Innovate, differentiate, stand out!
The risks
Of course, innovation also has its risks. We’ve staked a lot on IaaS, but projects can fall at any number of hurdles, or your innovation may even come good and still flop.
The key is to put in place processes which assess and manage the risks of moving from idea to concrete innovation. A simple rule should apply: the higher the financial and business risks, the higher the reward should be. Set up formal assessment methods to consider risk and reward and, if you choose to go ahead, have a marketing plan in place to explain the benefits of your innovation.
Also, remember that there’s no rule that limits innovation to your core business. While we’re an ICT company, we try to innovate across the board, from finance to HR. Make sure your different business departments are represented in meetings.
Summing up
Besides reducing costs or delivering better service, one of the reasons innovative products are so appealing to customers is the way they simultaneously empower the customer’s own business. Whether it’s freeing up time, budgets or resources, customers are attracted to innovation which allows them to focus on their core business. The more our customers can do this, the greater their own ability to foster innovation in their own industries. In this way, innovative businesses are both innovators and innovation enablers, both of which are highly valued by the marketplace.
As the recovery continues in 2010, now is an ideal time to think creatively in your attempts to capture market share.
–Stephen Sims is Brennan’s General Manager of Sales and Marketing. Brennan (www.brennanit.com.au) delivers information and communication technology solutions to the mid market.