If an organisation desires to be at the top, it needs to embrace innovation in its purest form. The human brain is wired to ensure survival and is therefore most comfortable when things function in a set pattern. But in order to rouse an individual's interest and to get him to think out of the box, innovation is necessary. According to Dr Arvind Malhotra, Lead Professor of Strategy and Entrepreneurship at UNC Kenan-Flagler Business School, “Innovation enables a company to gain a significant competitive advantage- thereby generating abnormal profits and stakeholder value over the long run,” as stated by Business.com.
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Here are five proven methods to fuel innovation in your company:
Welcome a different school of thought
Encourage your employees and team members to think creatively. If they come up with out-of-the-box ideas, don't reject them at the first go. Hear the ideas out and see if they can be worked upon. Don't just talk about generating new ideas; sit with your team and brain-storm innovative ways to do things. Such an approach will help you tap into your team's power and expose your organisation to a whole new set of skills and expertise.
Encourage your team members to work with each other
Develop your company's work culture in such a way that working together and sharing ideas is not just supported, but expected. Working in collaboration creates synergy which is essential for propelling innovation that makes a difference. This can be done by understanding your team member's needs and providing them with the resources they need to work together.
Go beyond the established norms
Try to come up with innovative ways to do the same old things. Encourage your team to do the same. Disruption leads to innovation in more ways than you think. Challenge your employees to go beyond what's comfortable and break pre-established norms. If you're not a little anxious about your efforts, you've probably not deviated far enough from the status quo.
Stand up to pessimists
The one thing you can rest assured about is that where there is innovation, there are bound to be sceptics and pessimists telling you not to breathe further life into your crazy ideas. The path to innovation can get lonely. However, you need to stand your ground and stick to the ideals that encourage you. The best armament against those who doubt you is an arsenal of equitable data.
Deliver meaningful results
At the end of the day, innovation is about making a significant impact with your well thought-out ideas. If your end users derive little benefit from all the hard work and time you've put in, your innovation is meaningless. Ensure that your innovation solutions are easily accessible and relevant to meet the needs of those you serve.
Innovation is the name of the game if you want to make it till the top. By following the above mentioned strategies, you'll add fuel to the fire of your company's inventive efforts.
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