Innovation can help businesses achieve many of their goals like increasing profits, introducing new products and services, and establishing an appealing brand image to customers. It also helps companies remain competitive in an ever rapidly changing market, with more and more industries being disrupted by technological advancements.
Innovations in business come in a variety of shapes and sizes. They could include the development of new products or services as well as improving processes, launching campaigns or changing the culture of a company. They may also involve changes to existing products or services, for example, adding features or improving customer service. The most successful innovations are those that are both new and useful.
Innovations are rarely the basis of innovation if they do not provide solutions to real-world issues. An idea that is innovative must be beneficial for both the business and its customers in order to be considered an innovation. This is why an business innovation is considered successful if it is innovative and useful.
A successful business innovation can not only generate new sources of value however it will also improve decision-making, problem-solving, and communication within the organization. Businesses must constantly be aware of market trends to spot business innovation opportunities.
The most effective source of new ideas is often outside the industry in which a company operates. IBM for instance, was a pioneer when it developed the modern accounting system after recognizing that banks in 1933 would not purchase new machines because they didn’t have enough cash.
Another example of business innovation is the introduction of the scleral lens during eye surgery. Doctors had been using an enzyme to remove cataracts for more than 50 years, but Alcon made it more profitable when they added a preservative. This was a breakthrough in business that led to the creation of a new product and a global monopoly.