Innovation is key to success
History has perceived companies, which were once at the peak but later doomed to death just because of ‘dearth of innovation’. Nowadays, Companies are implementing game-changing innovations in small ways that add to the big picture.
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Innovation is not about money. It’s about the people you have, how you’re led, and how much you get it. Innovation adds to organisational value. Innovation is not only in products but also in new services, business models, and way of working, processes, functions and job roles. Innovation is necessary for the workplace because it gives companies an advantage in penetrating markets faster and provides a better connection to developing markets, which can lead to bigger opportunities.
History has perceived companies, which were once at the peak but later doomed to death just because of ‘dearth of innovation’.
Blackberry and Nokia have been swapped by other mobile handset companies due to innovative ideas and technology. MySpace was born and died all very quickly and replaced by Facebook. Blockbuster was replaced by Netflix. Compared to Blockbuster, Netflix had little overhead costs due to not having a physical location and offered consumers a late-fee-free alternative. As consumers warmed up to the idea of ordering movies online and having them delivered to their doors, the company quickly took off and Blockbuster could not keep up.
To retain power and market share, companies are required to innovate and strike a mark in the market. Nowadays, Companies are implementing game-changing innovations in small ways that add to the big picture. Technology and demands are changing in today’s world. In today’s world, innovation has become essential for survival in the market. Innovation has become the necessity rather than a requirement.
Indigo has sleepless ramps which reduce boarding time and scanners that speed up travellers who don’t have the burden of check-in bags. With features like a Twitter handle that guarantees the personal response in 12 minutes or less, the company keeps upping the ante on the service quality. Starbucks doesn’t have small, medium and large cups. They have their own language such as grande and venti. They even have their own payment app designed with PayPal. FMCG constantly comes up with new varieties to cater people’s changing needs. Five major Indian companies including Asian Paints, Hindustan Unilever, Tata Consultancy Services, Sun Pharma and Larsen & Toubro have been ranked among Forbes’s list of ‘The World’s Most Innovative Companies’. The companies that rank in most innovative companies are those that are willing to take risks, work on bold new projects, disrupt the traditional ways of doing business and change the world.
The right innovative techniques can help you save precious time and money, and give you a competitive lead in expanding your business. Tremendous efficiencies are experienced because of the development and use of new strategies.
TIP : One way to experience this is when distinctly different ideas come from different minds. Don't be afraid to surround yourself with people who have ideas that differ from yours. You'll come up with diverse ideas that you can pool to achieve a different approach from what has always been done -- and that is what you call motivation. Now go get innovative!