American business transformation expert Gordon Threadgold summed up the benefits of purposeful innovation in any enterprise in four points.
Properly applied, innovation is an inexhaustible source of growth for every enterprise. New technologies, devices, tools and models are needed to keep up with the market leaders and even try to get ahead of them in some way.
In recent years, experts from consulting agencies have analyzed the impact of innovation on all possible aspects of a company’s life. In his column in the American edition of Inc. business coach Gordon Threadgold summarized the benefits of innovating in an enterprise in four key ways.
1. Growth by leaps and bounds
Innovations allow businesses to increase revenue, scale operating models. This leads to the expansion of the business, the creation of new positions in the staff list and the hiring of highly qualified employees for them. In turn, this allows you to attract new customers and further increase your market share.
2. Out of the ordinary as an advantage
In the 2019 Tech Vision, Accenture analysts anticipated the post-digital era just a few years from now, when digital technologies are no longer an advantage, but become commonplace, and companies will have to stand out at the expense of something else.
It doesn’t matter what makes up the basis of the economy – steam turbines, computers or robots – at all times your product must somehow stand out. “Let’s say you make light bulbs. Hundreds of companies too. What to do to attract customers? You can sit down, think and create a light bulb that will turn off when you leave the room, writes Threadgold. It sounds strange, but this is how most innovations work. The best innovators take a popular product and improve it.”
3. Towards the client
Regular customers and potential buyers are a motley crowd of people whose requests and needs are constantly changing. Innovative technologies make it possible, on the one hand, to predict and model future demand, and on the other hand, to create flexible goods and services for changing tastes.
4. Attract the best
Those with an innovative culture are more likely to work for companies that already have some experience of innovation, Tredgold notes. One should not be afraid to try, implement and improve, in a word, to form a positive image. “Build an innovative business by looking at a growing stack of resumes of top professionals. Many will want to work for you, and at some point a miracle will happen – you will become even more innovative, ”writes Threadgold. This is a vicious cycle of gradual expansion and strengthening of the business, which you can get into by accepting all the risks of introducing innovations. They will surely pay off later.