Innovation’s Existence is must for your Company’s Existence!

When we compare the world, we are living today with the world 50 years ago, We observe everything is changed around us and believe me or not, World will be totally different in next fifty years! and change factor is to think out of box or innovation. Companies rise and fall with the passage of time but those who believe in innovation can stay tall in market!

Different companies have different business goals/policies and very few companies have believe in innovation but unfortunately, they have less believe on their people (employees). Those who can innovate and create new products, services, business models and present new policies will be the real winner of the future. In today’s economy, you’re building your company’s brand both through external as well as internal efforts. I am summing this up in following sections; Challenges faced and suggestions to tackle with internal environment of companies.

Challenges faced by Employers:

  • People have lack of knowledge, training and don’t know how/what to innovate.
  • Don’t have enough time, people are too busy to meet the deadlines and deliver in time.
  • Industry level investment is required; they don’t have enough budgets to hire people for innovation and can’t ignore the fear of failure.
  • They are spending on research and education centres but not getting expected results.
  • Employers expect to produce something new (out of box) but their organization culture is opposed of that producing.

Suggestions:

  • Conventional management thinking should be changed with innovation oriented thoughts!
  • Proper training sessions/group talks should be help to guide people what/how to think and innovate.
  • Employees should focus 80% of their time/energy at daily work/responsibilities and 20% on innovation (they asked to think and share their ideas).
  • People should be appreciated and incentive should be announced like Idea of the day/week/month etc.
  • Innovation/creativity culture should be promoted; a department (innovation centre) can continuously work on or analyse the ideas shared by employees.
  • Remind people your company’s mission, values and Trusts on their experience, loyalty and ask them to take risks and innovate.
  • Time to market the products is vital for majority of the businesses, employee’s potential can be used to get this in time and this will help a lot to enhance personal and company’s growth.

Do share your views about the article and will highly appreciate your suggestions!

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