Innovation is the key word for companies that want to see their revenues grow, keep ahead of the market, as well as win and retain customers.
Entrepreneurs from different sectors – insurance, financial services, technology, education, telecommunications, transportation, among others – have realized the importance of investing in innovation to generate value for their respective businesses. In the Map Innovation in Brazil 2017, more than 40% of respondents recognize the importance of innovation and 60.39% see improvement in user experience as the highest priority in innovation projects.
In Brazil, innovation is also seen as an alternative to achieve positive results in the midst of the economic crisis and boost creativity along with business productivity. Public investment in the sector also demonstrates the importance of these initiatives. As announced by the Federal Government’s website, the country will receive a US$ 1.5 billion credit line from the Inter-American Development Bank (IDB) for private investment in innovation.
Innovation as a structured process
Through innovative processes, companies can ensure that they remain ahead of the competition while seeing innovation provide relevance and meaning to the business.
In addition to the competitive advantages, companies that encourage innovation among their employees are more prepared for the unforeseen events and tend to be more sustainable. Thus, they contribute to the optimization of processes and consequent reduction of costs in the development of products and services.
However, changes of this relevance do not take place overnight. Creativity needs to be stimulated within the company and goals must be drawn based on the results obtained. In order to innovate, it’s important to ask some questions, such as, “What have I not tried yet?” And “How can I make it better?” The answers will help structure the processes that will follow.
But how can you get there?
You must have already understood the importance of investing in innovation for the evolution of your business, but how can you achieve positive and competitive results? Here are a few suggestions:
- Develop new products and services: Here, efforts should focus on meeting users’ expectations and needs with assertiveness to engage and conquer niche markets.
- Digitalize the consumer’s interface: Using interactive digital applications and platforms improves user experience.
- Automate and optimize internal processes: Digital Transformation can have a great influence on these actions, which aim to rethink the sales process, use agile methods and manage knowledge.
- Apply Big Data: it helps to map user behavior and generate insights from the data obtained; it also affects prospecting and improves customer service.
Investing in innovation, though, is more about how the strategy changes are made by the company than necessarily how much is spent. What makes a company innovative is its ability to direct its investments by combining the elements of idea generation, project selection, and product or service development in a consistent manner.
It is necessary to create the right conditions through methods and processes, starting with the promotion of a culture of innovation within the company that stimulates the generation and execution of profitable ideas.
Design Thinking: A strategy that helps you obtain disruptive results
Design Thinking can make the road to innovation and business model restructuring simpler. Centered on the user, the methodology seeks to find solutions to real problems through a systematic process.
While existing technologies, such as virtual reality or the internet of things, help companies keep up and perform better, innovation can also be achieved without implementation. Among the possible strategies, Design Thinking presents a possibility to develop innovative solutions by using the available resources and applying the concepts of Design Thinking.
The approach’s immersion, ideation, and prototyping processes help establish new innovation strategies by focusing on investigating how costumers think, act, and feel, and finding a way to tailor a product or service to provide the best possible experience for them. In addition, Design Thinking tools can also be used to disseminate a culture of innovation within the company, transforming the way of thinking and encouraging innovation internally so that it results in added value to the business.