Innovation shapes the corporate life and gives you a competitive advantage with other companies. Over the long run, if companies do not innovate they will sustain and might also go bankrupt as their competitors will be innovating and they won’t.
Innovation has become central to the success of any business and it’s an integral part of the business strategy.
Innovation is a natural, chaotic, unpredictable process that is hard, perhaps even impossible, for well-meaning outsiders to foster.
If we try to control or micromanage innovation, we risk squeezing out the very life forces that give rise to successful new ideas. Instead, we must focus on finding ways to nurture and accelerate the natural processes of innovation once they’ve begun organically.
Only companies that constantly challenge what they do, challenge themselves to come up with new and different ways of doing things, and also constantly improve on things that they already do will survive in this new globally competitive environment.
Top Reasons why Innovation matters to companies are:
Consumers change their behaviors – new preferences and fads dominate many buying decisions. This change in consumer demands has pressurized companies to quickly innovate new products to meet the demands of consumers. Innovation cycles are becoming rapidly shorter, which means that companies have to be constantly on their toes, churning out new products, new services, and offer new solutions because customers today don’t just want a product or a service. They want companies that solve their problems.
“Consumers are no longer Brand Loyal “. Today the brands like Blackberry, Kodak which was once household names today are challenged to survive in the market. The era of “Moment Marketing” has come to an end. Companies have to become the part of their customers “Reality & Experiences”. The customers need awareness, authenticity and excitement over the brand to be on top of the customer’s mind. The fight begins when companies have to retain their customer’s passion for the brand. Customer needs exciting products in a regular stretch.
We’re moving to the world where internal collaboration is innovating itself. In fact, the world is looking for platforms and solutions, which can deliver a marketplace of ideas and execute them. The answer we have to that – Ideapoke.