What is business innovation?

Innovation is a popular word these days when dealing with business. The recent business magazine stated that companies today have to "exploit or perish".

Business innovation reflects the introduction of new products or services – or "new ways to do something". Enterprise innovation also includes improving existing product or service to be faster, cheaper or easier to use. Valuable innovations can add existing products that make it permanent for customers (and prospective customers).

Business innovation may be additional new feature or performance of features. For example, you can add software to add new "automated reporting properties" that simplifies the process of creating and printing custom reports for each client. This new feature can detect the software from rivals & # 39; programs that require a manual report generation, which is slower and requires additional training. Most customers want to vote for the product with faster, automated reporting capabilities.

Business innovation also involves removing features from a product or service. For example, companies can add their existing product by simplifying how the user is related to the product. The current product may have too many buttons or controllers that make it difficult to use or scare with prospective customers. Recovery involves removing some buttons or controls to simplify the operation and make the product "user-friendly." There are many examples of innovations that have removed features (or group features) to increase user-friendliness with a product. Most customers prefer the product that is easier to use.

Another example of enterprise innovation application features in one product for different product. This is especially useful when companies have effective products and other products that are less effective. Determine the reasons for the success of the first product and make some creative thinking to find ways to apply similar features or benefits to other products. You can determine the reasons for product success by asking customers, reading reviews about the product, and talking to a sales representative who sells the product. Finding key issues that make product good are valuable information about current products as well as future product development.

Look at potential business innovations in your own business by evaluating current products and developing improvements that adjust your products across the market. This can be as simple as adding new features or increasing user experience.


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