Why innovation promotes business success

Do you want to be a leader? Or a follower?

If there’s one thing the global pandemic has shown us, it’s that we can never predict what’s coming. We can’t rely on our well-worn shoes to keep us in a winning stride. We need to constantly adapt to make the best of what comes our way. That’s where innovation comes in. Innovation is all about developing new ideas to revolutionise the way things are done.

Here are the top three ways innovation promotes business success:

Catalyses economic growth

A huge motivator for business leaders wanting to imbed innovation in their business functions is the potential to further economic growth. Global business strategist, McKinsey states that 84% of executives believe that innovation is essential for future success. At the core of business innovation is the desire to save time, money and resources. Executives analyse their supply chain and revenue to find areas of their business that they can eliminate, change, or grow for maximum profit.

Companies can drive economic growth by:

  • ceasing the sale of unsuccessful products
  • adjusting supply chain to eliminate unnecessary spending
  • alter prices of existing products
  • find alternative customers who are better suited to business outputs.

More memorable brand identity

In a sea of determined competitors all wanting the top spot, how can you stand out? How can you make your brand memorable and inspiring for customers?  

One thing’s for sure, we don’t get far by playing it safe. We need to think outside the box. If we only do what has already been done before, people will be unimpressed. A central tenant of business innovation is understanding what you do differently. What do you offer that no other business does? How do you change people’s lives for the better? Former Starbucks CEO, Howard Schultz says, “Innovation must be disruptive. You gotta fracture and break the rules and disrupt.”

Innovation can involve the introduction of new ideas or a reconfiguration of pre-existing processes. Apple has maintained phenomenal success through constant invention. Apple’s innovation efforts are responsible for developments like iPhones, iPads and the Apple Watch.

Businesses should explore their overarching business model to find innovative ways of strengthening their brand identity. Consider your business processes, strategies, mission statement, company software and business partners. Does anything feel stagnant? Or out of alignment?

Innovating brand identity can involve:

  • updating company software
  • transitioning from selling at a physical storefront to online
  • exploring alternative ways of brand storytelling
  • forming strategic partnerships with other businesses.

Innovation is more than the production of novel ideas. It’s about harnessing strategic planning and decision-making to evolve for the better.

Stay ahead of the competition

Innovation can help you stay ahead of the competition. Developing feasible solutions to implement new ideas requires understanding the market you serve. How can you provide customers with solutions they don’t even know they need? Harnessing innovation allows you to predict industry changes, ensuring your business remains relevant and useful to customers.

Taking advantage of new technologies helps you stay ahead. PwC, multinational professional services firm, predicts that the world economy could double in size by 2050 due to ongoing technological innovation. Newer technologies have the potential to make better products, provide more efficient service, and develop smarter ways of analysing performance. Exploring new technologies helps you streamline business functions, allowing you to get ahead.

Building an innovative workforce: What to watch out for

Innovation is not a road free from obstacles. Here are two key areas to watch out for when building an innovative workforce:

1. A good idea for one is not for everyone

Innovation by default isn’t always good. For example, increasing the number of surveillance technologies in the workplace to maximise safety and productivity might be seen as “innovative.” However, this implementation creates a culture of distrust and distress. Employees may feel uncomfortable being watched because their rights to privacy have been breached. Harnessing new technology is important for business growth, but not at the expense of people’s livelihood and wellbeing.

Innovation presents opportunities to enhance teamwork and workplace morale. But it needs to be embraced by top management and supported through all levels to work. Instead of giving one-sided orders, welcome discussion. Encourage your team to question and be creative. People who feel heard and respected in the workplace are more likely to be loyal to the business.

2. Be discerning

Spending time developing innovative strategies is time away from current products, marketing, teambuilding, finances, and sales. Imbedding innovation in businesses requires time management and good judgment. When exploring innovative ideas, weigh up the costs required for implementation in tandem with potential profits.

Innovation should always be geared towards generating better outcomes for the customer. Customers are the reason businesses exist. They should therefore be the focus of everything a business does. But customers aren’t set in stone. Their needs, values, and desires change in tandem with our world.

Want to work with businesses that embrace innovation?

You’ve come to the right place. At Elite Words, we make it our mission to challenge the status quo. We do this so we can generate the best possible outcomes for our clients through our communications services. We understand that not everything exists in a neat package before us. We need to look outside the box to develop solutions that revolutionise people’s lives for the better.

Contact us today! We can’t wait to work with you!

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