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The ‘Why’ and ‘How’ of Today’s Business Buzzword ‘Innovation’

As technology plays the role model in our lives, in the same way, it is and will be undoubtedly, the driving power of the business world too. Those, who will prove to be innovative, can only think about being in the competition, others, strictly out of it!
Innovation is the currency of business today. No one cares about the past, but loves to flaunt the new invention as their asset. So is the same about the innovativeness in the business. The more innovative idea is placed before, the more the company gets applauded and grabs the eye of the customer.
Well, there are a few common questions which hammer our mind when news like, Google or Amazon has launched some new product or some new business model get flashed. But Why ? What’s the need of new innovations when they have some of their master products or services so much applauded by the audiences?
Well, the answer resides in the question itself, the clients need something new, something innovative, and some high-quality stuff all the time. This is the reason every company has to be always ready with some revolutionary ideas to lure more clients towards them. This creates the space for innovation. But yes, there isn’t just one reason behind the need for innovation but many.
Constant Changing Customer’s Demands
It is very obvious, and any project manager will share with you, the built up pressure after a successful launch of any new product. Immediately after a launch, few weeks are spent on collecting and analyzing the data about customers likes or dislikes of the product. Once, done with the data collection, customers start requesting for the features. What the project manager does after that is to release the most desired features of all for the customers and leave the least admired for the future.
Now, the thing is though you have satisfied the customers with their desired features but it has only made their work easy. Now, it’s totally companies’ duty to search for something new something innovative to make customers’ life transfer from easy to easier. If customers get offered some new features by some other company, obviously they will opt for them. That is the reason; every company needs to be prompt when it comes to innovativeness. Staying up to date with innovativeness for the customers demand is what companies can do. Companies have to invest in innovativeness to satisfy the future needs of the customers.
Ferocious Competition
Well, the real completion today is not the rival companies but the start-ups sprouting up every single day, with a hilarious new solution for the clients. On this ground, all the companies need to gear up with their best innovative teams. Because these start-ups knows only one thing and that is to serve their customers with the best innovative services to take a dive in the competition with the experienced ones.
Now, the already successful companies get only one option and that is to be innovative with their own products and services to retain their position in the fierce competition with the young ones. Well, these companies also have another option, which we have witnessed before and that is to acquire the start-ups. Even with this acquisition these companies are only accepting the new innovation and going on in their journey to satisfy the needs of the customers.
So, the points discussed about can be the ‘Why’ of innovation. Now, let’s see some of the ‘How’ of innovation. All the big companies in the business world have some common characteristics in them, which is ‘How’ of the innovation. It is on the basis of these characteristics that these companies are on top of the innovation chart. The innovations made by these companies are totally customer-centric. The use of latest technologies and unique way of solving a problem is what makes them on top of the competition chart. So, here are some of the characteristics of the innovative companies which make them stand out of the competition.
Cherishing Innovative Culture
Innovative companies always cherish innovative culture in their company. Innovation is never an accident. So, the companies having right process can only come out with the right ideas. It is not at all necessary that the innovative employee can be only among the R & D department or the one who sits in the boardroom. The employees who are actually implementing the plan can fetch the best idea. Innovative ideas can usher from any department, let it be marketing or customer care. That is the reason these companies give equal chance to all nurturing the best culture for innovation.
Giving Equal Importance to the Customers’ Ideas Too!
Innovative companies do not measure customers as only the users of the end product but, values them to be a good idea enabler too! If customers get involved into the designing process they can suggest an idea which is really important and valuable in making of a product or solution. Innovative companies take customers input in the whole process. This helps to know the customer requirement in advance making the product easily accepted, as soon as it gets launched.
Yes, being an innovative company starts with the starting phase of the company. To get counted among them depends on how well you know the ‘Why’ and ‘How’ of the innovation.