The importance of business innovation strategy

 

The speed at which the modern world moves can sometimes be alarming, especially for business leaders who must constantly fight to keep up with the latest trends. Failing to remain across the most recent technological developments can put your competitiveness at risk, as the market around you continues to innovate.

When your organization is working on strategic planning, plans for continuing innovation are more essential now than ever before. More and more companies are adding a chief information officer (CIO) to their roster, and the most effective and profitable companies are those that adapt to the future as it’s unfolding.

Achieving growth through innovation

According to a survey by PricewaterhouseCoopers (PwC), 93 per cent of executives believe that revenue growth in their organization will largely be driven by new ideas and initiatives. Further to that, PwC estimates that in coming years, leading innovators have the potential to achieve growth at a rate doubling the global average.

If that’s not enough to make you rethink your innovation strategy, then it’s possible nothing will. Developing more efficient, modern ways to operate your business, or even bringing new products to your consumers, can set you on the path towards greater profitability in the future.

Getting into the ideas business

Australian companies and individuals have a history of terrific, world-beating inventions. From cochlear implants and electronic pacemakers to spray-on skin and the foundational technology that became Google Maps, our people have given a lot.

That spirit continues to this day. In a recent media release, Assistant Minister for Innovation Wyatt Roy announced that patent applications in 2015 surged by 10 per cent, indicating that the drive to improve is still alive and well.

“I am excited to see that recent figures show the demand for protecting intellectual property through patents, trade marks, designs and plant breeder’s rights,” he said.

“The Government’s National Innovation and Science Agenda seeks to promote innovation in Australia to underpin future economic growth and job creation.”

Innovation through strategic planning

The potential benefits for organizations who are agile and willing to foster big ideas seems clear. Innovation doesn’t come without risk, however, which is why it’s important to carefully map out a strategy for development and deployment.

With effective strategy planning software, your organization can easily keep each relevant person fully involved in your processes. By monitoring your progress through key indicators and strategic goals, you could be well on your way to the next phase of your business.