As we further discuss the question in mention, let us understand the definition of innovation, how does it differ in a business context and why is it important?
Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services.
Innovation management is a combination of the management of innovation processes, and change management. It refers to product, business process, marketing and organizational innovation.
In simpler words, Business Innovation is a product, service, business model, or strategy that’s both novel and useful.
Innovation in business is often complex, it may challenge established norms, can be potentially disruptive and sometimes there is strong resistance to change. With this in mind, much caution and detailed analysis is typically applied when strategizing innovative approaches and implementing change.
Despite these challenges, innovation is widely welcomed in businesses, with the reason being a stagnant business will face difficulty staying afloat, hence the criticality of continuously innovating as a means of improvement
1. Innovation will help your organization and personnel grow
As mentioned previously, your organization needs to continuously grow and evolve by improving efficiency and productivity, in turn reducing waste and increasing revenue. In today’s employment market, personnel are aware that they need to constantly upgrade themselves to stay ahead of the competition. Implementing innovation allows your organization to achieve this by showing you care for your personnel’s growth – resulting in better employee retention.
2. Innovation allows your organization to remain relevant
3. Innovation allows your organization to remain unique whilst staying ahead
4. Innovation attracts more customers and more employees
5. Innovation can help your organization get ahead of potential disruption
