invest in innovation

4 Reasons why a company should invest in innovation

The concept of innovation refers to creating processes, products and ideas in a more effective way. For a company, it could mean the implementation of new initiatives, improvements in the services and products offered, or making processes more dynamic. Invest in innovation can act as a catalyst with the potential of generating substantial improvements or new ways of business for a company. In the same way, innovation internally motivates the employees of an organization to think outside their normality hence launching innovative ideas, like creating intrapreneurs, managers within companies who promote innovative product developments.

In order to implement successful ways of innovation, this must be part of a company’s long-term strategy. Where a culture of innovation is created, it paves the way for creative thinking within the company. This must come with some type of change in the existing business model with the aim of seeking or an improvement in profitability. Innovation can also increase the likelihood that a business will be successful and can create more efficient processes that result in improved productivity and performance.

It is necessary that the owners or executives of a business believe in innovation as a tool of success and development of their business. The goal is to adopt and create new ideas that help the company grow beyond its current capability.

Invest in innovation helps a company be successful in achieving its objectives

1. Solving more problems:

In many cases, a company develops processes that are then left behind in time to new technologies. At present, there are different new solutions, more efficient and in some cases less expensive, which can greatly simplify internal work. For this, you have to find creative answers to solve certain difficulties that often seem to not go away. This is a mix of thinking outside the corporate routine and analyzing new existing solutions. Technology advances very fast, and it is not necessary to “invent” something new. In many cases the solution is already available out there. The important thing is to fit the most appropriate solution and apply it to the precise work context.

2. Increasing productivity

If people at work are feeling stuck, complaining about being too busy or struggling to get things done, it might be time to choose new priorities and focus on things that are going to make a difference. There are different ways to achieve this, but I think we must all start by aligning ourselves with the objectives of the company. If you are not clear about these goals, go ask your boss. Once you have them established, we can innovate and use creative methods.

We should concentrate on the things that should be simplified and also things we should eliminate from our work routine. We must accept technological changes and implement these methods to start increasing your productivity. Innovation automates and systematizes workflows and processes, hence increasing productivity. A good example that is beginning to gain relevance are project monitoring systems to manage a team or organization with greater agility and transparency. Programs like Trello or Asana have received positive reception in recent years. There are many methods available, but the important thing is to align yourself with your specific needs and demands. As your needs change, you can look for new software or solutions to stay productive. Usually, in companies, it is always a good option to try new ideas.

You would be surprised by the possible combination of ideas, that you and your colleagues can use to increase productivity within your company.

3. Market, sell and promote your business

Once you have established the creative and innovative ideas which your company can use to stand out from the rest, you can promote it to get attention. This makes people remember and associate your business as innovative and different from the others. This is useful not only to attract new clients, but also to discover new talents who want to enter. For example, people now associate “design thinking” with a company like Interbank.

As a result, of this you can even generate a new brand, develop an innovative business or integrate this new trend within the organization where you already work. For example, we can see the case in Interbank’s innovation laboratory, LaBentana.

If innovation develops a unique character for your business, you should market it. You just have to create a marketing plan that fits the personality of your company. Make it stand out from the rest of the companies, and this will help you create a unique identity for your customers and employees.

4. Beat your competitors

When a company is constantly innovating, it becomes easier to beat your competitors. Basically, you just need to put in a little creativity, focusing on the factors of change. This way, you can easily find better ways to design products and connect with clients. By installing the innovative “chip” and allowing company employees to use the time to think plus giving them a voice, this will generate the famous “intrapreneurs”.

“Intrapreneurs” are those employees who are given the authority and support to create a new product without having to worry about whether if the product becomes a source of income for the company or not. Unlike an entrepreneur, who faces personal risks when a product does not generate income, an intrapreneur does not depend on his own pocket or resources, but uses budget from the company meant for launching profitable initiatives within the corporation.

Now that you’ve read about the various benefits of invest in innovation, you could add them to your business or organization. This is not a one-time deal; it should be continuous so that you have a continuous flow of ways to improve.

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