Innovate, innovate, innovate.
You can hear the mantra running through the minds of business owners and managers as they seek to remain relevant and adapt to the changing needs of their customers. Their competitors appear to be making strides and building market share by making significant changes to the way they operate and disrupting the status quo.
The payoffs from innovation are seen in the results of recently released research and a number of academic studies, which support the connection between innovation and better business outcomes.
But what exactly is innovation? What is the process through which innovation is achievable, significant improvements made, and competitive advantage captured? What are the key steps along the road and how are the gains retained and advantage maintained?
The good news is that research shows there is a clear pathway toward innovation and that, if followed, it can result in increased profitability. At the same time it can also foster staff engagement and satisfaction, increase retention rates, and increase sustainability of the business over the longer term.
And the best part is that there’s a positive feedback loop and acceleration function for repeat innovators.
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