Invest in Innovation
Innovation refers to the process of introducing new ideas, methods, or products, and is often associated with the introduction of new technology. It can come in many forms, including incremental improvements to existing products or processes, or the development of entirely new products or services. Some common types of innovation include product innovation, process innovation, and organizational innovation.
Remarkably, this is also proved by statistics. 1 out of 5 products fails to meet customer expectations due to a lack of innovation, and, significantly, more than 60% of high-growth companies are planning to invest in technologies that lead to higher rates of innovation in 2023.
So, what does INNOVATION mean, and what are its types, if any?
Innovation in Perspective
In simple terms, INNOVATION is a product, service, business model, or strategy that's new and valuable at the same time. It ranges from a simple upgrade to a company's customer service to a new feature added to an existing product, and down the road to a major breakthrough in technology, or a totally new business model.
Business innovation is classified into 2 categories — sustaining innovation and disruptive innovation. Sustaining innovation is, characteristically, an approach followed by businesses that are already successful in their industries and takes place when a company delivers better-performing products to sell for higher profits to its best customers.
Disruptive Innovation, on the other hand, is the type of innovation that introduces a new product into an already established sector or industry that performs better and at a lower cost than existing offerings, with the result of displacing the market leaders in that specific market niche and thereby transforming the industry.
Given this segmentation, let’s dive deeper to know the 7 reasons why companies should invest in innovation.
Innovation Injects Energy & Efficiency
An organization, public or private, that is constantly interested in introducing innovative products, services, or business models will certainly see additional business potential energy injected into the company’s workflows and output. Moreover, an enterprise that always innovatively improves its processes will ultimately become a more efficient company.
Innovation Gives Your Business an Impressive Brand Image
Customers and the media alike will certainly be fascinated by the innovativeness of your company. They’ll keep talking about your business and how you’ve impressed them and will, consequently, share their admiration with others. The result is your company gaining the reputation of an innovative brand.
Innovation is the Road to Adaptability
The Corona crisis has taught global businesses a big lesson. Companies that clung to the old-fashioned, non-innovative way of doing business were rendered obsolete over the course of a few months. No business can adapt or face its challenges unless they foster innovation.
Innovation Attracts More Customers
Your company is normally doing business against a cut-throat competitive background, with consumers continuously demanding new and improved products. Therefore, innovating products and services that bring value to consumers is the only way for your business to stand out from the crowd.
Innovation Attracts Better Talent
Not only customers but also good employees! Skilled, powerful people are normally attracted to work in companies where innovation is the corporate culture.
Innovation Fosters Growth
A lack of innovation is destructive to your business. Both existing and prospective customers need to see new innovative products. Therefore, the more innovative your products, services, processes, and business model, the more customer satisfaction. This will bring expansions to new markets, new customer segments, additional revenue streams, and more profitability.
Buyouts and Mergers
For small businesses and entrepreneurs who wish to make money by selling good ideas to already established companies, innovation is the key to making their businesses ideal for buyouts and mergers.
Fully aware that innovation has evolved into a live-or-die option for businesses, especially in the post-COVID-19 era, the 12th edition of the Annual Investment Meeting is organizing the event into 2 main tracks, with the second track titled INNOVATION & TECHNOLOGY TRACK, which reflects AIM Global 2023’s deep faith in the vital role of innovation as a catalyst for global economic growth.
