3 reasons to invest in business innovation

3 reasons to invest in business innovation

3 reasons to invest in business innovation

Innovation implies a process of transformation. It is associated with progress, human and technological development, the creation of new business models, new jobs, and the improvement of products and services. Therefore, innovation is one of the main drivers of growth and competitiveness for companies.

Aware of this need, in Qaleon, we have launched InnoApp, a solution for companies to know their degree of innovation and how to promote an innovative culture within the organization.

What is innovation in the company?

Business innovation is the act of introducing something new into a company - be it a new product, a new market strategy, a new process, etc. - in order to revitalize the company and promote new value and growth.

When a company innovates, it can improve its existing products, processes or methodologies, or it can create new ones from scratch.

3 reasons to drive innovation

Innovation is a determining factor in the competitiveness of companies. Having the ability to respond to the speed at which changes are occurring and, in addition, to continue growing, is a challenge that poses great challenges, and that every company must consider in order to stay in the market. Innovation creates value and impact. How can innovation help you?

La innovación hace crecer tu negocio. El crecimiento del negocio significa el aumento de los beneficios. La innovación permite añadir valor a tu negocio para que puedas aumentar los beneficios; si no innova y si no se innova bien, el negocio se estancará.

Innovation helps to stay ahead of the competition. With globalization and a rapidly changing marketplace, more companies are competing. Innovative thinking helps to anticipate and keep up with customer needs.

Innovation helps to leverage new technologies as a lever for change. Technology is evolving faster than ever, which means there may be new, more efficient technologies to make better products, deliver your services, market your business or track to assess performance. By leveraging these new technologies for process innovation, you can optimize your business and gain a competitive advantage over your competitors.

3 excuses for holding back innovation

Innovation is not a guaranteed success. There are several factors that can prevent innovation from succeeding, and it often involves a glossary of excuses for holding back innovation in the company:

Cost of Innovation: in order to innovate, it is necessary to implement technology, to have specialized employees, changes in the company's identity, etc. There is no doubt that innovation in a company involves an investment and, given that the increase in profits is not guaranteed, it may involve a risk, but in a context of constant change, what is the real risk of not innovating? Undoubtedly, losing competitiveness.

Planning: Innovation takes time, and time spent innovating entails an opportunity cost. If you don't innovate quickly, you lose market share, with the resulting impact on your bottom line and the confidence of customers and investors.

Innovation management: Generating innovative ideas is an exciting process, but if companies make major innovations, they may never find a stable identity or market, and it will be difficult for customers and employees to keep up with the pace of change. It is important to choose the processes, products or services susceptible to innovation in order to manage it properly in the company.