Innovation figures in many different arenas in helping an organization meet its goals.
Besides acting as a catalyst that makes your business grow, innovation also helps an organization adapt in the marketplace. Some of the key practical benefits of innovation include:
- Reduced costs
- Increased competitiveness
- Improved brand value and recognition
- Better productivity
- Increased profits
Innovation enables problem-solving and provides creative insight that allows organizations to look at things from a different perspective, regardless of whether developing a new product, refreshing strategy or finding an original way to stay ahead of the competition.
Most leadership experts point out that there’s also a lot to lose when an organization does not stress innovation. This kind of organization runs the risk of:
- Losing important staff
- Falling efficiency and productivity
- Losing market share
- Reduced margins and profit
- Going out of business all together
While innovation can be a bit intimidating and even downright precarious, studies show that potential benefits from innovative thinking and practices can be vital to the continuing success of a business.
It’s commonly believed that roughly 70% of a company’s innovation resources should be aimed at incremental innovation of the core business, 20% to innovation that helps expand that core, and 10% to breakthrough innovation that can transform the future of the company.
Innovation figures in many different arenas in helping an organization meet its goals. For example, innovation goes a long way to solving problems. Every business encounters certain problems that require creative or innovative thinking to resolve. Sometimes thinking outside the box is the only way to find an answer that makes a business better.
Want to learn more? Tonex offers Advanced Innovation Training, a 2-day course where participants learn how to develop an innovation strategy that aligns with their organization’s goals.
Other Training categories include:
- Executive Leadership
- Business Intelligence and Business Writing
- Operations Management Training and Change Management
- People Management and Performance Management
- Product and Project Management Training
- Project Management Certification
- Entrepreneurship and Leadership Training
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