To thrive in a competitive landscape, businesses must be willing to adapt and change – but what is business innovation exactly? And how straightforward is it?
What is business innovation?
Business innovation is when an organisation introduces new processes, services, or products to affect positive change in their business. This can include improving existing methods or practices, or starting from scratch. Ultimately the goal is to reinvigorate a business, creating new value and boosting growth and/or productivity.
Why does business innovation matter?
Business innovation matters for one simple reason: value. In order for your business to thrive, it is crucial to be continually innovating and improving. Successful business innovation means finding new revenue opportunities, optimising existing channels and, ultimately, generating higher profits. It should also give companies an advantage over their competitors.
Read the full article in Raconteur, with insights from Managing Partner, Ed Turner.