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7 Principles for Developing Innovation in Your Company

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Innovation in Your Company

In this article, we look at the criteria that can stimulate innovation within a company or keep a young company at the forefront of innovation.

Good Ideas Are Not Enough

In order to convert a good idea into concrete results, it is necessary to analyze it, plan its realization into a product, and set up processes to be able to rely on innovation.

Innovative ideas are not enough, you have to go beyond that and be able to implement them, which requires financial resources, time, and skills. In other words, to be able to innovate you need an efficient business model, you need to have the means to manage innovation either directly or by delegating to competent staff.

Discuss With Your Customers, They Can Be Very Audacious

At the base of innovation are the needs and the means to answer them... Customers are the best placed to know their needs, by being the source of new ideas (sometimes crazy, disturbing, recurrent,...).

They are the drivers of innovation in your company. Many innovative companies believe that "strengthening customer loyalty" and "acquiring new customers" are both major innovation drivers.

Measuring Results Is Essential Even for Innovation

Innovation does not fall from the sky, it comes from an innovative process. In several studies consulted, the majority of companies surveyed have put in place processes to measure the results of their innovative projects.

At Google, an innovative company par excellence, each employee is encouraged to present an innovative project. We imagine that most of them don't succeed, but those that do allow the company to constantly shake up the Internet world.

That's why individuals and companies put their trust in companies like InventHelp, they can help you build innovation. We suggest you pay your visit at these pages to know more about them:

https://www.consumeraffairs.com/invention-services/inventhelp.html

https://www.indeed.com/cmp/Inventhelp/reviews

Know how to Evolve With New Technologies

According to innovative companies, disruptive technologies are to be favored and are the main drivers of innovation. This is why they plan to invest heavily in various new technologies.

Keeping up with technological innovations is obviously a permanent challenge, as well as a potential financial loss, but it is also an opportunity to take a place in new markets.

Investment Is a Driver for Innovation

Half of the least innovative companies admit to spending no more than 10% of their budget on innovation. Innovative companies, on the other hand, prioritize their spending around their existing infrastructure to free up resources for innovation.

Innovation is an investment, and this approach requires tying up financial resources but also knowing how to seize opportunities to make a margin and take care of ROI.

Make the Most of Information and Communication Technologies (Ict) as a Factor of Success (or Failure) of Innovation

Studies show that most of the least innovative companies consider their relationship with ICT to be distrustful, cautious, or conflicting.

In contrast, a large majority of leading innovation companies consider their relationship as cooperative or collaborative.

Hiring Senior Executives: a Criterion Not to Be Neglected

The leaders of innovative companies are most often successful in hiring senior executives who match the profile of the position they are seeking. They manage to make them realize the impact of their innovative projects on the company's development.

The interest of a senior executive is not limited to purely technical skills. Through his mission, he brings intellectual curiosity, a constructed argumentation as well as a spirit of synthesis and decision.

But above all, he must help the manager to have a vision for the company adapted to the market evolution.

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