Creating innovation culture is a vital part of achieving success. One important role it plays is the ability to increase capability which can create a competitive advantage.
Leveraging technology is one of the most advantageous ways to secure a sustainable edge. By becoming an industry or segment leader, competitors are forced to match or better your offerings.
Information Key to Success
The internet of things, big data, and cloud technology offer businesses opportunities to create better products and services. By gathering, analysing, and implementing insights, companies can create targeted, actionable change.
The user experience (UX) has always been important, but since the pandemic even more so. Often times, companies face more competitors today, due to global players. Regrettably, if a potential or existing customer doesn’t find what they want, they can probably find it elsewhere.
Luckily, business can create a capability edge by better serving their clients. They can use tracking and analytic tools to monitor customer behaviours. Machine learning algorithms can also detect customer patterns and interpret data.
By creating a robust innovation culture, business can explore their best options to better serve their clients and solve pain points.
Automation Can Create a Capability Edge
Streamlining a business model and automating back and front-end processes can also help a company create a capability edge. By performing faster and more efficiently in all aspects of business, processes cost less and deliver more.
Automating backend workflows is a perfect example of how business can improve. However, improvements in the front end can also lead to substantial gains. Businesses can improve accuracy, reliability, and performance, reduce labour costs, and boost productivity within an organization.
Nonetheless, an innovation culture is necessary to garner ideas and identify best prospects. Otherwise, automation efforts will be scattered and costly.
Innovation Fuels Growth
Markets and customer change. As a result, no company can depend on what they’ve always done and expect to remain competitive. There will always be another business that pushes the boundaries and finds better solutions to steal market share.
Sticking to the same business model, products, services, and problem-solving strategies limits growth. Without new ideas, a company can’t expect to tap into new markets, easily overcome barriers, or discover new solutions. This requires a constant stream of innovative ideas, borne within a healthy innovation culture.
Unfortunately, many companies believe they need vast resources and a huge team to stimulate this stream of ideas. This certainly isn’t the case. It can be managed by a small, well-directed team who can assess and eventually test the most promising innovations.
Innovation Culture Should Extend Outwards
All too often, businesses feel they must manage innovative change within their organization. While innovation culture should start within an organization, it can easily extend outwards too.
Many companies don’t have the resources to dedicate to continually amassing and analyzing potential ideas. Plus, an outside team can bring new ideas to the table. This increases the idea pool with greater potential for beneficial innovations.
Once identified, tested, and proven, innovative technologies can be scaled up. Fewer resources are wasted, making capability improvements more effective and cost-efficient.
Companies can also adapt more quickly, in a rapidly changing, technological-driven marketplace. No company wants to become a Kodak or Blockbuster that failed to see the potential of technological change.
Nonetheless, no company can create a capability edge unless they have an innovation culture constantly coming up with new ideas. Innovation isn’t a one-shot deal. It is an ongoing process.
Collaborating to Create Innovation Culture
Innovation requires speed, but that can be difficult to achieve in-house. All too often, companies are bogged down by the process or lack focus. Luckily, it is possible to speed innovation through collaboration.
EarlyBirds is a seasoned business leader than can provide direction and resources. With both self and assisted services, organisations can establish innovation networks, engage, and collaborate with key internal and external stakeholders.
EarlyBirds Innovation Ecosystem
The EarlyBirds Innovation Ecosystem is a Business-to-Business portal connecting Innovators, Early Adopters, and Subject Matter Experts. Early Adopters are leaders or influencers in an organisation eager to identify new and disruptive technologies. They want to seize opportunities, solve business challenges, or create new products and services.
The Ecosystem has a data pool of over 4 million global innovations that may already address your organization’s challenges. Alternatively, organisations can list their challenges and request solutions from innovators.
EarlyBirds Explorer Program
The Explorer Program is tailored towards those who need innovation as a service to supplement existing innovation programs, or to conduct innovation projects when required.
EarlyBirds Challenger Program
The Challenger Program focuses on a single organisational or technical challenge. It looks for the most relevant innovators that meet your organisational, technical, and risk requirements.
The program is run by an EarlyBirds Subject Matter Expert who collects your organisational requirements. The SME then searches the data pool to identify and curate options for further evaluation. The most suitable option is chosen and the SME drafts a roadmap of next steps, POC, trial, or implementation.
If you’re interested in partnering for success, please register at https://earlybirds.io/, or contact us to discuss your needs.