Innovation is an important activity for any business because it has so many potential benefits for the organization. Not to mention new revenues, lower costs and long term value. The range of benefits stretches from productivity improvements that impact the company internally to product / service changes that impact customers to radically new ideas that revolutionize markets.
Innovation can have the best results if it is approached in a HOLISTIC manner. There are many elements which can be addressed so that innovation is encouraged, developed and rewarded. Building a solid and sustainable foundation for innovation provides long term value for a company owner.
An 8 Pillar System can easily be utilized.
A business owner is looking for ideas that can improve and change his / her business for the better. These ideas can be generated internally from employees or be found externally through contact with customers, suppliers and partners. The ideas that have value will be ones that reinforce the business activity and the business strategy.