How to Drive Digital Transformation and Leverage Innovation to Grow Your Business
The best innovation leaders also happen to be the businesses that are growing more quickly. Many of these companies use a tech-driven and sustainable innovation strategy to continuously improve their business and success in times of continuous and rapid change. Like any other process, successful innovation needs to be adopted and ingrained in an organisation’s culture. This article will look at some ways companies are achieving this and how you can start promoting innovation to create change.
It is easy to promote excellent collaborative management, be experimental, and have enthusiastic engagement from employees, partners, and consumers when tech leaders foster an innovation culture and utilise digital platforms. Ideas are shared across divisions and there is lots of diversity among employees alongside an enhancement of skill sets. Most companies use employee rewards that encourage innovation and incorporate customer input into many of their procedures.
So, let’s dive in and look at our top 5 tips to leverage innovation.
Leverage adaptive platforms
Businesses can enhance their capacity for innovation by better understanding customer needs, experimenting with cutting-edge technology, and investing in adaptable technology platforms. Together, these factors help innovation chains have a greater impact by lowering costs, accelerating delivery, and facilitating quick business change. Through technical infrastructure, firms can create the foundation for business reinvention, enabling the emergence of new values when opportunities arise.
Innovation is a team sport
Businesses can enhance their capacity for innovation by better understanding customer needs, experimenting with cutting-edge technology, and investing in adaptable technology platforms. Together, these factors help innovation chains have a greater impact by lowering costs, accelerating delivery, and facilitating quick business change. Through technical infrastructure, firms can create the foundation for business reinvention, enabling the emergence of new values when opportunities arise.
Innovate through crisis
In a crisis, people, businesses, and markets can behave in extraordinary ways. The Covid-19 pandemic in 2020, fuelled businesses to drive innovation using technology in many ways. Industries pivoted and inventions jumped as working environments changed in response to the global crisis.
Brewers and distillers converted alcohol into hand sanitiser, luxury brands began producing face masks, and engineering firms produced ventilators. The creation of vaccinations coincided with the advancement of genetic medicine. This idea was driven by a strong desire to work together to find solutions to issues for the good of humanity, even in the face of difficulty. Technology, corporations, and people collaborated to achieve a common objective. For employees who work from home, businesses also embraced new formats and technologies.
When it comes to established governance, decision-making, and budget approval processes, it is crucial to constantly challenge the norm of tradition and procedure. Especially during difficult and trying times.
Find a new value proposition and business model
While this should be your focus, it shouldn’t be your only one. You must constantly see the future even if you are considering scaling in the short term if you want to gain a competitive advantage around a new product or technology. Always ask yourself, “what’s coming next and how will that impact the business.”
The next big thing entrepreneurs and corporate innovators need to consider are their business models. Very few start-ups traditionally considered their business model, and instead solely focus on their ideas for new products and services. Start-ups and early-stage businesses should look into the future so that they can build the best business strategy possible.
Maintaining new adaptive and creative habits and behaviours
Innovation through crisis allows for post-crisis opportunities to learn, apply, and embed these cultural shifts as new ways of innovative working. Allow these new behaviours to continue and recognise the key attributes for a successful innovation crisis. These might be willingness and openness to collaborate, the need to scale fast, a shared goal and focus and quick decision-making. It’s these very characteristics that have enabled leaders to drive digital transformation within weeks and months instead of months and years.
Many organisations must be able to retain or replicate this transformation success in the new world. With the proper future-fit strategy and sustainable innovation methodology, leaders can capitalise on this momentum.
Here at One Level Up [link] we’ve helped our clients drive innovation and digital transformation through many different forms. From whole-scale invention to finding niche solutions to niche problems. We’ve helped businesses adapt and make the most effective innovation strategies in and out of the crisis. We’ve helped companies reinvent but also repurpose existing designs, practices, and processes. Rapid leaps in technology may not always be necessary, but we understand innovative technology exists, and we help you find and apply it.
We offer many different solutions for your business through our Business Coaching and Consultancy Services, drive change and get in touch today.