We've spoken before about how innovation needs both depth and a function before it can be used effectively, while this is true and very important- what is innovation and how can it help you?
Innovation is a fancy way of saying "something new and exciting" but that doesn't mean it's a bad thing, it's actually a very good thing to have in your organisation and in your general everyday life.
It can provide, most prominently, a very strong competitive advantage.
Which is (generally speaking) why people put so much time and effort into making sure that they are innovative. As the rewards for being "one step ahead" are manyfold and sometimes innovation doesn't come in grand packages. Sometimes being innovative takes just one small step.
Innovation can also allow you to exploit new areas of the market quickly and effectively before your competition notices they are there.
This is often the case in the automobile market as many large organisations there have begun to innovate with new engines and technology, which, in turn, has given them a rather unique selling point over their competition. It also would help to save costs, build reputations and so on.
Some were innovating with their services by offering previously unheard of warranty periods which gave them an edge, something that cost-conscious customers were taking on board.
That said, the majority of innovation is technological.
This is because (as we mentioned yesterday) technology has exploded in recent years (figuratively speaking) and that's where most new ground is won or lost.
It also stretches as far back to the days where automated factories were a marvel, as there, through mass production theories, innovation was making it possible (through economies of scale) that some organisations were beating their competition quite confidently.
However, as noted above there is a great deal of service innovation where organisations are working to provide the best customer service.
Often you will find banks and mortgage providers with this level of service innovation as essentially their services are homogenous. You can get a loan from anywhere, or a mortgage, but what matters to them is how you get it- what they can do for you and so on.
Therefore, we're just starting to scratch the surface of innovation and will (tomorrow) start to look deeper into how Aquima can help you be more innovative.
Thank you for reading, as always.
Feel free to comment and add your thoughts to this exciting subject.
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