The simplest way to understand business innovation is to see it as a process of focused change. It means putting your creative ideas into effective use, in order to improve your products, services, and your overall business processes. However, oftentimes this practice is easier said than done. Many companies fail at managing this change and sustaining their competitiveness and growth. On the other hand, there are companies that make the most out of innovation. What’s their secret? Well, I think it’s best to explain it through a successful innovation case study.
Why do some companies fail with innovation?
When it comes to innovation, people tend to get overwhelmed by the process of generating great ideas and do not focus enough on their realisation. What they often forget is that ideas are only one small part of business innovation. New ideas can be found anywhere, even at patent offices. Every idea that solves a customer’s pain point is good enough to become a part of the innovation process.