Innovation in business acts like fuel for the vehicle, business simply cannot run without it. Innovation and research done by scientists do not always depend on the requirements and expectations of consumers. They are free for invention of new technologies depending on their goals and targets. While in business, new research and innovation is always customer oriented.
Necessity of Innovation
Conventional way of doing business with the same technologies and products is not favorable for long time running businesses. In all types of business, companies need to add some new useful technologies and products with the emerging inventions, to run business successfully. There are a number of examples of Companies sticking to their old technologies and specifications for their products and services getting vanished in this competitive market.
The vision of the future has not only touched the makers, but also the customers, hence customers’ needs and expectations are growing with every passing moment. Customers are adapting to new products and technologies while leaving the old rapidly. This is a reason behind reconstruction of all business models that we are observing today. This is a condition of ‘INNOVATE OR DIE’ to survive in this competition for all business.
In all the sectors of business (like Automobile, IT, Telecom, Service and Hospitality), we have seen rapid changes in their technology used in that products and services. All big companies are implementing R&D centers for new research and innovation to make their products special and different from their competitors, in and to deliver more user-friendly products to their customers.
To cultivate new innovation and technology in institutes ‘Innovative Leaders,’ are necessary, who can implement their ideas not only in their products, but also in the infrastructure and strategy of the company. Innovative leaders not only ‘think creatively’ but also motivates people around them to turn those ideas into reality. As, “Successful business is not an effect of lonely efforts, but is a result of mutual efforts done by all the elements of the organization,” organizations are searching for capable leaders for their team.
Some of the Innovative Businesses
Apple is one of the best examples of Innovative business under the Innovative leadership of ‘Steve Jobs.’ Apple is continually implementing new research, ideas and technologies in their products and always made to the top of customer satisfaction, by adding new specifications and services Apple makes their products more attractive and more convenient to use and became the top brand. Even after Steve Job stepped down from the responsibility of CEO, current CEO, Tim Cook, too turns out to be an Innovative leader. In reference to innovation in Apple’s products, Tim once said, “You kind of want to manage it like you’re in the dairy business. If it gets past its freshness date, you have a problem.”
Google’s Android operating system, is another example of innovative business. Google is continuously adding new versions of software to their operating system depending on customer’s requirement, new technologies and ease to use. It can be said that innovation played major role in putting Android OS as the world’s top mobile OS today.
Arrival of new innovations and ideas is being a continuous process and it has no end. On account of this anybody can’t add everything in their products. This needs proper realization and planning. For this, the necessity of some checks and planning should be done before any modification in product done or for a new product is launched.
Application of new technology
Some aspects have to be checked before implementation of new technology and ideas for the better outcome. Is this technology really going to be useful to the customer? Is this technology really in demand? Is this belonging to the considerable long time span? Is this financially correct? If not, then no need of modification. If yes, then it needs to go for the next check.
Realization of resources
New product or modification in the product means changes in the production process, resources and finance depending on the type of industry. There is a need of examining all types of resources available. Can the resources withstand for modification? With changes in product all staff really flexible for it? Can our vendors also easily adapt this? Are we having leaders who can make this possible? By checking all aspects we can go for planning.
Planning of product
Planning of product includes the financial arrangements (like opening of the IPO), designing of the product, development of product, production process, inventory management, supply chain management (vendor selection), testing of product, sales and operations.
Without advertisements, the audience will not be aware about the new products. It needs the proper advertisement of products. The advertisements should be effective by using all means like print media, digital media, etc. Proper advertisement makes the product more attractive and user-friendly to the customer.
As discussed earlier, Innovative Business does not only depends on new technologies and ideas, but also on the vision of the leader. ‘The leaders who grab future opportunities by their vision and research in addition to effective utilization of their resources can be called Innovative Leaders.’
These leaders having long term vision for their products and services. Only by implementing new ideas and technologies in their products do not help any firm to be always successful, in addition to that strategies like acquisition of other similar or supporting firms (companies) for increased resources and to reduce future competition are needed.
Mark Zuckerberg the CEO of Facebook acquires Whatsapp messenger which adds more resources to his firm and reduces competition, is one of the examples of doing business innovatively. He is an innovative leader who made Facebook a top social sites by continuously improving the services and facilities.
It can be hence summed up that today, Successful business is the product of innovation and a strong vision of the leader with the combined efforts made by the whole organization.