Why you should never stop reinventing your business
Completed innovation is a mission impossible.
It would mean that you have to know what your customers will want in the future because innovation is specifically aimed at new products and services and improving/changing existing ones.
It would also require innovation in processes, systems and structures. This is a very ambitious undertaking, which the most forward-thinking companies can only achieve.
“Innovation distinguishes between a leader and a follower.” – Steve Jobs.
However, you can transform innovation into an ongoing process instead of waiting for that one big innovation idea.
In other words, an invention must become an integral part of your business model. Although innovation seems to be straightforward in theory, it is far more complex as a continuous activity because innovation requires changes within your company and outside its boundaries. In practical terms, this means working with clients or suppliers and sales, marketing, and financial departments.
Therefore innovation has to be managed. However, innovation as a management process is not just about developing new products or services but more about making a company sustainable.
Even the most innovative companies need innovation in marketing methods as well. Only through innovation you will be able to succeed, but this requires an open mind towards what your competitors are doing.
Innovation is not just a function of developing new products and services but also attracting customers with innovative marketing strategies.