Innovation is Key to Business Growth

According to the World Bank, innovation is key to business growth ; so only through support for innovative projects; The growth of Latin American countries can be successfully developed.

It is then that collaboration between universities and the private sector should be encouraged; to develop advances that respond both to the needs of the company and social needs.

Why is innovation so important to accelerate a country’s economy?

According to the World Bank, those responsible for implementing policies in the countries of Latin America; to adapt to the fall in prices; is to encourage innovation; This is considered to be the safest path to sustainable growth.

Marialisa Motta, who is manager of World Trade Practices and Competitiveness in the Latin America and the Caribbean region of the World Bank Group; says that it is through innovative projects that the productivity of companies increases; and this is what improves the competitiveness of countries.

That is why the solution to accelerate not only the economic growth of the countries of Latin America; but also that of the companies themselves is fostering innovation practices; that although they are a constant in many of these countries, they are not efficient enough to give it all the impetus; to truly innovative projects.

This is where the World Bank plays a very important role; It is responsible for providing the necessary advice so that each of the governments of Latin America; I developed strategies and innovation projects to improve development; That is why innovation is key to business growth .

That is why they have been raised as main objectives, is to analyze the use of resources; as well as if the public expenditure devoted to innovation projects is sufficient to encourage the development of all the projects that have been proposed. Similarly, the effectiveness of the programs and organizations involved is analyzed; to also learn from the results that have been obtained today.

This means that it is about finding a balance between what the industry needs; and what is worked and researched in the universities; to throw into the world market, truly innovative projects that can provide real competition; to countries in order to accelerate the growth of their economy.

That is why innovation is key to business growth because it allows not only to respond to the needs of consumers; but also to give life to the research projects of talented students; making the combination of both benefit the economic development of their countries.

How are innovative projects incorporated into the industry?

When we talk about combining the research projects of the universities with the needs to cover the industries; it’s not just about materializing most of these investigations; but it is necessary to analyze the relevance of these projects not only to develop new products; It is also possible to implement advances in the technology used in industries.

Thus, innovation must be assimilated as an improvement strategy; that is, when a company innovates, it is capable of learning and optimizing its work methods and project management.

Although there may be some fear when implementing technological advances in the different processes of the companies; It is projected the elimination of several jobs to replace them with these innovative tools; however, the adoption process of these new technologies may be inclusive; creating better jobs for workers.

Part of the lack of incentives to promote international trade; it is because many of the countries are closed to these business opportunities; which is reflected in high prices for national consumers. That is, it has not been clear to them that innovation is key to business growth .

It is then that the development of innovative practices not only improves the growth of companies; but also with the economy of citizens.

The key innovation for business competitiveness

The key innovation for business competitiveness

We have already spoken that the implementation of innovative projects in industries allows to accelerate the economy of the countries; But what happens in a particular way in companies? how the development of technological advances helps companies to improve their competitiveness.

It has always been said that the success of a company depends to a large extent on the offer it makes; that is, your product or service must be better than that of the competition; but also must respond to the true needs of consumers. So the development of a new product or the improvements of an existing one; It must include innovative practices to stand out from the rest.

According to Amparo Moraleda, president of IBM Spain and Portugal (2004); Innovation is key to business growth because:

The integration between technology and business is a key factor for the competitiveness of companies. […] Companies must therefore adopt an innovative policy, where technology plays a strategic role in the design of business models, to become competitive, agile and effective entities. In this way, they must transform themselves into organizations “on demand”, capable of reacting and being able to adapt to any internal change or of their competitive environment.

It is then that innovation must be included in companies as an added value for business competitiveness. Well, it is the companies capable of innovating and evolving; those that offer new products that respond to the needs of consumers; and that also adapt to the new manufacturing processes (incorporation of technology).

That business innovation is not misinterpreted

A moment ago we talked about the fact that many companies consider innovation; only as that which allows them to develop new or evolved products; or the development of new and better manufacturing processes; However, innovation is a fairly broad concept, especially in industry.

It is so in different areas such as social, political, commercial or business; new projects and processes can be developed that give way to a better prepared company with greater acceptance by consumers. That is why innovation is key to business growth .

It is a fact that all the companies in their beginnings raised a constant growth; that would allow them to take the lead in the market. However, no matter how ideal we propose the projection of our company; we must consider our competence; so most of the projects and plans are focused on improving results not only internally; but also comparing them with those of competing companies.

This is how entrepreneurs realize that not only is it enough to maintain the existence of a company; that is to say, it is no longer enough to develop a project that bears fruit; but it is always necessary to find a way to continue winning customers, sell more and place ourselves at the top of success.

Therefore, innovation is presented as a reliable added value to be able to compete; what gives companies the possibility of having a competitive advantage in the industry; however, it is necessary not to be satisfied with the achievements; because the competition also seeks to develop an innovative project.

How to innovate in the projects of a company?

How to innovate in the projects of a company?

Surely you are tired of hearing that innovation is key to business growth ; however nobody has provided you with the relevant information to develop innovative projects. For this reason, we will look for some strategies in a general way so that you can apply them in your company.

According to the MacGuffin site; It is important to determine in which part of our company we want to innovate or evolve; because with that in mind the development of an action plan is launched.

Understand that innovation is key to the growth of our company; it also requires an analysis of the strengths and weaknesses that make up our company; because in this way we can realize what are our possibilities and limitations to carry out the innovative projects we have in mind.

Therefore, we will keep in mind the risks that we expose ourselves to when applying different options of our innovative projects. But, how to develop innovation in our company? Here are some tips.

Ways to innovate in our company

The BePrisma site, shares some simple ways in which you can innovate in your company; Remember that even with small steps great goals are achieved.

Online software

It is a fact that most companies already work with digital tools; simply by the fact that in this way work and time can be optimized; however, there are companies that still do not dare to do it because they do not consider it necessary.

If this is your case, you should consider using online software, which allows you to work on community archives; and in general, facilitate the way your company works day by day. Keep in mind that innovation is also about optimizing the processes of a company.

Gamification

According to Prima, this refers to:

Gamification consists of applying game elements in non-play areas (such as the company) to motivate employees to perform certain actions that by their nature are not too attractive and make their efforts more satisfactory.

Lean thinking

This strategy consists of measuring continuously what brings true value in the company to be able to enhance it; as well as identifying what does not contribute to eliminate or modify it. All this from a perspective of continuous improvement. Maybe it’s the Human Resources department; which best take advantage of this form of innovation in the company.

Social networks

Social networks

The use of social networks may be prohibited in many companies simply because it is a way we often waste time; However, learning how to use these distractors as work tools can be a good innovation strategy; that is, find in them content to improve the work of each of the employees.

 

About: Eric Ristau


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