Innovation can be described as the creation of new ideas and the process of translating the ideas into a good or product for improving the organisation’s profitability equation radically and providing optimal consumer satisfaction. Holistically, it celebrates the idea of creation.
We are in a time of unprecedented change and evolving is the way forward for organisations, this is where innovation comes into picture. Innovation is dynamic, creating waves either small or big but waves nonetheless. The dynamism is what gives way to change- the change that makes way for evolution in products and services- from an organisation point of view. A product or service, when makes the existing market leaders obsolete in its category is a successful demonstration of an innovated product and even better, if it creates a new market of its own!
In a market, there is always an inflow of certain types of products and there comes a point of saturation for a product, which is when the market no longer caters to ideas similar to that product but there still exists a need for it, the only way to tackle it is innovation. Innovation creates a better product to replace the existing one- providing value to the consumers and increases the economical position of the organisation.
Innovation seems to be a really important factor for a company’s success, but is it as easy as it is important? There’s no right answer to this question here- coming up with ideas is easier than executing them generally. This is where the management comes in- creating an environment suitable for growth in all aspects should be priority, there must be a correct evaluation of resources and a competent board ready to formulate an appropriate plan of action to tackle any problem at hand.
It is the responsibility of management to introduce ideas, questions, problems or solutions in a framework correctly to really get the point across to employees. Effectiveness in introducing the problem results in a higher number of breakthroughs, creating pipelines for the future as well and a storehouse of potential innovations.
To conclude the topic, here are some ways to maximise innovation – Do not stick to assumptions, challenge your own mind, let go of inhibitions and embrace your failures because they’re much more productive than you think.