This series of posts highlights Stratascension's values and why each one is so important to not only the founder ,but to any leader that is designing a culture of trust and innovation for their employees and customers. I wrote a post a few years ago that highlighted the importance of values in the development of a company and specifically the culture of an entity. Further, that post states," ...the values of a company are only as important as modeled by the company’s leaders on a regular basis. Where the organization presents its values for public consumption but there is a disconnect in the exhibition of those values in daily operations, then we must assume the values are not important..." Never one to not take my own advice or attempt to be the best leader I can, this posits how one can express the value of innovation in their culture.
Stratascension's values; Innovation, Excellence, Integrity, and Empathy are what set it apart from other management consulting firms and we are proud of our culture which informs how we partner with and serve our clients.
Innovating for the sake of innovating may have some intrinsic value but is very like to be reactive and inefficient. Also, how does innovating for the sake of innovating contribute to an innovative culture?... It probably doesn't because it's not sustainable and will be disjointed at best. While this post highlights Stratascension's value of Innovation, for innovation to be encoded into the DNA of any organization, innovation intent has to be supported with executable strategic plans. Click here to learn more about an innovation strategy and creating an innovative culture.
Innovation is important for businesses of any size because it allows them to stay competitive in their industry, attract and retain customers, increase efficiency and productivity, and ultimately drive growth and profitability. Without innovation, businesses may struggle to differentiate themselves from their competitors and may miss out on new opportunities for revenue and market expansion. Additionally, innovation can help businesses to respond to changing market conditions and consumer needs, as well as anticipate and adapt to new technologies and trends.
Importance of incremental innovation
Incremental innovation, also known as continuous improvement, is important because it allows organizations to make small, gradual changes to their products, processes, or services over time. This can lead to significant improvements in efficiency, quality, and customer satisfaction. Additionally, incremental innovation allows organizations to test and validate new ideas before committing significant resources to them, which can reduce the risk of failure. It also allows organizations to respond quickly to market changes and customer needs, which can give them a competitive advantage. In summary, incremental innovation is a way for organizations to continuously improve their performance, stay competitive, and adapt to changing market conditions.
Importance of having a proactive approach to innovation
A proactive approach to innovation is important because it allows organizations to identify and capitalize on new opportunities, rather than simply reacting to changes in the market or the competitive environment. This can give them a competitive advantage and help them stay ahead of the curve.
By proactively identifying and developing new products, processes, or services, organizations can create new markets, increase their revenue, and improve their bottom line. Additionally, a proactive approach to innovation can help organizations anticipate and prepare for future changes in the market, such as technological advancements or shifts in consumer preferences. This can help them stay ahead of the competition and reduce the risk of disruption.
Furthermore, a proactive approach to innovation can foster a culture of creativity and experimentation within an organization, which can lead to increased employee engagement, satisfaction, and retention. By encouraging employees to think outside the box and propose new ideas, organizations can tap into the full potential of their workforce, which can drive long-term growth and success.
In summary, a proactive approach to innovation is important because it allows organizations to identify and capitalize on new opportunities, anticipate and prepare for future changes, foster a culture of creativity and experimentation, and ultimately drive long-term growth and success.
Importance of disruptive innovation
Disruptive innovation is an important concept because it has the potential to transform entire industries and create new markets. Disruptive innovations are typically less expensive, simpler, and more convenient than existing products or services. As a result, they often appeal to a new customer base that was previously underserved or ignored by established companies.
By introducing disruptive innovations, companies can gain a significant competitive advantage and create new revenue streams. They can also improve the lives of consumers by providing products or services that are more accessible, affordable, and convenient.
Moreover, disruptive innovations can spur technological progress and drive economic growth. As new technologies and business models emerge, they can create opportunities for entrepreneurs, investors, and other stakeholders. Disruptive innovation can also lead to the development of new industries, the creation of jobs, and the overall improvement of living standards.
However, disruptive innovations can also disrupt established businesses and industries, leading to job losses and market consolidation. Therefore, it is essential to manage the process of disruptive innovation carefully and ensure that it benefits all stakeholders in the long run.
Importance of a culture of innovation
It is important for businesses to have an innovative culture because it allows them to stay competitive and adapt to changing market conditions. An innovative culture encourages employees to think creatively and propose new ideas, which can lead to the development of new products, processes, and services. Additionally, an innovative culture can foster a sense of experimentation and risk-taking, which can help organizations quickly test and validate new ideas.
An innovative culture also allows organizations to identify and capitalize on new opportunities, rather than simply reacting to changes in the market or the competitive environment. This can give them a competitive advantage and help them stay ahead of the curve.
In addition to driving business growth, an innovative culture can also improve employee engagement, satisfaction, and retention. When employees feel that their ideas are valued and that they have the freedom to experiment and innovate, they are more likely to be invested in the success of the organization and stay with the company for the long term.
Overall, an innovative culture is important for businesses because it allows them to stay competitive, adapt to changing market conditions, identify and capitalize on new opportunities and improve employee engagement, satisfaction, and retention.
Bonus Section: For those wanting more insight into what an innovative company should look like from a customer's perspective.
7 Benefits to customers- Customers of innovative companies can experience a variety of benefits, including:
1. Improved products and services: Innovative companies are constantly looking for ways to improve their offerings, which can lead to higher quality and more effective products and services for customers.
2. Increased convenience: Innovative companies often develop new technologies and processes that make it easier for customers to access and use their products and services.
3. Lower costs: By finding new and more efficient ways to produce and deliver products and services, innovative companies can often pass on cost savings to their customers.
4. New and unique products: Innovative companies are often the first to market with new and unique products, which can provide customers with a wider range of options to meet their needs.
5. Customization: Innovative companies often use new technologies and data analytics to offer personalized and customized products and services to customers.
6. Greater value: Innovative companies are constantly looking for ways to provide greater value to customers, such as through bundled services or loyalty programs.
7. Better experience: Innovative companies often use technology and design thinking to create a better customer experience, such as through mobile apps, online ordering, chatbots, and other digital platforms.
Which one of these benefits resonates with you? Is there a benefit that you would add to the list? Like and comment, I'd like to hear from you.
Stratascension is an innovative company and thus its customers can experience a wide range of benefits that can make their lives easier and more enjoyable, such as better products and services, more convenience, lower costs, new and unique products, customization, greater value, and an overall better customer experience compared to similar organizations providing similar services.
STRATASCENSION was founded on the notion that business is relational and growth is achieved through the deepening of all the micro connections between people, processes, tools, & performance. We want to help small businesses enhance these connections and leverage them for transformation.
Employee Experience significantly influences Innovativeness
We are a Certified Partner with Predictive Index, the foremost leader in the Talent Optimization category. Our Innovativeness Leadership Framework platform combined with their platform and data offers clients an easy way to assess their culture and initiate innovativeness initiatives. Click here to schedule a chat to learn more.
If you work with a team and you’d like to find out more about how Leadership Training can help you, then click here. Bring your energy and your questions, and we’ll bring the knowledge and expertise on innovation leadership principles that can help you and your team raise your Leadership Lid.