Innovation from organization’s perspective

We’re pretty sure you’re constantly hearing about innovation at every step. It keeps our minds busy finding the proper framework for creativity to bring out the most original and unique ways of solving different concepts from our daily routine. Translating an idea or invention into a good or service that creates value or for which customers will pay, or, more simply put, innovation means coming up with new ways of doing things. It can mean a breakthrough (e.g., a new product or service), but it can also be a series of small, incremental changes and never a single event. It’s a process of discovery, engineering, and transformation.

Fundamentally, innovation means introducing something new into your business. This could be:

improving or replacing business processes with increasing efficiency and productivity or enabling the company to extend the range or quality of existing products and services;

developing entirely new and improved products and services;

Adding value to existing products, services or markets differentiates the business from its competitors and increases the perceived value to the customers and markets.

We know that every organization needs to innovate at this stage because conditions change over time. Whether you’re a profit-seeker type of business, an NGO, or a government entity doesn’t matter. The simple truth is that everything is changing rapidly nowadays, and eventually, every business model fails. This is why it has to be ready to embrace change and manage not for stability but for disruption.

Successful innovation should be an in-built part of your business strategy, where you create a culture of innovation and lead the way in innovative thinking and creative problem-solving.

Remember, innovation is the key to competitive advantage for your business.