In the competitive world of business anything that gives you an edge over your competition must be nurtured by giving continuous encouragement. In the present day, innovation is becoming one of the most sought after concepts by businesses to gain that competitive advantage.
Innovation is not a standalone concept; innovation is everywhere around us. Innovation is improvement of something; but lest we make mistake, innovation is not incremental improvement – innovation is a radical change, drastic improvement of something.
In business, innovation could be introducing new products or services to the market, or improving operational processes drastically to bring in paradigm shift in the way the business works. Innovation is all about turning a good idea into something that creates value, where value could be monetary, social or organisational.
If a business really wants to pluck the fruits of innovation then innovation must become a part of the overall business strategy. The concept of innovation should be instilled in the organisational culture, where innovative thinking and creative problem solving are celebrated and they become part of everyday activity. Businesses that innovate create more efficient work processes that improve productivity and hence enhance probability of success.
Companies that take larger risks and find newer opportunities could only go to the next level in the marketplace. Fear of failure could be a spoiler and so greater importance must be given in encouraging people who are at the forefront of innovation. Innovation needs an environment where it can thrive and grow exponentially. Innovation is contagious, you nurture it, give it space to grow, it will get from one person to another, eventually becoming ubiquitous all over the business organisation.
Innovation is the future, so adopt it and take risks without fear, for tomorrow’s business success will mostly be defined by your ability to innovate and grow.
(Calpine Labs is Calpine’s innovation centre where we nurture talent and enable them to contribute to the ever-changing arena of technology.)