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Business Innovation - MITID Innovation

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Business Innovation refers to the process in which new practices, new services, new technology are introduced to grow a business.This article justifies how innovation can help your business to grow. – PowerPoint PPT presentation

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Title: Business Innovation - MITID Innovation


1
Business Innovation MITID Innovation
2
Use Innovation to Grow Your Business
Everyone in their businesses desires positive
change. Business innovation refers to the process
in which new practices, new services, new
technology are introduced to grow a business.
Technological innovation is being emphasised
across the globe to flourish one's own business.
3
84 of executives have already realised the
significance of innovation in their growth
strategy, according to a survey by McKinsey. The
following points will justify how innovation can
help your business to grow-
4
Improvement in Sales
Companies that use an innovative model for
targeting audience using customised strategies
are more trending and captivates the interest of
customers. Ads will channelise more consumers to
the company sales of a company are likely to
increase. More the revenue more will be the
profit.
5
Reduction in Wastes and Costs
Technological innovation is done with the purpose
to be environment-friendly, and with the
environmentally friendly procedure, the wastage
is likely to be reduced. Adapting innovation in
the products and services that one company
offers, a product's cost is likely to reduce,
assuring minimal wastage.
6
Set the Example
Everyone has an idol in their life, and their
thinking and ideologies inspire various other
people. Similarly, a leader of the department is
also responsible for the department's
performances. And it is highly important for a
leader to do things creatively to represent
themselves as an example for his/her teammates,
and it also motivates their team members to work
in a smart manner.
7
Boost the Market Position
Innovation and technology give an edge over
competitors due to better use of technology and
creativity in one box. With more efficient usage,
the quality of the service or product provided is
enhanced, and the fundamentals creatively
interact with the potential audience. Thus, an
upper edge is gained by a company in the existing
cut-throat competition.
8
Improvement in Productivity
With more innovative business processes,
machines' tiresome work is easily handled by
machines, which give employees more time and
resources to use their creativity at the
workplace. This results in better use of manpower
in their company and better use of employees'
creative side.
9
Unique Solution to Problem
With the adoption of business innovation,
solutions to unsolved problems may be found in
the innovative practices adopted by a company.
The creative solution improves the working of a
company helps in its growth and advancement.
10
Attractive Reinforcement
Employees tend to be more adhering to changes if
they have a reason to change. Reinforcements like
higher pay, bonuses, gifts can motivate an
employee and be more dedicated to transforming
the company. 
11
Training To Be Innovative
Any new change could not be enforced properly if
a company's workforce is not trained to handle
it. Thus, appropriate training must be given at
times to employees to encourage technological
innovation in a company.
12
Regular Brainstorming Sessions
Ideas of all employees must be heard and implied
if feasible. Brainstorming sessions could be held
for employees, and creative ideas could be
rewarded. This gives a new perspective to the
growth strategy of a company.
13
A Closer Look at Competitors
The landscape of today's business world is very
competitive. A closer look at a company's
competitors would give a company a keen
perspective on its shortcomings. It also helps in
adopting newer practices that might be already
benefitting their competitors.
14
Conclusion
MIT ID Innovation Programme curates knowledge and
experiences that challenge the very paradigm of
evolution. And that's why we have set out to
define the future of industries, communities,
cities and ecosystems. MIT ID Innovation offers
the best Innovation Courses.
15
Wed love to hear
from you.
  • MIT INSTITUTE OF DESIGNRajbaug,, Loni-Kalbhor,
    Pune-412201
  • 91-7038982225 / 91 9834092369
  • innovation_at_mitid.edu.in
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