In today&#;s fast-paced and highly competitive business landscape, staying ahead of the curve is crucial to success. One of the key ways to do this is through innovation. Innovation can take many forms, from developing new products and services to improving processes and operations, and it&#;s an essential ingredient for businesses that want to thrive and grow. In this blog, we&#;ll explore 5 key reasons why innovation is essential for businesses.
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By creating new products, services, or processes, innovation helps businesses to stay ahead of the competition. In a crowded marketplace, companies that fail to innovate will struggle to attract and retain customers and they risk becoming obsolete.
Blockbuster: In its prime, Blockbuster had a workforce of 84,300 employees across 9,094 stores worldwide. In , Netflix made a proposition to sell their company to Blockbuster for $50 million, which was rejected by the Blockbuster CEO who deemed it as a &#;very small niche business&#; that was losing money at the time. Fast forward to July , Netflix boasted 103.95 million subscribers globally and generated a revenue of $8.8 billion. Failing to adapt to the digital age, Blockbuster went bankrupt in .
People&#;s needs are constantly evolving and changing as a result of various factors such as advancements in technology, shifts in societal values, and changes in the economic landscape, and Innovation enables companies to create products and services that meet these changing needs. By listening to customer feedback and staying up to date with trends, companies can develop new products and services that are more relevant, useful, and valuable to their customers.
DBS Bank, the largest bank in Southeast Asia with its headquarters in Singapore, aimed to enhance the mortgage application experience for its customers by facilitating the search for their dream home. To achieve this, the bank developed a user-friendly app that integrates publicly available data to aid in the search. Upon downloading the app, users can simply scan the surroundings with their while visiting a neighbourhood to see available houses and view the latest transaction prices nearby. Moreover, the app provides additional information, such as schools, public transportation, and shopping centres. Then with the help of a mortgage calculator, consumers can determine whether they can afford their preferred property. By streamlining this process, DBS Bank has managed to generate leads and increase its market share.
Innovation is key to improving efficiency. Through automation of repetitive tasks, utilization of new technologies, and implementing streamlined processes, innovation can eliminate wasteful practices, boost productivity and minimize errors. By constantly seeking new ways to optimize operations, companies can reduce costs, increase output and deliver better quality products and services to their customers.
Founded in , Tesla has revolutionised car manufacturing. Through innovation and by using advanced manufacturing techniques, such as automation and 3D printing, Tesla has streamlined their production process and reduced production time and costs. For example, by using robots to assemble parts of the car, they have been able to reduce the time and cost of manual labour. Their use of 3D printing technology also allows them to create complex parts more quickly and at a lower cost than traditional manufacturing methods.
Innovation is essential for businesses looking to grow and expand. It can help create a competitive advantage by differentiating brands and creating unique offerings that will attract and retain customers. By continuously innovating, businesses can stay ahead of the curve, adapt to changes in the market, and build brand loyalty, all of which can drive growth and lead to long-term success.
Amazon, launched in initially as an online marketplace for books, has expanded into a trillion-dollar company having expanded its offerings and developing innovative products and services such as Amazon Prime and Amazon Fresh. Visits to amazon.com grew from 615 million annual visitors in , to more than 2 billion per month in and the e-commerce platform is the 13th most visited website in the world.
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Innovation can be a powerful tool for attracting and retaining top talent. Employees are often attracted to companies that are innovative and forward-thinking, and they are more likely to stay with a company that values and invests in innovation.
Google is known for its innovative culture and has a reputation for being a great place to work. They offer their employees many perks, such as free meals, on-site gyms, and even on-site medical services. Google also encourages its employees to spend 20% of their workweek on personal projects, which has led to many of Google&#;s successful products, such as Gmail and Google Maps.
Innovation plays a significant role in driving brand value and growth. With great innovation, people will buy more frequently and more across your product/service range. However, it is important to remember that innovation goes beyond product development, it also covers communication, point of sale, processes, training, and people. By investing in innovation, you are equipping your business with the tools to succeed and thrive in today&#;s rapidly changing business environment.
Our Innovation Strategy programmes encompass a number of programmes to help organisations to develop stronger and more successful breakthrough, brand centric and brand building innovations. These programs are tailored to align with your business objectives and are highly flexible to meet your needs. Get in touch today for a chat about how we can help you.
SAP S/4HANA promises SAP customers all the benefits they&#;ve enjoyed over the years, in addition to brand-new capabilities. Here are five of the most compelling reasons why you should modernize your ERP solution and transform your business with S/4HANA on public cloud:
SAP S/4HANA has a massively simplified data structure and with the introduction of the Universal Journal, brings better reporting capabilities (see below). In addition, it gives businesses the opportunity to adopt best practice business processes and run these in a &#;clean core&#; which then also lays the foundation for future growth and innovation. In short, SAP S/4HANA is simpler, cleaner, and easier to use than ECC.
With the simplified data structures and introduction of the Universal Journal &#; imagine one big table with all the relevant information from finance, controlling, and material ledgers - it allows streamlining the Chart of Account while being able to slice and dice the data in real-time with the power of the in-memory HANA database. This removes the need to write complicated reports and eliminates reconciliation efforts across the different areas of business. Layer on some simple visualization tools like SAP Analytics Cloud and you have accurate information available at the press of a button.
Fiori provides a new user interface where information is presented to the end user in a much simpler and more intuitive way, regardless of mobile or desktop device or deployment.
Users can access multiple transactions in a single app and access role-based work lists and list reports. In addition, transactions are now processed with fewer clicks and screens to be populated.
With standard business processes, simpler data structure, and a much faster database in HANA, it is not surprising that there are improvements in performance in speed both at a technical and business level. Removing redundant activities enables improvements including reducing the time it takes to close the books at the end of each period and giving businesses more time to focus on value-adding activities. Users spend more time looking forward, thinking about predictive analytics rather than performing historical data reconciliations. This will be an added boost to adopt innovation in the workforce and drive wider transformation in the business.
Adopting standard and commoditized business processes where it does not provide a competitive advantage enables to focus on those business processes that do give you an advantage over your competitors. Even if they don&#;t fit directly into SAP, the simple data structures and easy integration with the public cloud innovation platform as well as SAP&#;s own business technology platform (BTP) makes it much easier to plug into other best-of-breed applications that can really drive your business forward. You end up with a composable architecture, creating the ultimate agile and innovative organization.
By putting all of this in the cloud, you also have the added benefit of scaling your computing power to support your growth or slowdown when the next pandemic or financial crisis hits us or adjust processing power and storage based on your business activity peaks and troughs.
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