Business Innovation for Competitive Advantage
An organization introduces new workflows, ideas, products, services, and methodologies, through business innovation. Business innovation should ensure that goals across the whole organization are met, and core business initiatives and objectives are also accomplished, just like IT innovation which involves using technology to come up with ideas to solve problems in an organization. Through pooling of ideas together, to come up with brainstorming solutions that leaders consider to be viable, desirable and feasible business opportunities, idea generation yields innovation. Business innovation should improve the production process, products or services and should also solve a problem or tap into new markets.
Business nnovation enables an enterprises to create value from new or existing revenue opportunities or summing up more revenue from existing channels by improving productivity, performance or establishing frameworks that save money or time or both. An organization can boost profits with corporate innovation and also yield a competitive advantage, making it grow and reach or even surpass the strategic goals.
An organization alienates itself from its competitors, using the business innovation model, based on how it operates, how it exploits new ideas and how efficient it is in service delivery. Business innovation does not only benefit the organization but also consumers who get to use new products and services. Customers also enjoy quality products or services, for example, medical treatment in the case of the healthcare field. However, despite it boosting profits and securing competitive advantage, very few companies have sought business innovation. The new product development process demands time, funds and energy that most managers and CEOs do not have. Most organizations lack team work commitment which is essential for business innovation to thrive.
For successful business innovation, organization should recognize their differences and pay attention to their personal needs. Moreover, a company should not be rigid, it should accommodate change. They should take risks, willing to fail first and to be brave enough to kill an unproductive idea. Based on the extent of the business, customer relationships can be excellent sources of revenue, hence, it is essential to know your customers. Customers can be a guide since they say what they want, and negative or positive feedback would aid innovation.
Failure to promptly act on the frustrations that are associated with business innovation causes most businesses to fail. In this case, there may be financial issues, employees may take some time before adjusting, and consumers may take time before they adapt to the new product or service. In some scenarios, it may be not about how you alter the service or the product, but how you talk about it. If any organization is to succeed, marketing should be a critical aspect of business innovation.