Innovation- A Crucial Necessity Of Successful Business

0
106

There is not a single thing here on this planet which cannot be improved. We can improve every process and can decrease time. Every product and services can benefit from innovation and we can further minimize the time and resource needed to make the product or provide the service.

Following are three reasons which explain why organizations fail to innovate:

  • Most of the organizations are unaware of how to start an innovation program.
  • Innovation is about trying something new which pulls management outside their comfort zone.
  • A fear of failure of innovation in the business is another hurdle.

The failure to innovate will doom the enterprise eventually. A strategic investment is a prudent idea. All three above reasons which cause hurdle to start the innovation in your organization can be overcome and you can taste the fruit of innovation in your business.

Start an Innovation Program
If the top management of your institution does not know how, or where to start an innovation program, following is a simple three stage approach which is beneficial.

There are two utterly critical elements of this program.

  • The first is providing a simple training course to all employees and managers and teaching them about what innovation is all about.
  • The second one is a robust rewards program. Because you want to reward the innovative idea, this is the time to be generous. For example, if an employee comes up with an innovative idea to save a million dollars in projected expenses, you should offer the reward accordingly.

The First Stage

  • The employee who knows the most about the product or service of your institution is the employee who does the job.
  • In most of the cases, that employee is not thinking of job improvement or innovation because they believe they will not be given permission from top management to be innovative about the work.
  • So, it is vital that your institution provide the permission to innovate.
  • Just ask the employees if they have any great ideas how the faction of your institution can be performed in more better, faster, and cheaper way.
  • In case you face a stunned silence, ask your employees to think about it and get back to you later.

The Second Stage

  • The second stage comes after the first stage. The ideas from the first stage brew now and come up with the solid solution.

The Third Stage

  • The third stage comes after the second stage. If you do not come up with the desired results and see little improvements to the degree you wish, you go back to your employees and discuss new good ideas.

The tremendous power of innovation can help our company and business also and we can make the larger profit and at the same time, we can decrease time and effort. Innovation is the key to foster a benefitting and successful business.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

seventeen − 2 =