The Importance of Business Innovation

In business, innovation is the catalyst to growth. The famous economist, Joseph Schumpeter, argued that industries must continuously innovate with better or more effective processes and products to survive. He claimed that “creative destruction” is the essential core of successful capitalism. In addition, businesses need to continuously look for better ways to satisfy their customer base with improved quality, durability, service, and price which come from innovation with advanced technologies and organisational strategies.

 

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What is Innovation?

Innovation is the development of new solutions that meet new or previously unknown market requirements. Innovation is achieved by more effective:

  • products
  • processes
  • services
  • technologies
  • ideas

Innovation is fundamentally different to Invention and Improvement as it seeks to deliver a market impact.

The Impact of Innovation

Organisations able to drive innovation deliver positive changes in:

  • Efficiency
  • Productivity
  • Quality
  • Competitiveness
  • Market share
  • Profitability

Extracting the Benefit of Innovation 

Research highlights the critical role of organisational culture in enabling organisations to translate innovative activity into tangible performance improvements.

Topline Consulting has developed a proprietary platform that facilitates business and market innovation and provides a process to extract the commercial benefit of the innovation. Topline Innovation Programs provides a structured process for market innovation and commercial value extraction.