If you are not innovating, you are not growing. This statement is not an exaggeration these days. Business needs innovation to ensure competitive advantages. Every business is looking for creativity for that extra bit of innovation to keep competitors at bay. You sure know the fact that your business needs innovation. Especially if you have a hospitality and tourism business, you definitely need to be more innovative and creative than ever. In this article, we present 5 reasons that should provide you with enough reasons to believe that your business needs more innovation than ever.
Ask yourself a few questions to check if your business needs innovation.
- Has your business growth stagnated in the past few years?
- Are you keeping a track of your competitors? Are you a market leader in your service or product area?
- Innovation can be a product or process-driven. Do you believe that as an entrepreneur or as an executive your workplace needs to be more innovative?
- Has your business been struggling lately while competing with fast-moving start-ups?
- Is the workplace not fun anymore?
- Do you have relatively high staff turnover? Does the passion of the team seem to be disappearing gradually?
Answers to these questions are simple and subtle indications that your business needs more innovation and there is a need to do this rapidly. And, if your business is in the hospitality and travel industry, there could not be a better time for introducing the top hospitality innovation at the workplace and looking for more creative and efficient service solutions for customers. Here, we briefly present briefly 5 key reasons which push to bring innovation to the core of all business strategies.
Globalisation and the price war is transforming businesses
Recently, some trends have emerged that drive the innovation process.
Due to factors such as globalisation and outsourcing, there is an increased push to improve the efficiency and effectiveness of companies.
Organisations need more than good products to survive these days; they must have innovative processes and management that can drive down costs and improve productivity.
Think of Amazon or Google. Can we tag them to a country? They exist equally everywhere.
Why are they way ahead of their competitors? They keep innovating and are way ahead in globalisation and price war. Would you pay for a Google search? Think of the business model of Google now. Do they innovate regularly? Hell yes!!
Amazon, Tesla Motors, Marriott are ahead of their competitors as according to Fastcompany they were among the most innovative companies of 2020. The list is dominated by startups and technology companies with global footprints.
It’s time to map your business to these for looking for some innovation recipes.
2. Consumer’s expectations have increased in 2020
Think of the hotel industry post-COVID-19. Customers are set to expect a more hygienic environment, cleaner rooms, sanitised common spaces, safe food and more. All this and more at a lesser price as competition is insane in the hospitality and travel sector.
Same is true for the Education industry and other non-technology service industries.
Consumer expectations also drive the amount of innovation in the market. Customers are used to products that continually improve and make their lives easier. Modern consumers are more informed and have more options in terms of what they buy and who they buy it from.
What this means is that customers won’t accept a product that is merely at par; a product must excel at what it does to garner the consumer’s attention and money. Think of Apple ‘I watch’. It was innovative and way superior to most of its competitors. Yet, it couldn’t meet the expected sales. It was a great product but consumers expected even more. It is important to stay with the buzz.
3. Your Competitors are regularly innovating
You need to stay ahead of your competition and your competitors are already innovating.
Even the hoteliers are innovating big times who are the so-called laggards in terms of innovation. don’t believe us? Check out our other post that lists some of the top technological innovation in the hospitality industry in 2020. You will be amazed by what your competitors are coming up with.
Innovation is also important because it is one of the primary ways to separate your product from the competition. If you can’t compete on price, you’ll need innovative products and ideas to make your business stand out from the crowd.
Business needs innovation and that too continuously in order to beat the competition.
4. Disruptive innovation is on the cards- innovate rapidly
Have you heard about the ambulance drones? or the internet of things and 3D printing for medicinal innovations? Sure, you have.
Well, the year that has just gone by gave us many innovative products and concepts. Put simply, innovation is a new method, idea or project. When applied to business, this often means the creation of a new product or creating a new process, like streamlining an assembly line or finding a new way to pull ore out of the rock.
We are living in an era where all businesses need innovation and creativity, and our competitors are engaged in innovations that will change the world of tomorrow.
You might be thinking that you are doing fine and all you need at the moment is consolidation then you might be grossly mistaken.
COVID-19 pandemic is set to give rise to disruptive innovation that would change the marketplace forever.
Businesses that will not be able to quickly adapt would be the next dinosaurs of business and will be phased out in no time.
So, it’s crucial to use innovation to grow your business as innovation is the fuel to run the business effectively. Business needs innovation to perform better than competitors. Disruptive innovation can spoil even the most prolific business runs. Regular innovation is the only tool that can help us all stay afloat in business.
- Do you remember ‘Pager’? The device to send messages in real-time. The real expensive devices which were looked to be a major innovation back then. They are thrown out by a disruption named mobile phone.
- Who knew tube TVs would not exist even as an antique for our next generations with regular disruptions in the television market.
- ‘palmtop’ didn’t even come out of the labs as we had a disruptive innovation named ‘iPhone’ at the same time.
So, brace yourselves for regular disruptions in business. Marketplaces – whether local, regional, national or global – are becoming highly competitive.
Competition has increased as a result of wider access to new technologies and the increased trading and knowledge-sharing opportunities offered by the Internet.
5. Early bird gets the prey- get the early mover advantage post-COVID era
Covid-19 has created a depression that is hard to fill any time soon. All the previous economic and social depressions have led to a wave of new businesses that took the world by storm.
Innovation is the way towards sustainable advantages in businesses. Innovation in your business can also be driven by the amount of innovation your competitors are doing.
Being first to market with a new product can give you a significant advantage in terms of building a customer base. It is difficult to compete if your products are seen as obsolete or out of date.
An Early bird doesn’t however, mean in terms of early entry only. It needs to be fortified with regular innovation.
- We all know the fate of Orkut and Hi5. Facebook took them over by storm. Both Orkut and Hi5 however, did get an early bird advantage.
However, when investing in innovation, it is important to keep in mind that many businesses survive by copying and adapting the innovations of others and can benefit from your hard work. Please don’t let this happen.
Here you go, top 5 reasons to prove that your business needs to innovate more than ever now. Innovation is important to the advancement of society around the world.
New and innovative products can increase the standard of living and offer people opportunities to improve their lives. Breakthroughs in medicine and technology have significantly improved living standards around the world. Innovation has also lead to significant improvements in the way businesses operate and has even closed the gaps between different markets. So, your business needs innovation. Post Covid-19, brace yourselves for disruptive innovations and enjoy the fun-filled roller coaster ride at your workplace.