Surviving The Global Competition With Timely Innovations
Often with variability in the economy, businesses go through good times and bad times
. And while market responses rise and fall, the companies that survive are the ones that constantly innovate. Innovation is said to be a vital cornerstone of economic development. It is creative new ideas and new concepts that drive the frontiers of knowledge and produce positive results. In highly competitive markets, new products only succeed when they combine innovation with a deep understanding of the regionally varied expectations and requirements of customers. A global study by IBM revealed that today's CIO spends an average of 55% of his or her time on activities that spur innovation and that is that key component underpinning success in a business.Forbess most innovative brand of 2011, Apple, has had timely innovations like the iPod in the early 2000s, iPhone in 2007. It launched the iPhone 5 and iPad level 2, that were a big hit with the customers. Apple Products are the most innovative products that have been even accepted by customers. People have started buying more Macintosh than Windows because the customer pays for innovation and new equips. Apple has secured its place in consumers minds as a good brand based on the positive aura of creating products with impressive design, revolutionary technology and matchless usability. That is why, Apple products are the most demanded products across the globe.
Companies see innovations in products, services and operations as the most potent tools to beat competition and also to meet the growing demand from emerging markets .Creativity and Innovations are the main ingredients that help businesses survive and overcome the global competition. Entrepreneurs and even the successors of family run businesses may have to exhibit their innovative abilities to survive in the business.
Companies that have successful innovation programs are likely to reap rewarding benefits. Periodic and timely innovations can make all the difference. Lakme for example, posted very strong double-digit growth with a number of innovations that were launched periodically. They include a Face Magic Souffle, and a very impactful re-launch of True Wear Nail Enamel. Lakme's sun care, moisturizing and winter protection products continued to enjoy high acceptance with their constant innovations.
Every organization looks for ideas to improve their product and services. To keep the brand name in immediate recall s brands use creative ideas, sometimes welcoming audience participation. Through the use of idea management and innovative ideas, business processes can be improved, efficiency can be increased, new products can be developed, and profitability can skyrocket.
Companies need to continually encourage an environment of innovation and make a success of it. With innovative idea management systems, organizations can create an ambiance, to develop solutions that are relevant, contextual and effective to the end users.
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