What is Innovation?
There is a famous quote: “Creativity is thinking up new things, innovation is doing new things.” This means, innovation happens when change and creativity are combined. We would define innovation as the successful implementation of creative ideas. Successful innovation relies on a culture of innovation which focusses on horizon scanning, proactivity and being forward thinking.
Innovation Consulting is the practice of providing advice and direction to businesses looking to implement new growth and change strategies. Innovation must always deliver value for the customer and should run through the nervous system of all leading organisations.
No organisation can afford to stand still and most have innovation or continuous improvement initiatives on the agenda. But with so many ideas, new concepts and changes in technology it is difficult to know where to start and how to prioritise investment.
What are the benefits of business innovation?
The list is pretty extensive. Innovation allows teams the space to try and to fail, which allows for creativity without the pressure of success every time. Other benefits include:
- Improved productivity
- Increased competitiveness
- Reduced costs
- Improved brand recognition and value
- New partnerships and relationships
- Increased turnover and improved profitability
What is an Innovation Strategy?
An innovation strategy is a plan to grow profits or market share by developing creative products or services to disrupt customer buying habits.