The rise of technological advancement has brought about a paradigm shift from the traditional to a modern way of doing business. Things are no longer the way they used to be. Therefore, it is the choice of every business owner or entrepreneur to either move with the growing technological trend or gets kicked out of business.
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Quite frankly, the ball is in your court, but I know you’d prefer the former. The truth remains that this trend will not stop or slow down. Embracing technological advancement could be a painful process, but the rewards are far more fulfilling. Some of the types of innovation include:
- Product Innovation: This is either the birth of a new product (e.g., Thomas Edison’s bulb innovation) or an improved version of an already existing product (e.g., update on the portability and features of a PC).
- Process Innovation: This entails combining technologies, skills, techniques, and facilities to produce, support, or deliver a product.
- Business Model Innovation: This entails putting in effort, strategies and plans to make a business successful or set it apart from the competition.
- Marketing Innovation: This involves producing changes by developing a new marketing strategy. Simply put, it entails creating new ways to promote products or services either through packaging, designing, etc.
- Technological Innovation: This type of innovation deals with adopting new technologies which would ensure business ease, growth, and transformation.
How then can you infuse innovation into your business? Here are some tips:
To change your business process, you have to first change your mindset and how you see things. Most businesses are stuck in the traditional methods of production, simply because they are trying to play safe and hold onto the ancient ways. These business owners have refused to see past how things were done before and embrace the new way. Therefore, the first step towards bringing innovation to any business organization is to create change in the owner’s mindset. Though change can be upsetting, it could also bring relief and growth.
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Analyze The Market Trends
Innovation cannot occur in a vacuum. Therefore, to fuse innovation into your business, you have to find out what is obtainable in the marketplace, acquaint yourself with trends, and discover how innovation can add value to your business.
Look Out For Opportunities For Innovation
Look out for ways to improve on your product or service or better still, try introducing a new product, technology, or technique. Before introducing any innovation opportunity, you have to be sure that it matches your business goals. Opportunities could lie in introducing applications to ensure better customer service or provide home delivery services for customer satisfaction.
This is very important as it helps you know who your competitors are, what they are doing, and their areas of weakness which you can exploit. It’ll also prevent you from innovating what would look like a copy from competitors.
This is very essential especially if you want to keep growing as an organization. You could encourage or promote innovation by setting up suggestions boxes for employees to air their views, creating an atmosphere that makes people feel free to express their thoughts, encouraging risk-taking even if it fails, rewarding innovation, and looking out for individuals with a creative mindset while hiring.
Fund And Implement Innovations
Don’t stop at innovation, push further to implement them. You can decide to fund your innovations through your finances or external funding sources.
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This article was first published on 17th November 2021