Innovation can help businesses reach various goals by increasing profits, developing new products and services, and creating distinctive customer appeal. It can help businesses stay relevant in a marketplace that is constantly changing as increasing numbers of industries are being disrupted.
Business innovations can take many forms, including the creation of new products and services, improving processes in marketing, launching campaigns and changing company culture. They could also include modifications to existing products and services, like adding features or improving customer service. The most successful innovations are those that are both unique and beneficial.
Novel ideas are rarely the source of innovation if they aren’t able to provide solutions to the problems of the world. To be considered an innovation an idea that is innovative must benefit customers as well as the business itself. A business innovation is deemed successful if it’s new and valuable.
A successful business innovation will not just generate new sources of value as well as improve decision-making, problem-solving, and communication within the organization. It is important for businesses to keep track of market trends and customer feedback to identify opportunities for business innovation.
It is generally recommended to look outside the industry where a company operates to find new ideas. IBM, for example, was a pioneer when it invented the modern accounting system after recognizing that banks in 1933 would not buy new machines due to the fact that they lacked funds.
The introduction of scleral lenses in eye surgery is yet another example of business innovation. Doctors used an enzyme to treat cataracts for 50 years, but Alcon made it more profitable when they added an additive to preserve it. This was a business innovation that resulted into a totally new product, and the creation of an international monopoly for the company.
