Thursday, July 23, 2015

Being Innovative is Key for a Business to Succeed

Article by Jana Brians - our Guest Editor  
Photo Credit: TaranRampersad via Compfight cc
For good ideas and true innovation, you need human interaction, conflict, argument, debate” – keynote speaker and writer Margaret Heffernan.
As the competition in the tech industry intensifies, businesses are always searching for initiatives that incorporate the latest trends to include in their administrative campaigns to encourage innovation in the office. One of the most powerful names in Indian commerce, Anand Mahindra of Mahindra Group said that encouraging risk-taking and improving innovation will be highly important in the equation of success for many businesses in India. In fact, Mahindra added, “we need to build this culture of innovation before individuals actually join organizations.” But, the question left unanswered is – How can we innovate?

What is innovativeness?
Generally, innovation in a business perspective refers to the process of creating a fresh outlook, building new ideas, and improving existing services that are expected to increase the success, efficiency, and productivity of an organisation. It does not require companies to invent an item or product – instead; they are expected to adapt their business model and strategies to deliver compelling products later on.

Through innovativeness, companies are creating a culture led by innovative thinkers and creative problem solvers that boost their businesses in all areas.

Why is it important?
In today’s fast paced world, technology has revolutionized the enterprise sector. A study by CompTIA showed that 85% of employees in the UK are given smartphones, while 63% were given tablets by their companies. However, despite the rise of tech adoption in offices, especially through ‘bring your own device’ (BYOD), it is not enough to present your company’s ability to innovate. Here’s why it’s important to develop an innovative outlook in your business:

1. Showcase a Unique Selling Point
Innovativeness adds value to a company and its products and/or services, which consumers often notice at first glance. By adding this process to your campaigns, you are giving a commercial advantage to your business. This will be highly beneficial when your firm is dealing with a shifting market or a saturated one.

2. Maximize what you already have
Innovation doesn’t always require utilizing new strategies. The process may also include maximizing existing practices that will help the business in improving efficiency and increase revenue. By innovating, you are retaining existing staff and attracting better professionals to join your organization.

3. Durability and versatility
By adopting innovation in your process, you are showing your company’s ability to withstand any changes that may happen in the market. You are able to find quick solutions and creative answers to problems. “Keeping abreast with current trends and demands is an important factor for entrepreneurs to fuel their creativity and innovation,” SME Corp said.

How to execute it?
There are various ways to encourage innovativeness in the office. Here are some of the best strategies to execute it:

Adopt new tech trends
It will still be necessary to adopt the latest technologies in the office, especially the rising ones if it proves to be of great help to your business. Currently, wearables are the latest buzz in the market, where many experts predict that it will revolutionize the business sector. Mobility expert Alyson Edmunds said that smartwatches in particular will be able to assist employees in accessing real-time data and record the health of workers. It is expected that Apple Watch OS will be a gamechanger this year, however, it will still need to be connected or paired with an iOS 8 smartphone like the iPhone 6, in order to perform mobile functions. O2 noted that the handset will also come pre-built with the company’s propriety Apple Pay, allowing the paired Apple Watch to make payments with a single tap of the device. Apple Pay is certified by Visa, MasterCard, and AMEX.

By applying the new technologies, you are showing your competitors and possible clients that you are ahead of the game by adopting the latest trends.

Develop an open discussion internally and externally
No one knows the business more than the employees and its administration, thus, consider gathering as much information and idea from them on how to showcase innovation in your office. It will also be beneficial to connect with your own target market via market research to gather as much data on how your firm can improve your products, services, and processes.

Maximize as much resources on how you can protect your ideas and strategies, such as seeking an Intellectual Property (IP) protection of your ideas.

Take note that innovativeness is the primary key to successfully compete in a highly saturated market. It will be beneficial to be always adaptive to changes as well as be open to fresh ideas that can help your company in effectively running this campaign. How do you innovate in today’s fast paced marketplace?

Written by Jana Brians 
Exclusive for AaramShop

No comments: