What is innovation?
Innovation generally refers to changing or creating more effective processes, products and ideas, and can increase the likelihood of a business succeeding. Businesses that innovate create more efficient work processes and have better productivity and performance.
For businesses, this could mean implementing new ideas, creating dynamic products or improving your existing services. Innovation can be a catalyst for the growth and success of your business, and help you adapt and grow in the marketplace.
Being innovative does not mean inventing; innovation can mean changing your business model and adapting to changes in your environment to deliver better products or services. Successful innovation should be an in-built part of your business strategy, where you create a culture of innovation and lead the way in innovative thinking and creative problem solving.
Businesses that innovate create more efficient work processes and have better productivity and performance.
Key steps towards business innovation
- Conduct an analysis of the market environment, your customers wants and needs and competitors. Be open to new ideas and adaptive to change.
- Develop a strategic, responsive plan, which includes innovation as a key business process across the entire business.
- Leadership in innovation – train and empower employees to think innovatively from the top down. Inspirational leadership and motivation is what drives innovation in business.
- Connect with customers and employees to generate ideas for improving processes, products and services both internally and externally.
- Seek advice. Utilise available resources, business advisors, grants and assistance to drive innovation in your business. This may include seeking Intellectual Property (IP) protection for commercialisation of ideas.
Remember, innovation is the key to competitive advantage for your business.
source : http://www.business.gov.au/Tweet