5 Benefits that Innovation Brings to Companies

Innovations-Benefits-Business
Innovations-Benefits-Business

Every April 21, the “ World Creativity and Innovation Day ” is celebrated , a commemoration that is born with the purpose of promoting creative practices that allow us to build better horizons on the planet through innovation.

And in the business sector it has not been the exception, innovation appears as a fundamental tool for development . History is full of evidence, from the invention of the printing press by Gutenberg , through Henry Ford’s mass production revolution , to the arrival of the first Iphone by Steve Jobs .

“Innovation, research and technological development are key pieces for companies to evolve,”

Innovation has become the engine that drives the transformation and growth of companies.

Innovation today makes it possible to take advantage of resources to obtain greater economic, social or reputational benefits in the case of organizations. For this reason, it is essential to be at the forefront of current needs and trends, as well as to use tools to optimize processes, offer new products or services and strategically position yourself in the market.

Knowing your clients’ preferences and understanding your competition will make innovation bring organizations, regardless of the sector, better returns through the production of differentiated products and services and the use of more efficient processes.

Everything is manifested in a sustained growth and in new, different, viable, replicable offers adjusted to the operation model.

How to do it?

To start an innovation process, it must be understood that an organization is part of a business environment, therefore it is key to analyze it to understand the industry and its trends. Afterwards, it is important to follow a few steps for the process to be successful:

1.Defines the object of investigation:

The innovation process seeks to generate competitiveness through better results and the optimization of current resources, which is why it must start from a clear objective based on an investigation of the environment and its needs.

In this step, it is key to define the future vision of the organization, based on this information, the key elements are defined, such as people, processes, niches, macroeconomic context, trends and competitive capacities that will be decisive to propose the organization’s differentiation strategy.

2.Define the impact:

Once the scope and objective to be achieved has been delimited, it must be identified which parts of the processes are to be impacted and how they can be optimized or to what extent they could be optimized to maximize the benefits of the organization.

Not having a clear strategy or focus leads to the use of resources in obtaining results that are not relevant to the processes, services or activities of the organizations.

3. Create your work team:

An innovation project needs to be managed through a multidisciplinary team that thoroughly knows the market trends and the needs of the organization, from this define strategies and the direction of the team that leads to the visualization of possible solutions. In this way, you can conceptualize ideas, evaluate knowledge to prioritize efforts, design prototypes to validate and qualify them in the market and achieve the success of initiatives.

Within these processes, analytics gains value as it offers the possibility of converting data into actionable knowledge for assertive decision making. Thus, innovation processes are supported by data-based sources to characterize the process according to the organization and the environment in which it is framed, in this way better results are obtained and decision-making is optimized.

In this specific commitment to innovation in the country’s business sector, we want to present 5 benefits that innovation brings to companies:

  • Research promotion:

To develop innovative solutions it is first necessary to do research on a specific problem that we want to solve. Finding data, understanding the problem, posing the hypothesis, and making a diagnosis are steps that are implemented during the research phase. This collection of new information is a very valuable material for any organization that needs to improve a process.

  • Trained employees with constant learning:

The constant search for a solution to the different problems of a company makes employees have extensive knowledge about this information, which allows them to have very valuable reach. Experimentation is also a task that is executed many times, therefore the experience that employees obtain is very important.

  • Transform the organization into a competitive institution:

If the foundations of an organization have innovation as part of its culture, changes and improvements will be a constant. These continuous practices will provide the company with facilities not only to keep up to date with technological advances, but will also allow them to set the standard in the sector.

  • Savings and higher profits:

All study and research efforts will not only contribute to solving problems, they will also allow to improve processes (with shorter times or where through automation, for example, operators will no longer be needed in those tasks). All this will save time, money and multiply profits.

  • Technology development:

The continuous investigations generate the solution of problems and improvements of old processes in the companies, these practices, over time, give a much greater value to the organization, with integrated and much more solid innovations that will allow an advance in the development of the technology.

There are various benefits that companies can obtain when they decide to innovate, and in this way, they can rely on institutions that work for innovation, guide them and provide specialized services.