Innovation is the best tool for companies to wield in their journey for building a successful business. This sounds straightforward, but innovation can sometimes be challenging to successfully execute. In an article for ZDNet, Mark Samuels shares four ways that businesses can better embrace innovation:
- Focus on the impact innovation will make on customers.
- Be hyper-connected.
- Show the measurable benefits.
- Think outside the box.
Hug It Out
Innovation has increased customer expectations, and consequently they are expecting more and more from their technological services. Trends are often what inspire the greatest innovations because they hone into human needs. A great example of this is a Swedish rail company that has used artificial intelligence to help predict train delays.
The Internet has become an entity that allows for entire digital transformation, and companies should capitalize on its immense potential. Legacy can restrict progression into the future, so moving beyond it will be a smart move. Additionally, it is important to be clear in communications regarding these changes and transitions. Simon Claver, chair of ChemistDirect, suggests that everyone becomes “hyper-connected” and becomes friends with those that “want to eat your lunch.”
In order to support change, organizations need to have the right culture. Innovation is a two-step process, according to Markus Perkman, associate professor of technology and innovation management at Imperial College Business School. It begins with executives supporting the ecosystem, and then the entrepreneurial initiatives can be enabled. Being creative is not a wasted effort, and executives can better market this to sponsors by showing the measurable benefits.
The lines are blurring between what works in individual industries. The most elite companies look across the board and see what is working in every sector, not just the best practices in their own industry. People are hyper-connected, and this is changing how every business operates.
You can read the original article here: http://www.zdnet.com/article/four-ways-to-make-your-business-embrace-innovation/