3 Significant Facts of Innovation for Business Sustainability

In this fast-changing and digital world, business must be continually evolving to stay competitive and be sustainable. The dynamic customer needs which are sometimes 'beyond' what business has prepared and offered force companies to constantly improve their operations and efficiencies, while also finding new and relevant ways to cater the demands of customers. This is why innovation is the key for business to stay ahead of customers' needs and expectations.

Here are 3 significant facts of innovation for business to maintain their sustainability and win their competitors.

Innovation to Grow Business

Innovation can be described as introducing something new to business through improving or replacing business model and process to increase efficiency and productivity. It is because in order to keep up with this fast-changing world, business should also need to be fast enough to give what customers want. Therefore, business that invest in innovation would be able to extend their range of quality of their products of services, resulting in increased business growth.

Innovation to Keep Relevant with the Trends

Customers will not want to purchase or even get to know your products or services if they are outdated. As trends are constantly changing, business should also need to be relevant with the trends in order to remain relevant and profitable. It is important to remember that customers now prefer anything that is easy and more practical, and not to mention, digital. Hence, business need, or even are highly required, to innovate so that they can fend off their competitors and remain relevant in this changing environment.

Innovation to Differentiate Business from Others

“You can’t look at the competition and say you’re going to do it better. You have to look at the competition and say you’re going to do it differently.” – Steve Jobs

Aligned with what Steve Jobs has stated, business should innovate in order to differentiate themselves from their competitors, making them unique and stand out to leave a favourable impression on customers. Businesses can innovate on their products or services with the aim of developing or updating the product until there are no more similar ones on the market. Moreover, business can also innovate on their business process to save time, money, or other resources. As a result, business can gain a competitive advantage over other companies stuck in their systems.

Conclusion

In order to meet changing needs and expectations of customers and survive in this digital era, business must continue to shift direction and resources to innovative business mindset, models, and process. Therefore, the 3 significant facts above are proves that business must embrace innovation for the sake of their business sustainability.

Reference:

Purcell, W. (2021, May 28). The Importance of Innovation in Business | Northeastern University. Northeastern University Graduate Programs. https://www.northeastern.edu/graduate/blog/importance-of-innovation/