Do not underestimate the importance of innovation

Do not underestimate the importance of innovation

In the current economic environment, businesses focus on the profit margins and sales figures far more than on the internal processes and employees’ professional growth. As much as margins matter for any organization, neglecting the latter two aspects of business can prove to be much more costly in the long term. 

Innovation isn’t just about by latest technology, ideas or methods, but also by the process of discovering new ways to do things. 

Before we go any further, it is important to get the definition for both “creation” and “innovation”. 

According to Merriam-Webster, creation means “having the quality or power to create, and is the act of making, inventing or producing”. 

Innovation is defined as “the introduction of something new or different. The act of innovating leads to the introduction of new ideas, devices or methods”. 

Basically, creativity combined with work results in innovation. Therefore, being innovative means you continuously develop and work on your creative ability. 

In the business world, innovation has to be not too expensive and practical at solving a particular need, in order to be useful. Innovation is achieved by providing something original and is often seen to produce efficiency and improved productivity and staff morale. 

Innovation is, perhaps, the biggest driving force behind the creation of competitive advantage and growth of market share. Breaking into new unexplored markets is made much easier if innovation is present too. 

Innovation can also help develop original concepts while giving the innovator a proactive, confident attitude to take risks and get things done. 

A company that has an innovative culture will grow faster, despite the fact that the creative process isn’t always straightforward. Trying out new things can bring tremendous results. 

It is important to remember that innovation is not an individual, but rather group activity. Making sure you have a group that loves to work together is essential for creating culture of innovation in the workplace. 

Being innovative should always be a on your mind. With creative thinking and the right set of individuals, problems can be solved much more efficiently and strategically.