In today’s competitive environment, Innovation is of utmost important to the long-term success and survival of any business. In the absence of new ideas, enterprises finds it difficult to grow and eventually they do a persistent struggle to sustain in the business.
There are several reasons why innovation is critical to your business success. Innovation help you discover what opportunities exist now or will appear in future. It will help you stay ahead of your competitors. Innovation is not only about designing a new product or service but can also be implemented on your existing business practices to improve efficiency, cut down on waste and increase profits. If a company doesn’t adapt to its changing environment by constant reinvention of its products & processes, it will soon be surpassed by its competitors.
Innovation beyond being an engine of profitable growth for companies, it plays a pivotal role in increasing the vitality of an industry and society by creating jobs and raising the standard of living. Indeed, in Accenture’s survey of entrepreneurs across G20 countries, 83% said innovation is vital to grow their business and create jobs.