Innovation is a source of wealth in businesses.

March 5, 20190

Innovation is a source of wealth in businesses.

Creating a team responsible for managing innovation within the company to gather feedback and criticism from users, customers and partners can lead to inestimable benefits. In order to optimize performance, profitability and productivity, the team will propose and develop solutions to analyze and respond to growing company pains. Companies that incorporate the importance and necessity of innovation remain more competitive and will ensure their survival.

But how can businesses cultivate this source of wealth?

1. A competitive and positive spirit

Organizing a friendly corporate competition such as an innovation awards ceremony. Participants organize themselves to work in teams or solo to produce a prototype to answer a certain problem while respecting the principles and directives established by the Innovation Team.

2. Counting on customers

The inclusion of customers in the enterprise innovation campaign is essential to adapting its’ processes and to remain at the forefront and to better meet their expectations. The voice of the customers becomes more and more important. By allowing customers to share their ideas, comments, the innovation management team will be inspired to create new products and processes tailored to meet these demands.

3. Dull processes

Declining demand / sales, rising complaints and loss of time and money, labor shortages are just some examples of business innovation needs indicators, but outdated processes and systems are the most apparent. Process innovation can meet a variety of business needs in one single implementation.

4. Skip the hierarchy when it comes time to innovation

Companies that encourage team members to express a need or innovative idea, regardless of their position or tasks, foster a sense of belonging and encourage team spirit. In search of ideas for innovation, all the ideas are good and your CEO will thank you for your contribution.

Discover one of our customers who’s been innovating since 1987, BIOMOD 

At ERA Consulting Group, we are celebrating 15 years of innovation and service to renowned and local companies. Find out more about our achievements over the past 15 years and your company’s full growth potential with us.

Find out more here

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