What is innovation in business?


Innovation is a popular concept these days when discussing business. In a recent business magazine headline that companies today must “innovate or perish”

Innovation in business refers to when the new product or service -. Or “new way to do something.” Innovation for business also includes improving the existing product or service to be faster, cheaper, or easier to use. Valuable innovations can improve an existing product that makes it more desirable customers (and potential customers).

Business innovation can be website of a new feature or performance in shape. For example, a software program can be improved to add new “automatic report generation features” that simplifies the process of creating and printing custom reports for each customer. This new feature can detect software applications from competitors that require manual report generation, which is slower and requires more training. Most customers will opt for the faster, automated report generation features.

Business innovation also includes the removal of features from a product or service. For example, companies can improve their existing products by simplifying the way the user interacts with the product. Current product may be too many buttons or controls that make it difficult to use or threat to potential customers. Progress includes the elimination of a few buttons or controls to simplify the business and make the product more “user friendly”. There are many examples of innovations that have removed features (or consolidated operations) to increase user satisfaction with the product. Most customers will choose the product that is easier to use.

Another example of innovation is valid functions in one product to another product. This is especially useful when a company has a successful product and other products that are less successful. Determine the reasons for the success of the first product and do some creative thinking to find ways to apply similar features or benefits to other products. You can determine the reasons for the product performance by asking clients, read reviews of the product, and to talk to the salesperson who sold the product. Find the key features that make the product well is valuable information on current products and product development future.

Look for potential innovative companies in their business by evaluating existing products and developing improvements that were set apart market. This can be as simple as adding a new feature or enhance the user experience.


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