Why innovation in business is simpler than you think
Innovation in business is one of today’s most widely discussed topics. While the term “innovation” is one of the most popular buzzwords working professionals hear today, it’s also one of the most widely misunderstood. Many enterprises use it as a catchall phrase to describe breakthrough advancements, such as new, cutting-edge mobile and high-tech applications, products and services. However, if you were to look in the dictionary, you may be surprised what you’d find. After all, innovation is simply defined as “the introduction of something new.”
Why is innovation in business crucial?
As a recent report from the Aberdeen Group noted, staying ahead of the curve can often be far simpler than you may suspect. As the report reminds business leaders, it’s vital to embrace the concept of innovation for a number of reasons:
- Markets and competitive landscapes are constantly changing, as are audience expectations. Innovation helps organizations stay relevant and competitive.
- Rivals are constantly rolling out and testing new solutions, and many can go from concept to execution in as little as 90 days. Innovation helps organizations stay agile and forward-thinking and allows them to experiment with strategies.
- Modern market leaders don’t just look to offer solutions that are competitive at present. They’re also continually focused on delivering tomorrow’s solutions today. Innovation provides a way to spot rising opportunities or challenges, stay better attuned to changes in the marketplace and even predict the solutions that customers want before they know they need them.
However, the best part for organizations hoping to be more innovative and maintain a competitive edge is that you don’t need to have a tremendous amount of resources to get ahead in today’s market anymore. As more and more business leaders are waking up and realizing, you just have to be a bit more resourceful and ingenious instead. As noted, innovation in business merely refers to the introduction of something new. Though that “something new” could certainly take the shape of a new, game-changing mobile or high-tech solution, it could also take the shape of a new communications strategy, a new pricing model or even just a new way to reposition your business or brand to better speak to emerging audiences.
In effect, simple tweaks in strategy and approach can often be every bit as powerful as revolutionary advancements in driving business growth and success. As countless scrappy, young startups and forward-thinking companies in every field are proving, this is because innovation doesn’t always require you to reinvent the wheel — sometimes, it’s enough to just give your current tires a slight realignment. At heart, innovation is simply a process of constant learning and reinvention. As research shows, the more willing you are to explore new opportunities and perspectives, the more successful your organization will often be.
For example, as the Aberdeen report stated, it’s not enough for enterprises just to offer dedicated mobile apps anymore. To be a market leader, you have to offer the kind of app that provides end users a seamless, intuitive and highly customized experience. The more cleverly you do so, the more successful you’ll often be. As the report noted, top-performing organizations that prioritize these features and make a point to differentiate their solutions are 10 times more likely to satisfy users and four times more likely to see high mobile adoption rates.
Examples of innovation
Some simple ways market leaders are innovating with these solutions include the following:
- Using voice-controlled assistants that learn users’ habits to help save audiences time and money and quickly route customers to subjects and services of interest.
- Leveraging analytics tools and IoT capabilities to monitor and even predict users’ behavior and the solutions most likely to resonate with them.
- Tapping into location-based services to share product information and let users comparison-shop or provide competitive offers right before they enter rivals’ stores.
The good news for enterprises is that an ever-growing array of mobile providers are offering supporting resources and tools to tap into, making innovation in business easier and more cost-effective than ever. Whether you are looking to implement platforms for driving innovation and facilitating collaboration across your enterprise or introduce forward-thinking strategies and solutions to market, support systems are plentiful.
The most successful innovation in business happens when enterprises and their workforces make a point to constantly reimagine and reinvent the benefits and values they provide. Happily, it’s now simpler and more manageable to do so than ever, especially in the mobile space.