When we talk about business innovation, what instantly comes to our mind is the latest technology. However, this truly means driving the business into better ways to increase revenue. Companies know they need to innovate in order to keep up with the constant changes in the market. I could say that the development of technology these days is so fast that not all are able to catch up as much as they would want to. However, as a business owner, your company must innovate in order to stay relevant and not be left behind by your competitors.
Being innovative has its rewards which means you don’t just make your company ready for the future but also equip the company with great talents and an increase in market demand.
What is business innovation?
Business innovation refers to the implementation of new processes, ideas, products, or services with the goal of increasing revenue. Therefore, it could mean launching new and improved products or services, efficiency in processing, or solving a current business problem. These steps can help increase revenue while cutting down on cost as well as save time. Thus, constant brainstorming is one key to how to make the company offer a better business.
The Importance of Business Innovation
Some may just refer to business innovation as taking in or upgrading the system of a company through the use of the latest technology, it refers to the changes that a company has to make in order to improve the quality of its products and services and to increase revenue.
The Benefits of Innovating Your Business
I do think that every company should continuously innovate their business so that their business remains relevant and in parallel with their competitors. One thing that any company should be aware of is that the market’s demands continuously change. It is either they improve their existing products or services or duplicate whatever their competitor is offering – make it better or better yet, buy these offerings from startups or get a partnership to create a stronger brand.
One of the most common complaints of consumers is how the service of certain companies can be too slow or almost zero. What I mean by this is that even if the products and services may seem alright but how the employees or sales personnel to handle business with customers are poor, it can turn off any customer. Hence, the company should make improvements in their customer service by providing a workshop or seminar for their employees and integrating a system that will allow all concerns to be addressed properly and in a timely manner.
No customer would want to deal with absolutely zero enthusiasm among the company’s employees. It is a must that these people at the forefront of the business be able to learn how to speak to the customers in a way that they will easily be encouraged to purchase.
Companies who are known to upgrade themselves are seen by their customers as a business entity that truly cares for the customers and is more willing to buy from them particularly those companies who are vocal when it comes to social responsibility wherein their involvement in the community can easily urge the consumers to participate, as well.
Examples of Innovation Across Various Industries
You would recognize these examples from companies that have been in the industry for years.
1. Shifting from manually writing information, sales reports, etc. to the digital format by using various system software to lessen the time of putting/ pulling out information. Less paper to deal with means a whole ton of office space that can be used for other purposes.
2. We are in the digital age wherein almost everything is possible. One of the great things that man has invented is the use of electric automobiles which can reduce gas emissions and help improve the quality of air that we breathe. Although the number of this kind of vehicle has not yet been mass-produced, it is anticipated that in a few more years, this will be mostly the widely-used type of vehicle in the world.
3. Just imagine the need to carry thousands of pesos inside your bag if you intend to buy a luxury bag or watch. Thank God for technology, indeed because we can just use the credit card or debit card to make purchases without the need of carrying too much cash.
4. The pandemic has affected how we live. But it has not stopped us from doing what we should do (of course, abiding by safety protocols). An academic freeze would have been the answer if it weren’t possible to hold online classes. A great number of Filipinos have considered working online even before the pandemic which immensely increased since the pandemic.
Examples of Types of Innovation
I have mentioned that business innovation is almost often referred to as technology. However, more than that, a company can innovate their business with any of the following:
1. Products and /or Service Innovation
Back in the day, when we hear about Samsung, the first thing that goes into our minds is a mobile phone. However, as years went by, they have evolved into a much bigger company that now also offers television, refrigerators, and other home appliances.
2. Process Innovation
We no longer just rely on getting things done manually because robots have been created to handle some tasks which now reduces the time in the production of products.
3. Delivery Innovation
When we want to send a package to someone, we usually go to the offices of couriers. But now, it is possible to have our items to be picked up from our home or office without having the need to go out. Simply said, now everything is mostly just a click away. The same goes for when we need to order food. It has lessened our time to go to restaurants. There are now apps that we can use to place our orders.
With business innovation, this can also mean having to do a little tweaking in the design of the office which should help the employees to become more creative and to create a conducive space for working. All entrepreneurs have one goal in mind, and that is to be able to stay in the industry for a long time. Not unless an entrepreneur embraces the thought of innovating his business, his business may just be overstepped by startups.
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You may contact Armando “Butz” Bartolome for questions and more information.
By email: aob@gmb.ph
FB Page: Armando Bartolome
Linkedin: https://www.linkedin.com/in/franguru/
Website: https://www.gmb.ph
