When we talk about business innovation, what instantly comes to our mind is the latest technology. However, innovation actually means driving the business into better ways to increase revenue. Companies know they need to innovate to keep up with changes in the market.
The development of technology these days is so fast that some are left behind. As a business owner, your company must innovate to stay relevant and not be left behind by your competitors.
What is business innovation?
Business innovation refers to the implementation of new processes, ideas, products, or services to increase revenue. It can mean launching new and improved products or services, efficiency in processing, or solving a current business problem. These steps can help increase revenue while cutting costs as well as saving time.
The market’s demands continuously change. A business can improve its existing products or services or duplicate whatever its competitor is offering – make it better, or better yet, buy these offerings from startups or get a partnership to create a stronger brand.
One of the most common complaints of consumers is how the customer service of certain companies is too slow or almost zero. This can turn off customers. Hence, the company should make improvements in their customer service by providing a workshop or seminar for their employees and integrating a system that will allow all concerns to be addressed properly and on time.
People at the forefront of the business should learn how to speak to the customers and how to encourage them to purchase.
Examples of Innovation Across Various Industries
1. Shifting from manually writing information, sales reports, etc. to the digital format by using various system software. Less paper to deal with means more office space that can be used for other purposes.
2. Electric cars can reduce gas emissions and help improve the quality of air that we breathe. In a few years, electric cars are expected to become the most widely-used type of vehicle in the world.
3. The use of credit or debit cards has reduced the need to carry a lot of cash.
4. Online work and online classes have helped us carry on with our lives despite the restrictions imposed due to the pandemic.
Examples of Types of Innovation
1. Products and /or Service Innovation
Some companies expand their products from supplying electronic components to device manufacturers, to manufacturing the devices themselves. Some also expand from making mobile phones to home electronics like smart TVs and refrigerators.
2. Process Innovation
We no longer just rely on getting things done manually because robots have been created to handle some tasks which cut the time need to manufacture products.
3. Delivery Innovation
When we want to send a package to someone, we usually go to the offices of couriers. But now, it is possible to have our items to be picked up from our home or office without needing to go out. Simply said, now everything is mostly just a click away. The same goes for when we need to order food. It has lessened our need to go to restaurants. There are now apps that we can use to place our orders.
With business innovation, this can also mean having to do a little tweaking in the design of the office which should help the employees to become more creative and to create a conducive space for working.
All entrepreneurs have one goal in mind, and that is to stay in the industry for a long time. Unless an entrepreneur embraces the thought of innovating his business, his business may be overtaken by startups.
For more information, you may contact Armando "Butz" Bartolome
by email: firstname.lastname@example.org
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