led to the creation of a new product and a worldwide monopoly.
