Innovation is the lifeblood of any business. Be it a groundbreaking invention or an incremental change in process, innovation is about generating new ideas that will prevent a company from stagnation by giving its products and services a competitive edge. In today’s challenging economic environment, it may be tempting to scale back but it is actually more important than ever to innovate.
Yet it is one thing to recognize the value of innovation but quite another to make it happen. Effecting change necessarily means turning established business practices on their heads, being open to experimentation and the possibility of failure. It demands creative thinkers, fearless leaders and a corporate culture that embraces change combined with the capability to turn new ideas into winning products and services. It’s as easy and as hard as it sounds.