Why innovation is the key to success

Gigabit Magazine takes a look at why innovation is the key to an organisation’s success.

What is innovation? 

Innovation is the process of creating better solutions to meet new challenges. When organizations use it effectively, they can create new opportunities for themselves. Innovation is the process of creating better solutions to meet new challenges. When organizations use it effectively, they can create new opportunities for themselves.

The power to go beyond the existing possibilities also gives them a competitive advantage in the market and opens the doorway to success. While there have been many companies that have achieved huge success initially, the inability to keep innovating has pushed them into the dark corners of history.

Inspire Innovative Culture

Creating a work environment that encourages out-of-the-box thinking is one of the ideal ways to permeate innovation in the very fabric of an organization’s culture. When Mark Randall, VP of creativity at Adobe, took up the task of creating a culture that encourages and assists experimentation in his company, it was more than a challenge.

But over the years, the serial innovator has got his teams to develop and deploy numerous products, which combined have sold over a million units and generated over $100 million. Randall successfully infused the innovation culture that converted into huge profits. Inspiring teams and guiding them in the right direction could take any organization to a new level of success.

Focus on the Future

It’s one thing to innovate, but another to utilize these inventions for commercial gains in the future. Let’s take for instance the popular story of Xerox. The company’s 914 photocopier, launched in 1959 was a technological marvel of its time. It was one of the most successful products from Xerox ever and revolutionized the document-copying industry.

Meanwhile, the research division of Xerox at Palo Alto, California made many more technological breakthroughs, and the list consisted of some of the most startling innovations that included laser printing, graphical user interface (GUI) and many more. But Xerox was caught up in its success and never focused on these inventions, turning a blind eye to the future. Other companies like Microsoft & Apple “borrowed” these innovations to make billions.

By seeing these examples, it is safe to say that innovation is not a one-time action but an ongoing process. Businesses run on ideas and successful businesses need “great ideas” to keep growing; thus, it is Innovation that helps to drive the vision that the entrepreneur had when they started the company. Organizations that wish to succeed must embrace it or risk collapsing.

Source: Business2Community