Business Innovation for Competitive Advantage
Through business innovation, an organization introduces new workflows, ideas, products, services, and methodologies. IT innovation uses technology to come up with ideas to solve problems in an organization; similarly, business innovation should ensure that goals across the whole organization are met, and core business initiatives and objectives are also accomplished Idea generation often leads to innovation where ideas are pooled together to come up with brainstorming solutions that leaders consider to be viable, desirable and feasible business opportunities. In addition, to improving the production process, products or services, business innovation should also solve a problem or tap into new markets.
Business nnovation enables an enterprises to create value from new or existing revenue opportunities or summing up more revenue from existing channels by improving productivity, performance or establishing frameworks that save money or time or both. Hence, corporate innovation should boost profits and should also yield a competitive advantage for the organization, making it grow and reach or even surpass the strategic goals.
Business model innovation alienates the organization from its competitors by how the business operates, how it exploits new ideas and how efficient it is in service delivery. Business innovation benefits both the organization and the customers since they also get to use new products and services. Quality products or services are also disposable to customers, for example, in the case of the healthcare field, better medical treatment. However, very few companies have sought business innovation, despite it boosting profits and securing competitive advantage. Most management bodies do not have the time, funds and energy to support the new product development process. Most organizations lack team work commitment which is essential for business innovation to thrive.
To succeed in business innovation, organizations should know that they are different and should pay attention to their personal needs. Furthermore a company should be flexible enough to accommodate change. Besides, possessing the will to kill an unproductive idea, companies should take risks, willing to fail first. Based on the extent of the business, customer relationships can be excellent sources of revenue, hence, it is essential to know your customers. Customers can be a guide since they say what they want, and negative or positive feedback would aid innovation.
Since they do not promptly act on the frustrations that are associated with business innovation, most businesses fail. In this case, besides employees taking some time before adjusting, consumers may take time before adapting to the new product or service and there may be financial issues. In some scenarios, it may be not about how you alter the service or the product, but how you talk about it. If any organization is to succeed, marketing should be a critical aspect of business innovation.