Technology and innovation are crucial to the growth and success of any business. Operating a business takes drive, intelligence, and the use of every tool available to you. Therefore, innovation has to be part of your business from the beginning.
Innovation has been a part of the world since the beginning of time. Every modern convenience we have came from someone innovating. When owning and operating a business, whether you or someone in a similar industry, taking on innovation will ensure that your business will thrive. Here are three innovations that will help your business become successful.
Product innovation can be the invention of a new product or advancements in an existing product. For a business based on a product or multiple products, innovation must be central.
Innovation can be driven by consumer demand, industry advances, or the fulfillment of a need. Necessity is considered the mother of invention. However, it is the mother of advancements, improvements, and new products when it comes to product innovation.
Business owners can’t shy away from updating their product or products when it comes to growth. However, in some cases, the original product may not need advancement or change, so you also have to understand when to keep a product as is. In those cases, the innovation will need to come through the invention of new products that maintain the brand’s integrity.
Process innovation is the advancement of processes used in the operation of the business. Operations could include production, administration, sales, or marketing. Changes in the equipment and technologies used in production (including applications used in product design and development) and improvements in the tools can improve productivity and increase revenue.
Also, updates to software systems used to assist in the supply chain and logistics system, changes in the tools used to market and manage your product, and approaches used for accounting and customer care are more examples of process advancement.
Business Model Innovation
Business model innovation is the most difficult because it provides a company with significant improvement criteria. Sometimes, the skills or systems that have been optimized to make a business competitive and sustainable become the priorities for restructuring.
These shifts will threaten aspects of the company’s branding and clash with market values or commitments in certain circumstances. Product and process progress may both be gradual and mild, while business model innovation is disruptive, risky, and revolutionary.
Businesses such as Uber, Airbnb, and Spotify used business model innovation to break the mold of how business models were expected to work. They are excellent examples of fast-moving businesses that were able to challenge age-old markets (taxi service, hotel stays, and music) by tweaking or upending their industry’s traditional business model.
Both existing businesses and startups can modify their business model when developing an initial concept. These innovations in the business model can result in more significant revenue and overall success in well-established industries.
Historic Innovation Examples
Coca-Cola implemented innovation in their product in 1985 during the throes of an epic taste battle with Pepsi. This change to their creation was an epic failure resulting in them putting out the original formula called Coca Cola Classic. Eventually, this lapse in judgment was wholly erased when “New Coke” was phased out and the original Coke product was back in its rightful place.
Henry Ford’s invention of the world’s first successful assembly line is one of the most prominent and pioneering examples of process innovation. This process streamlined vehicle assembly and reduced the time required to manufacture a single vehicle from 12 hours to 90 minutes.
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