INNOVATION
-
means the process introducing novelty in
a product, service, strategy, or business model. It also increases the
usability and durability of the entity above. Sometimes, it is an idea, and
sometimes is a concept that helps stay ahead of the competition and induces
creativity and efficiency in business. Innovation plays a key role in
introducing novelty to existing product lines or process or to introduce modern
technologies for automation that can help companies witness and growth.
In
modern era, business leaders are focusing on factors that can help the sustain
and stay relevant in the current business era. The min characteristics of
innovation are effectiveness, novelty and automation which help in evoking
several benefits for business like; solves complex business problems, increases
productivity, bring uniqueness, and novelty to business process, gives a
competitive advantage and reduces cost and increases revenue.
The
following are the way on how does innovation modernize business in developing
country like Tanzania. But innovation doesn’t have to be a world changing break
through. It can involve simple, incremental improvements in any areas of the
company.
Improve
sales and customer relationships.
When
failing to improve your products and services can put you at a risk of losing
customers to more innovation competitors. So, through innovation you should
invest time and money, and customers will note and appreciate the extra value
you’re bringing them. That should translate into more sales.
Reduce
waste and costs.
Innovation
help to reduce waste in your business and leave you better positioned to focus
on the long-term goals, lower costs, better profit margins, improved customer
services and increased competitiveness can bring a host of benefits.
Boost
the market position.
Innovation
help to anticipate market changes more quickly and get ahead of opportunities,
so business is not forced to react to shifts. It can also help you
differentiate you self from the competition. So, such innovation can come from
continuously analyzing market trends, listening to your customers, suppliers
and advisors and studying what competitors re doing in order to spot
opportunities and jump on them.
Improve
employee relations.
In
the workplace, an innovative is stimulating for employees. It should reduce
workplace turnover and boost productivity by cultivating pride in your products
and a desire for your company to be an industry leader. That canturn, lead to
still more innovation success because employees are often a company’s best
source of ideas.
It
helps organizations grow in complex situations.
Also,
it helps organizations differentiate themselves from the rest by implementing
different innovative marketing,production, and sales strategies. Ang it helps
companies fight uncertainties and stay relevant in times of adversities.
Therefore,
apart from the befit of innovation in modernizing business, essentially, there
are three types of innovation. Radical, incremental, and disruptive. They may
vary depending on the niche, market, brand essence, services, and products
offered.
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