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Importance of Innovation in Business
As competition is growing and with emergence of customer oriented market, there is sheer need to be Innovative, no matter what is the form of business. Due to growing cut throat completion no matter service industry, FMGC or Non- Durable goods every one is in race to be innovative in its own way, Innovation in product design, new packing, change in branding strategy etc. However basic concern is
Why innovation is significant in business?
Shifting to new technology for better performance: Way back in 80’s, having television in house was prestigious matter however today an average house has two television sets. This reflects the increasing demand and induces more and more players entering into market, hence rise in competition.
With the growing competition, manufacturer in race to beat the competitors and this lead to innovation of organic light emitting diode (OLED) or liquid crystal display (LCD) screens leaving behind cathode ray tube (CRT). This was innovation in the sphere of better quality and long lasting performance.
Customer’s delight: In order to transmit messages people were using Pagers and huge sized mobile phones with very basis features, but in order to delight customers every day new technology has been introduced- MMS, Bluetooth, SNS, FM Radio, Can operate Windows applications. Such features are added simply to delight the customers for effortless and uncomplicated communication.
Price and to fight the copy cats: As soon as there is any launch in market “me too” products also share shelf space, in addition they encourage the price decrease due to various options available to customers in market. It is the innovative trait of manufactures, which make them stand out from other products in market. A dye manufacturing company unless introduce new combination , dyes with better light , perspiration fastness features shall never be able to sustain in market for long and fetch the price of its own choice, I believe this makes multinational companies Dystar, Clariant Huntsman big giants in textile chemistry.
To augment the user friendly version: Microsoft had launched various software versions and every year they induce the extension of there existing software versions. Microsoft office upgrade from 1998 to 2009, XP professional, Windows Vista and further extensions are in process. These extensions are mainly concentrated on providing user friendly technology to customers and making the work fast and easy.
Hence the formula to be market leader and stay in trend is to be innovative.