Five Vital Essentials for Driving Innovation in Your Company

Innovation is crucial these days due to hyper-competitive market and rapid change in the environment. In fact, 80-95% of companies around the world are working on innovation to compete and survive with the complexity of the emerging markets globally.

This highly complex, resource-constrained, and diverse emerging markets pushed local and global entrepreneurs to continuously develop their art of innovation to maintain and create products and services that are extremely affordable, quality, durable and highly sustainable, which not only provide customer’s needs and demands but help us generate more sales and survive the hyper-competitive environment.

However, developing the art of overcoming the harsh pressures by improvising an effective solution with a limited resources isn’t that easy. It has been a long-time desire yet sometimes elusive goal. Developing innovation takes time, effort, and money. Consistency is good, but too much is bad. In order to maintain good sales and combat intense competition, you need to embrace continuous enhancement. So, how can you push up innovation into higher gear in your company? Here are five vital essentials:

  1. Start with your people. People are the source of great innovation, depending on who you hire, how you assess them and most importantly motivating them, especially your top performers. Your team member’s skills and creativity is the foundation of successful business, product and service innovation. Therefore, it’s necessary that Human Resource Department has excellent people, process and system to choose, assess, orient and train every member that desires to commit himself/herself to your organization to attain the highest value of creativity.  This is the most crucial scheme in driving successful innovation in your company. Even with rich and quality equipment, facilities and raw materials but with poor man power, innovation is impossible. Or, even when you spend much of your time, effort and money to improve, but without other’s good help, skills and creativity, nothing is achieved. As they say, “two is better than one, but hundreds works best”.  So, make sure all of your people are empowered, motivated and rewarded to bring useful, interesting and creative ideas on the table. Remember, strong leader requires strong potential ability to identify other’s strong ideas to cultivate and implement them.
  2. Focus. Focus on what should be engineered and what should not. There are things that should be maintained as it is, because modification might sabotage its thriving presence in the market. In other words, focus on the market’s need of improvement. Once you have identified the thing that must undergo modification, that’s the only time to innovate.Through focus, effective and compelling ideas are alleviated, which could be highly competitive to combat harsh constraints and to provide creative solutions following limited resources and fast-growing competition in the market. You on the other hand must foster all of these in order to achieve your desire not just to survive and combat competition but to out-perform your competitors. Remind your people that focus is necessary in every step of the way, simply not just to achieve goals and objectives but to work at their best.
  3. Marketing and R&D (Research and Development) Combined. R&D’s output isn’t effective and efficient without marketing’s knowledge. Your marketing’s knowledge of consumer’s needs is indispensable in product/service growth. Without a good understanding of consumer’s needs, product/service developers are prone to impose their creations rather than fitting them to consumer’s needs and demands. In fact, consumers and not the product/service developers have a final say whether or not to buy the product.
  4. Work as one. Actually this is in connection with marketing and R&D combined. Every component in your organization is necessary in order to reach, maintain and organize high value of productivity, quality and cost-effectiveness. In other words, make all departments of your company work as one. Management, human resource, sales and marketing, finance/accounting, research and development, manufacturing, housekeeping, and all should function as one in order to manage pressures and utilize economically scarce resources.
  5. Listen to customers. Customers are said to be the best advisor and critique. They are in other words your key to success. Your clients evaluate, buy and demand your products and services. With good service, product quality and durability, customer will absolutely patronize you and growing sales will chase you. To do that, always listen and pay attention to verbal and non-verbal cues of your customers, whether buying or non-buying customers. Remember always consider every person who enters your establishment or organization good customer. And, every comments, suggestions and/or questions should not be ignored because they can be great source of business, product and/or service innovation. As I said, make your customer your adviser or consultant. They give the best shot and accurately evaluate your offerings.

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