Innovation is about more than just bringing new and improved products and services to market. It's about finding new ways to increase the efficiency of your business and, most importantly, improve its profitability.
There is an important difference between invention and innovation. Invention is coming up with a new idea. Innovation is the commercial application and successful exploitation of an idea. Innovation means introducing something new into your business. This could be:
Innovation can mean a single major breakthrough - eg a totally new product or service. However, it can also be a series of small, incremental changes. Whatever form it takes, innovation is a creative process. The ideas may come from:
So, it is important for businesses to continue investing in innovation during difficult trading conditions, so that they are in a better position to compete when conditions improve.
Marketplaces - whether local, regional, national or global - are becoming highly competitive. Competition has increased as a result of wider access to new technologies and the increased trading and knowledge-sharing opportunities offered by the internet.
Introducing innovation can help you to:
Businesses that fail to innovate run the risk of:
Innovation can be risky but the benefits gained from it can be critical to the continuing success of your business.