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Business Innovation: The Key to Continued Success

Categories: Business Management, Innovations, Trends & Technology

Innovation is a core factor for business success. In today’s fast-paced business landscape, it must be prioritized. According to the recent Business Innovators Index survey from Harvard Business Review, 58% of executives say their organization now ranks innovation as a high priority, up from 54% in 2020. Successful innovation helps a business maintain its competitive edge, boost the bottom line and attract both talent and stakeholders. Continuous innovation also fosters company growth and makes it easier to adapt to change, endure disruption and penetrate markets quickly.

Combined with hard work and focusing on the customer, creating and bringing new products to fruition helps you become a market leader—not a follower. However, being successfully innovative is sometimes easier said than done. Below are tips to consider regardless of where you are at in your innovation journey.

Build Trust with Customers, Employees and Stakeholders

Innovation can be complex, so it’s important to start out with a sturdy foundation – trust. According to the aforementioned survey, 84% of executives say their organization puts a high priority on building trust among customers. Building trust is an ongoing process that begins with your company’s mission and purpose.

It’s important that manufacturing processes are transparent and that products create value for your customers and society without compromising the environment. This will attract both employees and stakeholders.

In addition, take the time to truly understand your customers and what they really want. Conduct thoughtful market research and surveys to help boost idea generation. By taking the time to get to know your customers and their needs, you can build a superior level of trust while also finetuning your product creation process.

Don’t Overlook Small Innovations

While many people correlate innovation with brand-new products, small innovations can also have big impacts. If you’re having trouble getting started, don’t forget that product innovation doesn’t always have to be a massive, ground-breaking undertaking. Adapting and updating existing products to meet customers’ changing needs is a great way to continue adding value to your product line. It’s cost-effective and can help solve problems that customers currently face. Streamlining business processes such as accounting can significantly impact on the bottom line as well.

To update your current product portfolio, look for changes in your customers’ behavior and be mindful if they start using your products in different ways. Investigate any pain points that your customers experience and continuously research ways to reduce waste in areas such as packaging, transportation, and materials.

Stay Up to Date with Technology and Trends

Keep learning, be curious and stay current with technology and trends to foster innovation. Technology continues to rapidly change and disrupt the business climate. If you’re not staying up-to-date and informed with the latest trends and strategies, you risk being left in the dust. A recent survey revealed that 60% of executives say digital transformation is their most critical growth driver. More specifically, keep an eye on Artificial Intelligence (AI). The AI market is forecasted to reach the US$500 billion milestone by 2024. AI is currently being used to help businesses automate processes, make informed decisions, increase productivity, aid in recruitment, and provide a more personalized experience for customers.

To stay current in this fast-paced digital world, consider tasking tech-savvy employees to stay well-informed and provide ongoing updates on digital growth in your market and beyond. Networking, encouraging an innovative company culture, and fostering conversations with all employees can help your business stay current, generate new ideas, and keep the discussion active.

Always Consider the Community and Environment

Corporate social responsibility (CSR) isn’t just a kind initiative–it can actually help drive innovation. A recent study found that companies that take CSR seriously have an advantage when it comes to developing innovative technologies. By building a strong CSR strategy, companies can be aware of the impact they have on the economic, social, and environmental elements of society. This enables you to be socially accountable to stakeholders, employees, and the community.

When building your CSR strategy, consider sourcing materials locally. If applicable, look for ways to use recycled products such as water bottles, clothing scraps, or other materials for both product development and packaging to reduce your environmental footprint. Explore ways to make products last longer and educate customers how to recycle them at the end of their lifecycle. In addition, consider investing in philanthropic initiatives. This creates a rewarding, supportive work environment, enhances your business image and provides the feel-good factor knowing that you are using your business to make a positive impact on the world.

Innovation should be an on-going, creative process in every business. It fosters continuous growth, while also attracting talent and stakeholders. Building trust, brainstorming both big and small ideas, staying up to date with technology and always considering the environment can boost your business to help bring successful, innovative ideas to life.

About the Author.

Carlos Albir Jr. is Vice President of Operations at ABCO Cleaning Products, a leader in sustainable cleaning tools. ABCO is a family-owned, Certified Minority Business Enterprise with Green Seal and UL Solutions-certified products, headquartered in Miami. For more information, visit www.abcoproducts.com.