Innovation: an investment or a high price to pay?

Innovation, an investment or a high price to pay? How a company’s budget is spent and what positive ROI brings back? How can I innovate my business? Generation Z rising and entering the workplace? How can this generation innovate my business? Gig economy?

The world is changing rapidly. Everything is turning innovative, digital, eco-friendly and virtual. For example, the gig economy. We are becoming more global thinkers as we have access to unlimited sources. Businesses are on the need for innovation and employees are working hard to understand new customer needs. But is not only about what customers need, but also about what a company needs, to achieve success.

In this blog, we share our knowledge of what we have come with by identifying how companies are struggling to innovate, and if it’s a high price to pay or an investment. 

 

Welcome to 2020! A lot has happened in the last few years. For example, technology has become part of our daily life, social media is stronger than ever, and Spotify is by far the most popular music streaming service. Everybody is speaking about a new rising generation that is entering into the workplace. They call them Gen Z’ers. Also, an influencer from this generation is switching minds, by making a huge impact to change mindsets regarding global warming. Yes, we are talking about Greta Thunberg!

Technology is no longer viewed as a way to keep up with trends and competitors, but as a key driver of innovation. So the question is:

Is innovation an investment or a high price to pay? 

Companies have been spending large amounts of budget on their internal departments. The main aim to discover innovation within their products or services. However, is not about how much money a company spends, but how the money is spent and what positive ROI brings back. On the other side, we have noticed some companies that aren’t investing their budget in innovation or in reinventing themselves to become future-proof. This brings several challenges within the company. Without innovation, business tends to fail and eventually to go out of business.

Companies are on the need of change and leaders also need to change and innovate on new working ways to find new solutions, face challenges, welcome a new rising generation, find new methods, knowledge and skills to scale and grow. There has to be a connection between innovation strategy and the company’s overall business strategy. After all, owners and CEOs are not just investing in innovation for the fun of it. The ultimate goal of their investments is to sustain and grow their companies over the long term, achieve goals and become future-proof.

Innovation: An investment or a high price to pay? 
Innovation: An investment or a high price to pay?

Innovation Efforts

According to the PwC report, 54% of the executives struggle to align innovation strategy with business strategy, 61% are embracing open innovation to generate new ideas, and 72% said they’re not out-innovating their competitors. 

Source: PwC's Innovation Benchmark Report
Source: PwC’s Innovation Benchmark Report

 

The majority of respondents think that bringing more parties into the innovation sandbox is a smart idea. But, how do you find and involve more parties? A possible option could be through the gig economy, other option is through the new generation (Gen Z) or finding partners who can contribute to turning your company future-proof. 

If you would like to learn 6 strategies to start future-proofing your business with the help of the next generation and the values and benefits that will bring to your company, you can read our blog “How the new generation is making businesses future-proof“.

How can you start preparing your business? 

By breaking your business traditional decision cycles. Bring your managers together and create teams to come with new market offers, skills, ideas and suggestions as well as new techniques that can help to tackle unfamiliar projects or challenges. Instead of telling your CEO how an innovation investment could sum, break traditional decision cycles and innovate.

Usually, all the solutions stop on the CEO, but if you are a manager or a director, who is leading to drive innovation, then why should you wait for your CEO to approve it? If you won’t lead your leader, who will? Innovation is also a leadership practice!

Innovation is not a high price to pay, it is an investment and a growth opportunity. You could think that innovation can be risky or that can cost one’s job if managed poorly. Although, most of the time brings many positive outcomes.

who is leading to drive innovation, why should you wait for your CEO to approve it? If you won’t lead your leader, who will? 
Who is leading to drive innovation? Why should you wait for your CEO to approve it? If you won’t lead your leader, who will?

 

Nowadays, there are several tech & software tools, platforms and many other practices that will bring great results to the company. But we come again on telling you that definitely, innovation is an investment that will bring positive benefits to your company. So you would have to spend part of your budget on these tools.

We also invite you to check what all the startup companies are developing, which are their services and storytellings. Working with startups will make your business acquire competitive advantages, skills, tech and many other pros that deliver significant benefits, especially if these startups are formed by Gen Z’ers. Gen Z is always looking at contributing with their skills and talents to a meaningful purpose or mission in the work they develop.

Innovation Software Tools

You can also start innovating your business by implementing HR, Marketing, Sales and Innovation software tools within your business. Here are some examples of software tools that will help you and your teams to simplify tasks and achieve goals.

Marketing

Planable is a very useful tool to draft, schedule and approve media content posts. You will have all the company’s social media accounts in one place. We use it every day, and it helps us a lot to plan and organise all the social media content, for all our social media accounts, at the same time. We highly recommend it!

Sales

BreakfastLeads helps you to track the companies that visit your website. They track each visitor’s IP address to identify a computer or mobile phone. The IP address is automatically sent to the BreakfastLeads’ servers, where they match it with a company and its details. Each morning they will send you the leads report, including the name and phone of the companies that visited your website so that you can contact them.

Innovation

Braingineers is a tool for website optimisation. It develops award-winning technology to analyse emotions. You will be able to detect which pages, and specifically which elements cause frustration, attention and joy among your customers. It delivers actionable insights into a real emotional experience. The platform allows you to discover what makes your customer click. It will provide you with a report including emotions, eye movements, behaviours and click analysis.

HR

Tap My Back was created on believing that everyone deserves to be listened to, and we all can learn from each other. The tool provides employee feedback software, surveys and templates. You can track employees’ moods over time and get the analysis of the surveys to know how the team is functioning.

We can’t predict which changes the new decade will bring and how we would have to innovate and reinvent our business models. But we can positively prepare our business to start investing in innovation practices, the gig economy and Gen Z’ers, who are already changing outdated methods to help companies become more future-proof. – Stefan. 

 

Source: Forbes Business.com

Share this article