INNOVATION IN BUSINESS

The process of translating an idea or invention into a good or service that creates value or for which customers will pay.
To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberate application of information, imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products. In business, innovation often results when ideas are applied by the company in order to further satisfy the needs and expectations of the customers.

Responding to trends and competition
Innovation can help you discover what opportunities exist now, or are likely to emerge in the future. Successful businesses not only respond to their current customer or organizational needs, but often anticipate future trends and develop an idea, product or service that allows them to meet this future demand rapidly and effectively. Innovation will help you stay ahead of your competition as markets, technologies or trends shift.

Make the most of what you already have

Innovation is not only about designing a new product or service to sell, but can also focus on existing business processes and practices to improve efficiency, find new customers, cut down on waste and increase profits.

Constantly innovating and improving business practices is also likely to help you attract better staff members and retain more of your existing staff - something which is crucial to the long-term health and performance of your business.

 Developing a unique selling point

Consumers often see innovation as something that adds value to a company or to its products. Used properly, innovation can give you a commercial advantage - especially in saturated or rapidly shifting markets.

Your customers may even be willing to pay more for your well-designed, novel and innovative product or service, rather than choosing a cheaper, but less exciting rival.

ConclusionCreativity is linked to innovation, and an important component of creativity is diversity. It’s critical to connect with a range of diverse people and sectors and break down traditional silos to come up with new and innovative ideas and solutions.
“It’s extremely important to be creative and innovative because machines are going to take away a lot of the functions that human beings do as a matter of course. So how we differentiate ourselves from machines will become very important,” Tania said.
“If a customer can do something cheaper by using a machine they may not use your business. The middle person is being cut out more and more. The internet has a big part to play in this. It’s even happening in professional services. For example, professional services like law firms are starting to use Artificial Intelligence programs and their clients are seeking direct relationships to solve problems.”

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