Gone are the days when capital and huge advertising campaigns established businesses. Today, technology and innovation are indispensable for the consistent growth and development of a company. Those business owners who do not believe in innovation will fall back in the market competition and soon sink into oblivion.
Michael Saltzstein is a strong name to reckon with when it comes to the world of business and finance in the USA. He has several years of valuable experience under his belt and is well-known for his vast strategic planning and risk management expertise. He is also a visionary leader of global risk services, multi-line claims, enterprise initiatives, and financial structures.
Why is innovation needed today in companies?
He says that with the rapid advancement of technology, businesses in every industrial niche have grown widely. Those companies that embraced innovation and growth are the ones that have expanded tremendously. You can take the examples of Amazon and Apple- they both have humble beginnings. However, they quickly grew to become dominant names in eCommerce and technology, respectively.
The role of intense competition
The competition in every business industry is intense. This trend has brought together some of the most talented minds to release products and services that exceed their customers’ expectations. Due to innovation alone, multiple companies have catapulted to fame. The levels of innovation have risen so much that larger corporations need to call in specialists from other industries to work with their research and development teams to “think outside the box” and introduce better products/services in the market.
Innovation gives companies greater flexibility
Innovation makes a company more flexible during times of a crisis. The business can adapt to the changing market. Innovation today is an indispensable skill that does not entail the creation of edge cutting services and products. It also should be focussed on the business processes and practices of the company for success.
Why do some businesses fail with innovation?
Though business owners are aware of the need for innovation, some businesses fail once the innovation has been implemented in their organization. The result is that the innovative processes and practices and the product/service become complacent over time. This worsens with the further passage of time as employees in the business become de-motivated to continue with the progress. Good innovation means it should be practiced to steer the business ahead in the future to carve out a strategic edge in the market with success.
As per Michael Saltzstein though innovation is a new buzzword that sounds simple, it is not. Extensive research and development are needed for a business to get the right innovative practices rolling. The management is solely not responsible for bringing innovation to a business. The employees of a team need to be involved with concept and idea generation. In this way, a business can prosper from innovation and establish itself as a dominant name in the industry. However, it should be noted that innovation should never cease for a business- it must progress for consistent corporate growth!