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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, business innovation is one of the main drivers of growth and competitiveness for companies.
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.
Innovation is a determining factor in the competitiveness of companies. Having the capacity to respond to the speed at which changes are occurring and, in addition, to continue growing, is a challenge that involves great challenges, and that every company must consider in order to remain in the market. Business innovation creates value and impact. How can innovation help you?
Innovation makes your business grow. Business growth means increased profits. Innovation in companies allows you to add value to your business so that you can increase profits; if you don't innovate and if you don't innovate well, your business will stagnate.
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.
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.
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.
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