5 tips to drive successful innovation for long term business sustainability
It is an extraordinary time for innovation. The last 50 years have inspired more technological development than ever before. Technology is changing daily, and industry disruption is continuing at momentous speed. Digital information is linking individuals, organizations, and nation in ways that are changing the way companies do business.
For companies to compete in the current market, they must stay innovative in product development. Adopting new technologies outside of their business model will allow them to stay competitive across all industries.
88% of fortune 500 companies that existed in 1955 are out of business.
Blockbuster was formed in 1985 and entertained people around the world by bringing movies to every living room. The video-rental company was at its peak in 2004 and was able to survive the change from VHS to DVD. Blockbuster failed to innovate beyond DVD to online viewing and live streaming. Netflix founder Reed Hastings proposed a partnership to the former CEO of Blockbuster and was turned down. In September 2010, Blockbuster filed for bankruptcy in the attempt to recover $1 billion in debt and today Netflix is thriving as a $28 billion company.
Kodak once dominated the photographic film industry and was the first to ever develop a digital camera. Former vice-president of Kodak Don Strickland says: “We developed the world’s first consumer digital camera but we could not get approval to launch or sell it because of fear of the effects on the film market.” Management was so focused on the film success that they missed the digital revolution after initiating it. Kodak filed for bankruptcy in 2012.
Nokia, a company founded in Finland, was the first to create a cellular network. In the late 1990s and early 2000s, Nokia was the global leader in mobile phones. For most of Nokia’s existence, the leaders got it right and innovated with various products – paper, electricity, rubber galoshes, eventually focusing solely on their mobile products. Nokia stood the test of time by embracing change and creating new valuable products for its consumers. That is, until their own success and fear of change clouded their judgment of how to be innovative with their mobile products and they couldn’t compete with iPhone and Android technology.
Embrace change and innovate!
Bright Apps has worked across several industries to develop one of a kind, custom business platforms as well as integrate AI and machine learning into existing legacy systems. We are experts in innovation and we work within the global market to stay on top of best practices and technological solutions.
Bright Apps top 5 tips for implementing and maintaining innovation in your business:
Drive performance in a changing world. Find new ways to grow. Growth equals value-added solutions that create sustainable business results. What is blocking innovation? Respond quickly and accordingly to create a culture where innovation can thrive. In Jim Collins book “Built to Last”, he discusses the importance of developing a culture of disciplined people, disciplined thought and disciplined action. These values are passed down for future success. Don’t focus on perfection. Focus on delivering a quality product the consumer wants. Consumers will give feedback on how to improve your product. A great example is Pixar’s Motto: Going from suck to nonsuck. Pixar’s directors think it is better to fix problems than to prevent errors.
Hire Visionaries. Companies that continually innovate foster an environment for long-term success. Great leaders lead through others. Innovation begins from the top down. It is important to find innovative teams at all levels. Vision and innovation come from a culture that has no barriers to create. Good leaders recognize innovators and cultivate a culture of openness. Embrace failure. Failure is never bad. Thomas A. Edison said, “I have not failed. I’ve just found 10,000 ways that won’t work.” New ideas rarely work out right on the first try. Discovering the next disruptive technology or business model shift takes time, testing, and experimentation. It is not failure that kills innovation, but fear of failure that creates barriers for success.
Focus on the user. Add value by providing what the customer wants and needs. One of Google’s innovation principles is to focus on the user and not the profits. By focusing on the customer, Gopi Kallayil, Google’s Chief Evangelist for Brand Marketing, said, “revenue issues take care of themselves.” Take the time to listen and learn about each customer. Engage in innovative ways to provide the professional services to support those needs.
Find innovative partners. Collaborating with partners who possess the same innovative spirit can foster success. The right partner will help overcome challenges by providing new insights. Collaboration with partners is no longer simply a strategy; it is the key to long-term business success and competitiveness.
Embrace Social Technologies. Creating safe spaces goes beyond physical space. Workplace tools, when used properly, have a long-term, sustaining effect on innovation and communication. Providing psychologically and physically safe environments helps ideas, honesty and collaboration grow into inspiration. https://postshift.com/safe-spaces/
In an ever-changing global world, innovative business practices and technological advancements can be the difference between survival and success. To stay ahead of the competition, it is important for companies to recognize how technology and changing business practices affect the world where they do business.
The Bright Apps team focus is innovation and development of the newest technology to meet the demands of a constantly changing market. Through our own innovative practices, we extend our core business to include not only building software for companies, but providing business strategy, consulting, and concierge services to help companies grow in industry changing ways.
“Indeed, if there is any one “secret” to an enduring great company, it is the ability to manage continuity and change—a discipline that must be consciously practiced, even by the most visionary of companies.”
― James C. Collins, Built to Last: Successful Habits of Visionary Companies
Contact us today for a free consultation to discuss innovative strategies for your company.