Innovation is at the heart of almost every business. Companies that can innovate quickly and frequently have significant competitive advantages, easily attract top talent and provide excellent customer experiences. However, this fairly obvious observation is easier said than done. Although most organizations agree that being able to innovate is the key factor that will stand them apart, substantial roadblocks to achieving simple advances. How do top companies innovate rapidly? They understand a few core principles:
Time is Money
Companies are often sidelined by a standard argument “We don’t have the budget right now.” Innovative companies understand the relevance that every minute you wait to implement new ideas, dollars are left on the table. The balance of opportunity cost wins.
Looks are Everything
Heavy focus on UX design and usability are key components to highly advanced companies. Rapid iteration on design and function in response to customer needs set advanced companies apart.
Right Resources Go a Long Way
Introducing new products and features regularly can be taxing on an existing team, and the best people to get the job done may need to be added. Companies that know how and when to implement talent can successfully implement innovation quickly. From experts in the modern frameworks or responsive web, experience is key to get the job done.
There’s No Room for Reactive Planning
Upcoming initiatives often have a way of creeping up on companies. There are typically foundational tasks that need to be taken care of prior to kick-off and resources need to be lined up, in place, and ready to roll when the green light is lit. To circumvent reactive planning, top companies partner with experts to help them tackle foundation tasks, line up the right tools and resources and plan for big projects.
How and how often companies innovate is a defining metric to consumers – to both meet and exceed customer expectations.
Written by Marilyn Daly