What is innovation?
Innovation in an enterprise is the introduction of novel ideas, approaches, and solutions that create new value or address existing challenges. It encompasses both incremental advancements and transformational changes in how a business operates, interacts with customers, and brings products or services to market.
Why is innovation important in the enterprise?
Innovation is the engine that propels businesses beyond the competition and the status quo. It enables organizations to redefine markets, streamline customer experiences, like Amazon has done with the buying process, and find new avenues for growth. More than a spark of creativity, innovation relies on process and discipline to take root and flourish within a company.
How can innovation enable strategic value creation?
Breaking New Ground
Innovation allows companies to do business in new and better ways, setting them apart from the competition.
Enhancing Customer Experiences
By focusing on reducing friction in customer interactions, companies can dramatically improve customer satisfaction and loyalty.
Pioneering New Markets
Innovative products and operational models can open up entirely new markets or segments, driving business growth.
