Why Businesses Must Innovate
In a constantly and rapidly changing world, innovation is something that every CEO, business owner, or entrepreneur must confront and explore – no matter the size of their company or the nature of their business.
Regardless of the type of innovation, it is critical to your long-term success, especially in these times of changing customer expectations, rapid advances in technology, and digital disruption.
Innovation leads to:
- Outgrowing the competition
- Increased revenues
- Profitable changes in your organization
- Business growth
- Sustainable long-term success
That’s why, on average our members increase revenues by 119%.
“Learning and innovation go hand in hand. The arrogance of success is to think that what you did yesterday will be sufficient for tomorrow.”
– William Pollard
What Is Innovation?
“Innovation” is the creation of better or more effective products, processes, services, technologies, or ideas that are accepted by markets, governments, and society.
It differs from “invention” because it refers almost solely to the application of a new process, service, product, or technology (as opposed to the actual creation of those processes and products).
You can innovate in your company culture (i.e. “a culture of innovation”), processes, products, services, business models, marketing, and supply chain. Your innovation can be substantial or incremental. The important thing for a business leader is that you are innovating!