Importance of Innovation
This is not the first time we are talking about innovation here at Sayers Solutions. Just a few months ago, Merewyn attended Brand Yorkshire in Harrogate, where she got the chance to listen to some great guest speakers as they gave advice on ways you can keep on top of your business. You can read the blog post here.
One of the guest speakers was Glyn Selway from RTC. He brought forward the notion of innovating your business in order to achieve success both in the short and long-term.
With technology at our fingertips enabling trends to come and go & individuals having access to a wealth of knowledge, we are currently living in the fastest-changing era in human history.
Glyn pinpointed that one of the worst thing you could possible do, is to stay the same and resist change. It is no longer appropriate to continue doing the same thing or offering the same good or service you have been offering for years on end.
What is innovation
Business innovation is the strategy used by a business to introduce novel concepts, procedures, methods, services, or goods.
Business innovation should promote the accomplishment of objectives across the entire business with a focus on achieving fundamental business aims and projects. Much like IT innovation, which calls for employing technology in innovative ways to develop a more efficient and dynamic organisation. Innovation frequently starts with idea generation, whereby ideas are developed during brainstorming sessions, and managers then take each idea’s commercial viability, scalability, and attractiveness into consideration before going forward with implementation.
Business innovation should enhance current goods, services, or operations, or it should provide a solution to an issue, or it should aim to identify new markets or customers.
Why is innovation important?
The process of business innovation is designed to add value for the company. This value can be produced by opening up new revenue streams or increasing revenue through already-existing channels, by developing time efficient methods, money, or by boosting output or performance.
In other words, innovation should increase profitability.
The outcomes of a business’s innovation process should also provide a competitive edge, enabling it to expand and meet or, even better, surpass its strategic objectives.
If businesses or organisations had not innovated in the manner they have thus far, they might not have continued to exist today. Innovation is thus essential to every organisation and company (Reddy, 2014).
Helping you innovate
Sayers Solutions is currently working with RTC on behalf of Leeds City Region Enterprise Partnership to deliver a fully funded innovation programme to eligible businesses.
The programmes will include innovation support for your business which will be provided across 12 hours.
These hours will be spread out according to the business and will consist of bespoke activities designed to increase innovation capability.
To find out more about the fully funded programme and check your eligibility click here.
References:
Reddy, V. (2014) “Significance of Innovation in Business Process of Value Chain ,” Journal of Behavioural Economics, Finance, Entrepreneurship, Accounting and Transport, 2(1), pp. 18–25.