Only innovative companies, through new ideas and knowledge that are transformed into products, processes or sales systems, achieve this.
To achieve this, the key is to produce innovations in a systematic and sustained manner over time . However, when we talk about business innovation, there is no single way to implement it.
However, there are characteristics that greatly influence the ability of companies to innovate effectively. In this article we share with you the 5 essential attributes that an innovative company must have .
#1 They know their customer well and monitor the environment
Do you think you're already doing enough to understand your customers' needs? If so, you might want to reconsider.
Various studies affirm that the best performing companies in the market always know that they can always do more and improve.
The big lesson? Even if your company has high margins today, markets change and so do consumers , so it's important to gain insights into your users' or customers' needs on a regular basis.
You can gain customer insights through social media, online focus groups , and surveys . This type of feedback is essential for any business, especially when bringing an unknown or unused innovation to market.
Doing so will not only allow you to always be one step ahead to innovate and offer your customers what they want. It will also help you better adapt to changes and laos telegram mobile phone number list take advantage of the opportunities that arise.
#2 They know their capabilities and exploit their competitive advantages
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Innovative companies know what they are good at and how they differ from others ; in this way, they focus their innovative efforts on enhancing what makes them competitive.
A competitive advantage is any characteristic of a company that differentiates it from others, placing it in a position to achieve superior performance .
Competitive advantage is the most outstanding attribute of the company within the market. Examples of these attributes may be: highly qualified labor, quality of products and services, technological innovation and price leadership.
The differentiating feature of a company can derive from:
The core competencies of the organization that enable it to do something that others cannot do or that it can do better than everyone else.
The company's resources, when it has something that others lack.
#3 They encourage the generation of ideas, evaluate them and select them appropriately
Innovative companies are not satisfied with ideas that emerge spontaneously, but rather encourage their generation by focusing on enhancing the creativity of their employees.
They also establish mechanisms to evaluate these ideas and select those that will become projects because they have the greatest potential to achieve the organization's strategic objectives.
Methodologies such as focus groups , brainstorming and teambuilding activitiesare effective strategies to boost creativity in the company.
#4 They cooperate with collaborators who complement their capabilities
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Open innovation is the best way to complement capabilities to address innovation projects that allow organizations to be more competitive .
Open innovation consists of a management model based on collaboration with people and entities external to the company.
To adopt it, the company not only has to recognize the opportunity to co-create with outside professionals or organizations. It must also be willing to share the benefit of such collaboration.