Creating more effective processes, products and ideas is what innovation is all about.
Innovation can act as a catalyst that makes your business grow and can help you adapt in the marketplace.
For society at large, innovation is a key driver of economic growth. According to an OECD paper, roughly 85% of all growth that happened in the U.S. economy between 1870 and 1950 can be accounted to productivity growth via innovation, and this isn’t just an individual anomaly.
According to the same paper, there have also been nearly identical findings in other economies in different times.
Many experts in leadership believe 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. Somethings thinking outside the box is the only way to find an answer that makes your business better.
Innovation can also help spike productivity. When employees and leaders start to feel bogged down and struggle to get everything done, that’s a good time to consider tapping into a new process. Thinking creatively can help with determining what things to streamline and what things to cut out.
In order to work smarter, think creatively. Perhaps deploying something like a project tracker system application will help monitor and prioritize tasks. Then as your needs change you can update the software to remain productive.
Getting a leg up on competition can also materialize by using an innovative approach. This might be something like coming up with better ways to design products or connecting more effectively with customers. Creative thinking also helps to zero in on the most propitious marketing strategies in your industry.
Want to know more? Tonex offers Advanced Innovation Training | Principles and Methods, a 2-day Capstone-based training workshop where organizations learn that you can create new products, services or technologies constantly, but without a structured plan, the chances of success are low. Participants will learn how to develop an innovation strategy that aligns with their organization’s goals.
Additionally, Tonex also offers dozens of other contemporary Leadership Training courses. Please see our Leadership (for the Digital Era) page.
For more information, questions, comments, contact us.