Wednesday, May 22, 2013

The Importance of Strategic Innovation

Today, in order for your business to succeed, it needs to stay competitive. So, you need strategic innovation to understand the marketplace and produce new products to meet the needs of your customers. Without strategic innovation you won’t keep up with, let alone stay ahead in the today’s faced paced business world.

According to Tom Donovan of Wisepreneur, a company needs a template of strategic innovation because the business needs it to survive the cut throat competition. Without techniques to analyze the business world, the competition as well as how the company can innovate, it stagnates. As technology advances at a rapid pace a business needs to be able to utilize that technology with innovative concepts. Businesses can fail if they can’t grow in this ever-changing world.

Additionally, the business needs to look for new streams of revenues that can keep the company going. Innovation is one way to make a lasting statement in the business world and keep a company going. The long-term strategy of a company is then one of the most important aspects of the business. By developing strategies to stay competitive the business has a better chance to succeed. A company will look at its own products, and then decide how to improve them or make new ones that have an impact on the marketplace.

“Just think of Apple and how popular their PCs and mobile technology is. If Apple just sat there and never worked on its innovation then it wouldn’t be in the position it is today. Apple developed strategies and used strategic innovation to be the giant in the PC and mobile market that they are,” wrote Donovan.

He suggests the following template for innovation strategy:
  • New business models – You help your business grow in new directions with new products that allow your business to stand out in the marketplace
  • Increased Value- Your company has increased values and this leads to more value for your business
  • New Markets – Your business can break into new markets that it might not have been able to before

Strategist innovation will allow you to break through the conventional mold and gain that advantage over companies that sell the same products you do. The business world always changes and those that recognize those changes have an advantage over those that never change. If you use strategic innovation to analyze your business and those of your competitors, you’ll see where those improvements to your business models can propel your business.

Today’s consumers wants the next best thing and by innovating you can give them what they want. Innovation will help you get there. 

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1 comment:

Deepak Panda said...

Strategic Innovation is a multi-functional approach that brings together all the creative assets, capabilities and disciplines of your organization to work together on producing breakthrough ideas and driving new business growth.

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