Innovation can help businesses achieve various objectives by increasing profits, introducing new products or services, and establishing an appealing brand image to customers. It can help businesses remain ahead of the competition in a world that is constantly changing, as increasing numbers of industries are being disrupted.
Business innovations can come in many shapes and sizes. They can involve the creation of new products and services improvement processes, launching campaigns or changing the company culture. They may also involve changes to existing products and services, such as adding features or upgrading customer service. The most effective innovations will be ones that are both beneficial and original.
Innovative ideas are rarely the sole catalyst to breakthroughs in the absence of viable solutions to real-world problems. To be considered an innovation, a new idea must be beneficial to the customers and the company itself. A business innovation is deemed successful if both it is unique and effective.
In addition to creating new sources of value Innovation in business should improve decision-making and problem-solving throughout the company. Businesses must be constantly monitoring the market to find opportunities for innovation.
The best source of ingenuous ideas is usually outside of the business in which the company operates. For instance, the invention of the modern accounting machine was a business idea by IBM when IBM realized that banks would not buy new machines in 1933 due to the fact that they were in a financial bind.
Another example of business innovation is the introduction of the scleral lens during eye surgery. Doctors used an enzyme to eliminate cataracts for 50 years but Alcon made it more profitable when they added an additive to preserve it. This was a revolutionary change in business that resulted in a new product and a world-wide monopoly.