Is innovation the key for success of a business?

“Innovation is the ability to see change as an opportunity – not a threat”, Steve Jobs

Everybody is talking about innovation and how important it is. Do you agree? Is it really that important, if Yes then why is that? If you really want to become successful in business today, then you need to innovate. But, how would you do that?

To innovate, you need to come up with new ideas to keep operations, products and services fresh. And, the entire process that brings those ideas together is called “INNOVATION”. There are a vast majority of business leaders who agree upon the fact that innovation is critical for the success and growth of an organization. According to a recent study conducted by Accenture, more than 90% of executives believe that success of an organization highly depend on their ability to develop new ideas. While there is a possibility that almost 50% of jobs may become obsolete in the next 15 years due to automation but innovation is one such skill that will keep you relevant.

Innovation is an endless process

Many people believe that innovation only occurs in the form of a “aha” moment where an individual contemplates of a remarkable idea that really changes the entire world. Truly speaking, innovation is much more complex because it is divided into three different steps, as depicted below:

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So, under the innovation process, first and foremost, you create an idea and then you build upon that idea by finding the solution. And, then finally, you transform the solution to become a reality and take it to the real world. In simple words, innovation is fed by curious minds and it can be developed over time by an open approach to new ways of thinking. In addition, it is also borne out of stimulation, imagination, experimentation, and new ideas.

Most organizations face a toughest challenge today to engage their workforce with their learning. Innovation can happen every day and to any individual. In fact, it may happen that you are driving back home and you may get an idea at that instant. But, it is up to you how you build upon that idea and transform the idea into a reality. It is not necessary though that you use innovation only when you come upon an idea. Instead, you can incorporate an innovative approach in your daily work to create a unique experience. How? You can do this by using “design thinking” approach that helps to define challenges and find solutions linking ideas to the customer need or market.

The organizations need to promote he culture of innovation if they really want to generate new ideas to provide a better experience to the customer. This will also help the employees to find new ways of working to match the new demands of the industry.

“Innovation no longer remains a choice but has become an imperative”, says Narendra Modi, the Prime Minister of India.


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