Innovation holds ample value to a company and is a risk worth taking. Allowing for innovation within your company is a key to moving towards a successful future. With longevity and profits sought after by all businesses, innovation enables companies to focus on both. Every company is willing to innovate to a different extent. Some companies are willing to innovate to the extent of basic research, while others use disruptive innovation strategies that break the status quo. In the end, it comes down to how well a business defines their problem and the extent to which they are willing to solve it.
Strategies that embody innovation are often sought after however, the risk of innovation often disables companies from moving forwards. This fear heavily derives from the bad reputation some executives have received with unsuccessful innovation. Innovation is valuable. It is said that only 4% of companies have not established innovation as a strategic priority and 84% of executives see that their businesses success is dependent on innovation.
It is clear that executives demand innovation. So, what makes innovation a risk worth taking? We’ve outlined three reasons why!
Profits
A profitable impact on a company is only one of the reasons why innovation is worth it. Not only are innovative companies better able to adjust to the trends of the economy, they are also better able to allocate resources. Studies have shown that when a company adopts innovation, they are able to increase their revenues by 11%. This increase in revenue is directly sourced from innovation and has allowed companies to go beyond their imaginations.
Ability To Attract Employees
Sending signals of growth and versatility to the world is vital. Innovation publicly displays your priorities. While innovation has been deemed to hold risk, the benefits propel companies forward. Not only are growth and versatility attractive traits for a shareholder to see, it is especially important for those entering the job market and considering your company. An innovative company is able to to be competitive in the market leading to a more efficient use of all resources, this includes human capital. Innovation creates a corporate culture which enables honesty, ideas and new initiatives. This allows a company to hire employees with different perspectives. This furthers the company’s innovation and success.
Brand Development
Every company dreams of exceeding their competitors. You have the capability to become more competitive through innovation. Innovation creates a more competitive brand in a world that constantly demands change and versatility. It increases the perceived value of your company and will thus increase your brand. It’s a communication strategy. It projects an image to the world of a brand that changes with the times. As you build that image through innovation and initiatives, you are able to increase your brand and overall presence in the market.
The Core
Innovation is integral for the further development of the company, employees and brand. While innovation can be seen as a risk, the implications for profits and awareness make it worth it. At VOG, we are able to turn your innovative ideas into a reality. If you’re looking to innovate through mobile applications and software development, reach out to Vog. Innovation is Canadian when it’s done with Vog.
