Innovation is a vital practice that businesses need to use in order to thrive in today’s competitive world. Stimulating innovation can seem like a difficult prospect to achieve, as many companies view innovation as a concept that is restricted to certain operations. However, when a business begins to view innovation as a key-value and principle, it can have a transformative effect on a range of company operations.
Why is Innovation so Important?
A recent study has found that 79% of executives claim innovation to be one of the top three business initiatives. There are several reasons why innovation ranks so highly on the list of priorities, just a few of these reasons are outlined below:
- Innovation promotes business growth
- Innovation helps businesses gain a competitive edge
- Innovation sets businesses apart
The business world has been transformed thanks to the digital revolution and with this comes a great deal of possibilities. Businesses that embrace innovation are opening themselves up to innumerable valuable opportunities. Whereas businesses that neglect innovation risk being left behind.
How to Stimulate Innovation in Your Business
Now that you understand a little more about why innovation is so important in a business context, it is time to focus on methods to stimulate innovation in your company.
1. Encourage Collaboration
As Simpplr explains, collaboration in business spurs innovation, as the diverse expertise and perspectives of a team will foster problem-solving and create a mixing pot of diverse ideas. When people are encouraged to work together, they are more likely to come up with new and interesting ideas that can help your company stand out from the competition. Schedule regular meetings and brainstorming sessions, as well as making culture changes in your workplace, to encourage and enhance collaboration.
2. Build a Diverse Team
It is very common for companies to end up hiring a certain ‘type’ of person, meaning most of their employees will have similar work and educational backgrounds. This type of homogeny can lead to a form of groupthink, which can kill innovation. You should try and build a diverse team, so your staff is full of new ideas and different perspectives.
3. Value Education and Research
Innovation to some extent relies on freedom; the freedom to express and pursue new ideas. Valuing education and research in your business creates an environment where employees feel free to pursue their innovative instincts. You could offer your staff regular training sessions or time in which they are free to follow their own research instincts.
4. Have a New Ideas Implementation Process
Innovation does not only rely upon new ideas being created but on the worthy ideas being implemented. Support innovation by creating a process for implementation. This will show employees that you truly value their input and will work to secure innovation.
5. Reward Your Employees
Some businesses struggle to implement innovation. Even when a business holds innovation as a core value, it will struggle with implementation if they do not have a rewards system in place. Offering rewards will motivate innovation and show employees that you truly stick by this principle. To ensure your rewards are as effective as possible, try to personalize them to the tastes and preferences of each employee.
