An organization introduces new workflows, ideas, products, services, and methodologies, through business innovation. Just like IT innovation which involves using technology to come up with ideas to solve problems in an organization, business innovation should ensure that goals across the whole organization are met, and core business initiatives and objectives are also accomplished. Innovation is yielded through idea generation, where ideas are pooled together to come up with brainstorming solutions that leaders consider to be viable, desirable and feasible business. Besides solving a problem or tapping into new markets, business innovation should improve the production process, products or services.
Through innovation in business, an enterprise creates 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. Hence, corporate innovation should boost profits and should also yield a competitive advantage for the organization, making it grow and reach or even surpass the strategic goals.
Based on how the business operates, how it exploits new ideas and how efficient it is in service delivery, business model innovation alienates the organization from its competitors. Business innovation benefits both the organization and the customers since they also get to use new products and services. Quality products or services are also disposable to customers, for example, better medical treatment in the case of the healthcare field. Nonetheless, business innovation has been fully exploited by companies despite it boosting profits and securing competitive advantage. Most management bodies do not have the time, funds and energy to support the new product development process. Most organizations lack an essential component for the success for business innovation; teamwork.
Organziation should pay attention to their personal needs and should know that they are different, if they are to succeed in business innovation. Furthermore a company should be flexible enough to accommodate change. They should be risk takers, willing to fail first and to be brave enough to kill an unproductive idea. Customer relationships can be excellent sources of revenue, depending on the business’ extent, hence, it is essential to know your customers. Customers say what they want, and they can be a guide since negative or positive feedback would aid innovation.
Most businesses also fail since they do not promptly act on the frustrations that are associated with business innovation. In this case, besides employees taking some time before adjusting, consumers may take time before adapting to the new product or service and there may be financial issues. In some instances, it may be about how you talk about it and product or service alterations many not matter. If any organization is to succeed, marketing should be a critical aspect of business innovation.