La business Innovation ensures competitiveness through continuous optimization of business processes; whether in the way of offering products and services or increasing efficiency. Its importance is key in organizations since it allows the optimization of the business model, profitability and permanence over time.
On the other hand, strong and consolidated companies were surprised by the emergence of startups. These completely changed the set of market rules. In addition, they are progressively conquering a large part of their audience by having the power of scale driven by technology.
Currently, startups have put large organizations in check because they deliver more value by modifying processes through innovation. This has made organizations see the need to change their processes, innovate and transform.
This new scenario, highly competitive and dynamic, has made innovation increasingly valued and sought after by companies as a way to stay current in the market. Next we mention the challenges that the business Innovation today and how to deal with them.
Business innovation, Grupo Nutresa.
Challenges of business innovation today
- Know the consumer and put them at the center of decisions.
- Treat innovation as a challenge.
- Have a structured innovation process.
- Develop an appropriate environment that encourages creativity.
- Stimulate internal and external collaboration.
- Assume failures and understand that they are part of the processes.
- Develop creative thinking.
- Anticipate market change (EbdiCorp, 2022).
How to face those challenges
- Studying the environment. Before implementing an innovation, it is necessary to carry out a study, both internal and external. This study has the objective of determining the needs that the company hopes to address through this innovation.
- Defining innovative ideas. At this stage, the contribution of all members of the organization is necessary. This can determine your success or failure.
- Determining the real feasibility of the innovation. It is essential to carry out an analysis of production costs and the market to which an innovation is directed. The necessary study of the competition should not be forgotten.
- Looking for balance. Prevent excessive creativity produces an impractical idea that has no real usefulness for the market to which it is directed.
- Knowing how to sell. For this, the strategies of marketing most convenient for the product or service. This prevents the company from making a very common mistake: making a mistake with the launch campaign of an innovation (Cesce, 2021).
Advantages of business innovation
- Reduces production times in the medium and long term. The above substantially minimizes the time to execute the processes. This optimizes tasks to be completed in shorter periods.
- Improves the productivity and effectiveness of the human team. Increasing innovative learning increases effectiveness and productivity. This reduces project execution times and serves as motivation for staff.
- Prevention of losses due to errors. Failures are significantly reduced through innovation. The prevention of losses due to errors means that strategies are established based on the standardization, protocolization and automation of processes.
- Improves decision-making processes due to the availability of vital and updated information in real time.
- Improves customer satisfaction by making the final offer to the customer more flexible and optimized (Kyocera, sf).
Consumer needs and preferences undergo modifications and changes over time. In this sense, it is not convenient for companies to be left behind. To avoid this, they need to adapt to new realities to obtain innovative solutions.
On the other hand, the first step to overcome the difficulties of innovation is to know the challenges they face and the environment in which the changes will be made. Likewise, the transition towards a culture of innovation requires perseverance because, as with any change, there will be resistance.
La business Innovation It allows new business models, in addition to improving current ones, making them much more efficient. The challenges mentioned above are considered the most important ones currently facing the business Innovation.
