It is an undeniable fact that businesses had never waited for 'innovation' to emerge as a quintessential buzzword for them to really start practicing 'innovation'.
In fact, the word only took prominence amid the crude observations of businesses that were constantly reshaping themselves to weather the storms that rocked their way ahead.
Nevertheless, what is true is that the approach to innovation has surely taken a novel dimension. Actually, businesses have extended their notion of innovation from merely constantly uplifting the quality of their products to now giving a strong focus on revving up their routine practices through which they deliver their final products and services to end customers.
Thus, it would be wrong to say that the focus on innovation has shifted, rather it has enlarged to take both the product and practices on board.
But what is more interesting is that innovation has seemingly now hit like a bug as businesses find themselves caught in an innovation spiral, from which they cannot dare to come out. The game is an endless journey where the entrepreneur has no choice than to constantly innovate not only his product but also his ways of doing business.
According to management expert, Peter Drucker, “if an established organisation, which in this age necessitating innovation, is not able to innovate, it faces decline and extinction.” Keeping this in mind, organizations are now taking measures to boost up their ability to innovate.
On the other hand, a particular study found that almost 90% of businesses around the world believe that innovation is a priority. It has also emerged as a major factor in influencing strategic planning and leads to wealth creation.
Let’s check out four main reasons why innovation cannot be taken for granted:
In a nutshell, we all have to agree that innovation is not an end in itself. Rather it is a journey in which we have to continuously keep improving to be at par with the latest development in the market, and most importantly to survive, as goes the saying by Albert Einstein: “Life is like riding a bicycle. To keep your balance, you must keep moving.”