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Innovation can assist businesses in achieving various goals including increasing profits, developing new products or services, and establishing distinctive customer appeal. It can also help businesses keep their competitive edge in a rapidly changing market as more and more industries being disrupted by technological advances.
Business innovations can take a variety of forms, such as the development of new products and services, improving processes and launching marketing campaigns and changing the culture of a company. They could also include modifications to existing products or services, for example, adding features or improving customer service. The most effective innovations are those that are both novel and useful.
Novel ideas are rarely the basis of innovation if they don’t produce solutions to real-world issues. A creative idea must be useful to both the organization and its customers in order to be considered an innovative idea. A business innovation is deemed successful if both it is innovative and beneficial.
In addition to creating new sources of value Business innovation that is successful will improve decision-making and problem-solving throughout the company. Businesses should be on the lookout for the market to find innovation opportunities.
It is best to look outside of the business in which a company operates for innovative ideas. IBM for instance, was a pioneer when it developed the modern accounting system after realizing that banks in 1933 could not buy new machines due to the fact that they had no money.
Another example of business innovation is the introduction of the scleral lens during eye surgery. Doctors had been using an enzyme to eliminate cataracts for more than 50 years, but Alcon made it more profitable when they added an additive to preserve it. This was an innovation in business that led to the creation of a new product, and a global monopoly.
