Innovating contributes to economic development by fostering the development of new markets and the improvement of existing markets.
It seems every few years a new buzzword emerges, is overused, and then thankfully retires to its rightful place as a normal word. Remember “best in class?” These buzz words may be precise in their description, but when every organization in every industry runs the latest buzz word up the company flag pole, waving it proudly and shouting it from the rooftops, it becomes much less powerful – almost a “me too” kind of situation. Could it be that this is the predicted demise of the word “innovation?”
With insane confidence, I hereby declare: Absolutely not! But let us agree to use the words “innovation” and “innovative” when it honestly applies. Think: brand new, original, highly useful, compelling, and cutting edge. Hint: A product line extension or a “new and improved” process, by definition, is not cutting edge.
What does this guide contain?
Many organizations know they need to implement different strategies, but fear gets in the way. They think they require a big budget, that they have to consistently knock out blockbuster products in line with the Apples of the world, or they have to restructure their entire organization. While becoming innovative won’t happen overnight, it is obtainable by any company willing to commit to the initiative.
The best way to spur innovation is to obtain active executive sponsorship and direction – lip service need not apply. It has to be embedded in the organization’s DNA from the top down. Someone has to be responsible, the organization needs a structure to back it up, metrics need to be implemented to measure it, a modest budget needs to support it, and a pipeline with a free flow of ideas established.
Innovation is sustainable for the long term when you put all of the pieces together. Companies can introduce new products and services that help gain market share, maintain brand loyalty; ultimately drive revenue to grow the company. If that’s not best in class, I don’t know what is.
Why you should read this guide
All of us are trying to formulate different ideas to make sure that we are disrupting the market. We do it by innovating new products or service which address the consumer needs like never before. But most of the times we are under the delusion that we have a product or a service that is innovative but in reality it’s not.
So, how can you tell whether your company is making it or faking it? Its pretty hard to differentiate between whether you are actually disrupting the market by innovating the products; or you are under the impression that you are doing it but actually you are not.
The purpose of this guide is to help you understand the difference between the two by giving you practical advice with the help of real-life examples. Download this guide now and understand whether your organization is on a right track or needs a different approach with innovation.
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