Why You Should Take Charge Of Your Innovation Now

Yu Zhi Wei, Co-Founder
24 Nov 2020 • 2 min read

Innovation is defined as the introduction of a new product or process. An organization that does not innovate does not introduce anything new and will not be making any progress. Remaining stagnant in this fast moving world is scary because sooner rather than later, it will be rendered irrelevant.

If it wasn’t clear enough that innovation is important, the recent Covid-19 crisis underlined this obvious fact, with massive urgency towards digitization of businesses. In fact, over the last few decades, innovation has been the significant way to successfully handle critical risks and threats. This article will highlight the 4 key advantages your company will hold when you take charge of your innovation processes with Thinkspace.

1. Lead your industry

According to Deloitte, 50% of the massive Fortune 500 companies will be rendered obsolete in the next 10 years, emphasizing the need to quickly innovate regardless of your size. Build your decisive competitive advantage by discovering great ideas to be implemented in your company to drive advancements your competitors lack.

Successful businesses are able to improve their products and services according to customer demands and streamline operations to meet changing market conditions. Innovation efforts will increase your chances to be agile in reaction and discover great new opportunities to explore, incrementally building your competitive advantage.

2. Increased profits & ROI

Leading your industry with your built-up competitive advantage will undoubtedly bring increased profits, increasing both bottom and top line with continuous innovation efforts.

More innovative organizations are reported to have more revenue and EBITDA (11% and 22% on average, respectively). These proven track records show that not only do innovative organizations grow faster, they learn how to operate more efficiently and become more profitable through streamlining of existing processes and more.

3. Engaged employees & stakeholders

From the standpoint of any organisation, one of the key factors in determining its continued success has large emphasis on how engaged their stakeholders are. Leverage the people who contribute to your organisation by tapping into their collective intelligence.

In-house innovation with your employees are positively associated with strong engagement because you give them a voice, showing them you value their skills and brings stronger motivation. Overall, this lends itself to higher employee satisfaction and retention rates, win-win!

4. Positive culture of innovation

Most importantly, driving innovation efforts in your organization leaves a lasting positive impact because it fosters a culture of innovation where it increases opportunities for creation, making the fullest use of competencies to drive further success.

Innovation best practices implemented along the way will also build a habit of continuous improvement and even personal development among employees. This forms a conducive environment for high quality work to be completed, when the organization provides this form of support, it will gain a strong reputation for attracting not just talent, but potential partnerships.

As former CEO of Hewlett Packard, Meg Whitman has said, “We’re now living in an idea economy, where success is defined by the ability to turn ideas into value faster than your competition”. What more are you waiting for, take charge of your innovation today!

We are currently offering exclusive free trials to customers who sign up with us for a limited time period only. Book a demo with us and we will help you get started!