Innovation is a very essential tool for business success. Whether you are running a small or a big business, innovation plays a very important role in your business’ success or failure. If Microsoft had stopped innovating at DOS, then we would not have Windows operating system, likewise if Apple had not innovated, we would not have iPhones. Businesses that don’t improve and grow with time just shrink and go away.
Why is Innovation important ?
Innovation can help you find out what opportunities exist at present, or are likely to emerge in the future.
Innovation is not only about introducing fresh product or service to sell, but it can also focus on existing business processes and practices to improve effectiveness, cut down on waste, find new customers, and increase profits.
It is one of the main way to differentiate your product or service from the competition. If you can’t compete on price, you’ll need innovative products, services and ideas to make your business stand out from the crowd.
New and innovative services help in order to keep the standard of living and provide people with opportunities to improve their lives.
Steps to Innovation
- Make innovation a management priority.
- Learn from mistakes.
- Listen to your customers.
Innovative ideas can occur at any place or anytime.
- Meet with millennials
- Collaborate across IT and the business
- Welcome new technologies
- Find the budget to increase innovation
Barriers to Innovation
One of the most common barrier to innovation in an organisation is a leader or manager that is not open to new, innovative ideas. Due to this, employees won’t be motivated to come up with new thoughts and ideas since nobody is going to bother listening to them.
Time and resources are also one of the barriers that comes in the way of innovation. We are often so busy doing the normal work that we don’t invest sufficient time and resources to generate new ideas. When ideas are generated, they are not taken any further due to the potential risks associated with developing the idea.
Lack of understanding and interaction with the customers, market and industry are also significant barriers to innovation.
Inability to execute and commercialise new ideas are the barriers to innovation that come from lack of management skills. After spending time, resources and effort to develop an idea an organisation may fail to make use of the idea. It however takes careful management and planning, as well as commitment from the organisation, to generate cost-effective returns from good, innovative ideas.
At Sharpwebstudio we are committed to innovative approach for continual improvement due to our belief that there are better ways of doing things. We always motivate and train our organisation members for continual improvement of standards. We take active interest in creating environment of effective teamwork and cooperation that helps employees to work effectively, think independently to produce a remarkable product for you.