What is Corporate Innovation?
Corporate Innovation is about introducing novelty in a product, service, strategy, or business model in ways that help companies stay ahead of the competition while inducing creativity and efficiency in businesses. It is about challenging your collective mindset to create new concepts and pioneering solutions in order to reach your full potential as a company. The key here is to look at things from a different perspective, which means stepping out of your company’s comfort zone and challenging the existing ideas about what works and what does not.
How does Corporate Innovation work
Corporate Innovation is disruptive by nature. If you are looking for ways to innovate, it is important to remember that every new idea will disrupt someone else’s business model or earnings potential. There is no “one size fit all” approach to corporate innovation. But here are five steps that always come up in the road towards inviting Corporate Innovation
- Spotting opportunities for innovation: rethinking what works and what does not
- Prioritizing opportunities: researching alternatives, aligning potential and impact.
- Putting your potential to innovate to the test and experiment.
- Building an environment of support around your innovative approaches to convert them into sustainable solutions.
- Continuously learning from your innovation efforts and refreshing the mindset and perspective around the business and its ways of working.
Why is Corporate Innovation important for your company?
Corporate innovation can be tricky: continuously challenging the status quo and checking the validity of our biases and preconceptions requires considerable effort and determination. But it is extremely rewarding when done right, separating the organizations who adopt such approaches from the rest. The benefits of Corporate Innovation are numerous:
- Improved customer service. Innovation can be used to make products and services more user-friendly and easier to understand by customers.
- Improved efficiency. Innovative ideas can help companies cut costs and increase productivity, which will save them money in the long run.
- Increased sales. Innovative products often attract larger audiences than traditional ones, because they offer something new and exciting that consumers want or need in their lives. They may also create brand loyalty and engagement among those who like what you have to offer and encourage repeat purchases.
- Non-Obvious solutions to complex business problems. To judiciously and effectively solve complex business problems, it is imperative to use innovative ideas by focusing on both external and internal sources.
- Competitive advantage. If a business wishes to withstand the actual market competition, it must build a culture of changes and use these assets to beat the competition and sustain profitability.
How can Human Centered help?
We place the human at the center of HR strategy, and ensure people efforts remain business-relevant. We work with you to co-create the HR strategy that aligns with your business goals and maturity.
We tailor the approach to your specific needs, and are always willing to provide you with the latest HR solutions towards addressing both your strategic and operational needs, even the most challenging ones. Our experts will assist you with transforming and optimizing the strategic axes of your HR scope of work following a holistic approach to talent management, considering every aspect of the organization, and mostly its people.