Innovation depicts newness, change, new products, new business processes, a new order of things, and with innovation comes positive change and business profitability if it’s done the right way.

Business innovation happens when organizations introduce new processes, services, or products to affect positive change in their business.

This plays out in the business models, revenue models, and industry models adopted.

Some benefits of innovation include

• Trailblazing industry disruptions

• Increased business process efficiencies

• Professional talent attraction and retention

• Improved brand image and organization goodwill The following statistics also show the need for innovation in your organization’s business processes.

• 84% of business success is dependent on innovation

• Innovative companies realize above-average return at over 11% revenue increase with 16% revenue growth from new products or services

• 65% of innovative companies collaborate with customers during the innovation process

• 62% of high-growth companies plan to invest in technologies that lead to higher rates of innovation

• 79% of strong innovators properly digitize their innovation process.