Innovation is the key to success
Lots of new companies arise to the surface, some established companies go out of business and other survive and gain competitive advantage in the market.
What’s the difference between them?
Companies that thrive innovate. They create new, or tweak existing products and services. Most successful companies even manage to build a culture of innovation where all employees play an active role in the process.
Building a culture of innovation
Businesses that want to stay alive need to innovate, that’s a very simple rule and no company will be able to dodge this one.
Companies innovate in two different ways:
- Some react to the market and tweak their products and services to satisfy their customers. This is called incremental innovation. In this case, the businesses take concrete actions in order to survive.
- Other companies go further in the process. They reshape the demands of the customers and disrupt the industry. They are the game changers, the disruptive innovators.
Tapping into the potential of your entire workforce
If companies decide to innovate, it’s mostly pushed down by top management, who decide on which product or services they focus and how it will be launched on the market.
The problem here is that they miss out on the entire creative potential of their workforce which would give them tons of opportunities to enhance their existing products and services and even the opportunity to disrupt the industry.
Start the innovation movement, involve everyone.
- Give the workforce the tools to show their ideas
The people in your company have great ideas, they know your customers the best, but they need an effective way to get heard by management. A great platform that enables employees to show their ideas is Yambla. It’s a fun, simple a social way for companies to collect ideas from employees and customers. - Encourage and reward ideation
Ideation should be encouraged, pushed and rewarded by top management in order to stand a chance.
- Once you have defined your goal, give employees the tools to collaborate
Efficient collaboration is key to success. Drive for Work and Google Apps for Work is a suite of applications that facilitate efficient collaboration and communication with anyone, any team,from anywhere and on any device. - Celebrate failure
Not all initiatives turn out for the best. Reward the intrapreneurs in your company even if they fail to make their idea a success. Some day, they will save the future of your company.