VIEWS: 8 PAGES: 2 CATEGORY: Technology POSTED ON: 9/7/2012
Fostering a culture of innovation and creativity in business can help one stay a step ahead of competitors, by ensuring that products and services remain up to date and in line with what customers need. Innovative businesses often have strong, inspirational leaders and management and well-trained and motivated employees.
Encouraging a Culture of Innovation to Beat Competition Fostering a culture of innovation and creativity in business can help one stay a step ahead of competitors, by ensuring that products and services remain up to date and in line with what customers need. Innovative businesses often have strong, inspirational leaders and management and well-trained and motivated employees. These businesses maintain a culture of innovation, constantly looking at every aspect of the organization and not just its products and services. In today’s business environment, it is difficult for businesses to outgrow, out market, or out price the competition but driving innovation while implementing continuous improvement will help businesses stand out from the competition. Every business wants to innovate, even if it is not on the same level as Apple or Google. Innovation has to have a purpose. That’s exactly what Apple has been doing, and its devotion to designing new customer experiences centered on technology has contributed to a 1,300 percent rise in its stock price in the past 10 years and a market capitalization that exceeds that of Microsoft. Apple keeps innovating because it has deliberately fashioned a culture of innovation. The company’s steadfastness to design and innovate is built into its DNA and that enables it to promote, conceive and implement revolutionary ideas and remain in a continuous state of reinvention. Business innovation now a day’s does not only mean making the product development better but it also means that companies should keep reinventing themselves in ways, that the internal and external customers goodwill towards the company increases. Research has found that companies that do the best in a tough economy are those that innovate and are open to outside ideas. The power of the crowd innovation is being utilized by many businesses and many companies are doing efficiently by outsourcing their first line support and service function to the crowd. Air New Zealand’s Aviation Design Academy for example, set out to design the best long-haul flying experience. Passengers were asked to design parts of the flying experience on their new 777-300 aircraft – the cocktail, in-flight food, eye mask and one “freeform” idea. The winners had the opportunity to take a flight from Auckland to London to sample the implementation of their ideas. The competition attracted huge number of entries and generated more interest in Air New Zealand’s marketing initiative. In many cases, CEOs see collaboration as key to their success with innovation. They know they cannot do it all using internal resources. So they look outside for other organizations to partner with. True innovation requires someone who can visualize the possibilities of an idea generation and who has the ability and tenacity to successfully implement it. With successful idea management services, organizations can blend the strengths with various feedbacks as a means to encourage a culture of innovation. This way the best idea is most likely to successfully beat completion in the market. Read More On: innovation products, idea management solutions, managing innovation, crowdsourcing software
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