Innovation is the process of creating something new and useful. It should also be original and something which isn’t currently out in the market. Making something brand new and making a need for it is the core of what innovation is. Some reasons why companies innovate are simple; most of the time it’s because:
- They need a new product that will reduce their manufacturing cost
- Increase quality and design
- Getting ahead of the competition
- Improve their customers level of satisfaction and view of the company
In short, a company innovates to increase their profit. The good that comes with it, which is what their customers will see, is actually just a means to further increase their revenue. If a company sticks to what they have been doing for many years, they also become stagnant so change is also a need at times.
So if there is a need for change, innovation takes place. However, another thing that can push a company to innovate is if someone offers them a great idea. Any idea that can help boost the company’s performance or productivity is always welcome. Whether it might be in the form of a new process or a new team so long as it provides benefits to the company, it’s always welcome.
Strategy plays a big role in this whole innovation process. One can’t just provide certain strategies which aren’t aligned to the company’s goals. There are also the company’s goals and visions to consider. If an idea strays away from what the company stands for and what the company works towards then the whole process isn’t going to pass. It should be clear, in line with what the company strives, and have a simple laid out strategy.
If a strategy is approved by the company, the next phase would be the planning phase. In this stage; all strategies are broken into minute details which in turn will be added into a time table. A target date for each input strategy to be set in motion is important so that when the release date of the new innovation strategy goes out, everything will be in good shape with no glitches and no hiccups.
It is the company’s right to innovate their products or services and whether the customer likes it or not, they have no say in the matter. Many companies have failed to deliver satisfying innovation to their customers and went downhill but most of those who did innovate soared higher. That is why you will not see a company stay as they were 10 years ago. There is a need for change from time to time and upgrades are necessary for a company’s survival.