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\u2019s done the right way.<\/p>\n
Business innovation happens when organizations introduce new processes, services, or products to affect positive change in their business.<\/p>\n
This plays out in the business models, revenue models, and industry models adopted.<\/p>\n
Some benefits of innovation include<\/p>\n
\u2022 Trailblazing industry disruptions<\/p>\n
\u2022 Increased business process efficiencies<\/p>\n
\u2022 Professional talent attraction and retention<\/p>\n
\u2022 Improved brand image and organization goodwill The following statistics also show the need for innovation in your organization’s business processes.<\/p>\n
\u2022 84% of business success is dependent on innovation<\/p>\n
\u2022 Innovative companies realize above-average return at over 11% revenue increase with 16% revenue growth from new products or services<\/p>\n
\u2022 65% of innovative companies collaborate with customers during the innovation process<\/p>\n
\u2022 62% of high-growth companies plan to invest in technologies that lead to higher rates of innovation<\/p>\n
\u2022 79% of strong innovators properly digitize their innovation process.<\/p>\n","protected":false},"excerpt":{"rendered":"
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\u2019s 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 […]<\/p>\n","protected":false},"author":1,"featured_media":609,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[81,2,175,199,14],"tags":[221,220,174,222,177],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n\t\n\t\n