Free Course: What is Innovation?
What are the Benefits of Innovation?
Now you know what innovation is, we can swiftly move on to the interesting aspect of innovation: the benefits!
Only innovation can deliver fantastic benefits that have both a unique impact and a vastly improved impact, compared to traditional ways of working and other methods of improvement.
Innovation can achieve much more than so called "best practice". Innovation can be used to solve just about any problem, and to create new opportunities. If you master innovation then you will be guaranteed to have a strong unique selling point (USP).
Aspects that can benefit from innovation
» Major improvements in efficiency and effectiveness (e.g. lower costs, faster delivery, better quality, enhanced functionality, and customer satisfaction).
» Development of new markets and unique opportunities.
» Creation of your unique selling point.
» A real competitive advantage.
» New solutions to age old problems.
» Improvement in the quality of life.
» Success and survival!
In every aspect of life innovation is becoming more and more important to success and survival, and it impacts on all of these areas:
» business, the economy,
» information, communications, intelligence,
» society, health, wellbeing, pleasure and leisure, longevity,
» agriculture, the environment, climate change, energy generation, sustainability,
» space exploration, and the long-term survival of our species.
Anything missing from that list? Well innovation can probably help there too.
The Risk of Ignoring Innovation
Did you notice in the list of benefits that there was "survival". This is particularly relevant in the world of business today. If you fail to adopt the benefits of innovation then your competitiveness could dwindle, your old unique selling point may become irrelevant, and your business may fail. History is littered with businesses that have failed because they did not innovate, even large multinational corporations have failed for this reason.
The good news is that everyone can learn to innovate and you do not need to be a rocket scientist. So, the benefit of successful innovation can include all of the above, and you also get to stay in the game...
Next
Next, you can see the fantastic benefits of innovations achieved in the last 100 years, along with a staggering prediction for this century ...