How to Innovate in Any Industry – Even Yours
Companies today are desperately looking for ways to improve and innovate, be it in their business processes, models or products. It’s clear that remaining in the status quo isn’t enough – this paradigm of innovation has taken the global stage by storm and businesses need to continually innovate to stay ahead of the competition.
In fact, our local government understands that innovation is key for the survival of our business landscape, and has been working towards creating a conducive environment for both MNCs and local businesses. These efforts have lauded Singapore to be one of the top 10 innovative economies in the world, according to the Bloomberg Innovation Index.
The idea of innovation is universal – you just need dedication, resolution and a little creativity. Does your company have what it takes? We’ve got 5 things you need to do to get on board the innovation train:
1. Analyse the Market
Before you get your creative juices flowing, you first have to do your industry homework. Your research should range from analysing market trends and consumer behaviour to staking out the competition. Being equipped with such essential information will not only help you stay on top of business trends but also allow you to assess any missing industry gaps, finding potential areas to innovate. Indeed, planning for innovation is often times almost as important as the act of innovation itself.
2. Create a Culture of Innovation
Innovation is borne out of being creative with your existing resources, and that includes your circle of employees. With an open-minded culture of creativity in your organisation, your employees will feel safe to voice their opinions on company processes and services, potentially highlighting new avenues of innovation that may not have been considered before. As leading members of Forbes Coaches Council highlight, your employees are an integral part of the company and giving them an environment of trust to share their ideas is essential for innovation to thrive.
3. Never Stop Trying
A recipe for success? Learn from your failures and never stop experimenting. As James Dyson, inventor and entrepreneur of the eponymous household appliance company, says: “Success is made of 99% failure.” Instead of abandoning a failed project entirely, take the time to understand the reason behind the failure and use the learnings to improve your next initiative. Successful innovation doesn’t happen overnight but is often a cumulation of small, incremental revisions and upgrades.
4. Reassess Your Business Models
Few people understand that innovation doesn’t necessarily mean inventing the next iPhone or coming up with a disruptive service like Uber. In fact, a single event is unlikely to make significant changes, as discovered by the Digital Tonto. Having a competitive business model will help ensure that your company continues to provide value for your customers. This is a crucial factor to save your company from becoming obsolete, asserts Dr Michael Teng, CEO of the Singapore Innovation and Productivity Institute. Critically evaluate your current business model with partners and employees, and identify areas that will allow you to maximise your offerings for a transformative and resilient business strategy.
5. The Future is Technology
A driving factor that has directly transformed industries across the board is the rate of digital technology advancement; this is a global phenomenon that cannot be ignored. For many industries, digitisation is already an integral part of the work; however, there are likely areas – ranging from document management and archival to workflow processes – where your company can benefit from a digital transformation. Investing in the right tools helps you focus on the bigger picture, boosting efficiency and productivity in your company, in turn supporting your efforts towards innovation. Every company can go digital, you just need to know how. Contact Canon Business Services, our specialist consultancy wing, to find out how digitisation can benefit your business.
Even in the most rigid of industries, businesses can thrive by embracing innovation. With the five tips above, you’ll likely see the effects of innovation within your company in no time. Let’s get the creative juices flowing!
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