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Reasons Business Innovation Is Important To Business Growth

The purpose of the business innovation process is to create value for the organisation. That value can come from creating new revenue opportunities or driving more revenue through existing channels ; from creating efficiencies that save time, money or both; or from improvements to productivity or performance.

Business innovation is an organisation’s process for introducing new ideas work flows, methodologies, services or products.

Recent examples includes the introduction of the Dyson vaccum cleaner, whose creator and namesake James Dyson declared in advertisement that he set out to build a better product by applying industrial cyclone technologies to the household appliances. Ride -Sharing Companies (Zipcar, Uber and Lyft) represent an example of a service innovation. Gillette has billed it’s Mach3 razors as a containing innovative technology.

Models Of Business Innovation

  • Revenue -model innovation : This involves business owners looking at their revenue model for places to innovate the product and services that they offer, the prices of their product and services, and the customer they target.
  • Business -model innovation : This involves business owners looking at their overarching business model for places to implement innovative solution, their business processes, their business strategy, their mission statement, the technologies they use, and the businesses that they partner with. When organizations choose business -model innovation, they may choose, for example to create a strategic alliance with another business, to update the software that they use, to accept venture capital financing, or to go from selling at a physical storefront to selling online.

Technology ( and especially artificial intelligence) is evolving faster than ever before, which means that there may be new, more efficient technologies to make better products, to offer your services, to market your business, or to track your performance with analytics. By taking advantage of these new technologies for process innovation, you’ll be able to optimize your business and gain a competitive advantage over your competitors.

You can work with Espact team to help you with your business ideas. Kindly reach out to us today, through call / whatsapp : +2348081553042. You can also send us an email :info@espact.com.

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