The process of translating an idea or invention into a good or service that creates value or for which customers will pay. To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need.
Martin Ras, Managing Director of Byte Orbit, sees innovation as the product of a creative imagination that is guided by a strong determination.
Innovation is about further satisfying the needs and expectations of your customers and your audience. In the field of tech, that means to stay on top of the industry trends when it comes to your own brand, but also with what you are building and creating for your clients.
Why does your company need to be innovative?
It’s a competitive world out there, and in order for your company to get the edge over the competition, you have to be innovative. That’s how you show that you are focused on implementing ideas that will disrupt the industry as we know it. Innovating shows that your company is an expert in its field and adds credibility to the brand itself.
Up-and-coming companies such as Uber and AirBnb disrupted the innovation space. They have packaged existing technology into an innovative product that have become so useful that the market embraced and adopted it as a currency for everyday use.
As a tech company, allowing your designers and developers to innovative will be both challenging and rewarding to them. By pushing themselves to create something new and useful, they will be further develop and hone their skills.
Innovation also shows adaptability and willingness to transform. A company that believes they don’t have to improve will not succeed in this day in age. In order to stay ahead, you need to stay informed. To run a successful business you have to constantly review your strategies and be flexible to change. Only through consistent reviews will you be able to see gaps and opportunities for innovate.
Preetesh Sewraj of Product of the Year South Africa understands what innovation is all about:
The real secret to innovation isn’t just that anyone can do it, but that many businesses have and can learn from them. You can emulate their success if you’re willing to pay attention.
By being innovative, your company can become the thought leader in your industry and other businesses will learn and be inspired by your brand.