In business, the fundamental answer is to survive. Whether it’s the rising costs of doing business or customers wanting more but not willing to pay more, or yesterday’s solutions don’t seem to solve today’s problems anymore, organizations need to be competitive and one of the best ways to be competitive is to be innovative.
So how innovative does my company, team or yourself need to be? Not too much: being innovative in the right way in the range of 3% of your resources has the potential to keep your company fresh and more competitive. Too much innovation will disrupt your company’s routine and practices that were put in place to run the business efficiently and effectively.
Organizations need to be energetic and purposeful in moving forward new ideas.
It is at times like this when some of our industries are experiencing a major ‘slowdown’, that we see companies as not being as competitive as they could be. We know that in good times, companies are often too busy to think and act on innovation. They are usually filling orders and struggling with manpower allocations.
Now is the right time for companies to look into ‘the right new ideas’ to be competitive.
For some companies, the challenge will be unless the company has an action plan for innovation, it will struggle with answering what are the ‘right new ideas’.
Alberta Innovates Technology Futures can help.
AITF is asking organizations in the Grande Prairie region to continue to lead new innovation initiatives to help businesses be competitive through Innovation Networks that lead and facilitate organizations that can help business explore and act on the ‘right new ideas’. Innovation networks recognize that the region’s business health or competitiveness depends on strengthening its innovation capacity and creating more problem-solving and knowledge-based people and businesses. The region and province are shifting away from just possessing raw materials and looking to adding value to what it has through knowledge based factors. Those knowledge-based value-adds are lowering our production costs and/or adding value to what the customer wants: hence making your business more competitive.
Innovation to be successful within a business needs to be strategic. You fortunately do not have unlimited resources to do ad-hoc innovation in every which way and on every idea. So where do you get help?
Give us a call at 780-539-2718: you can explore and define what type of innovation will work best for your company and how best to establish your innovation action plan.
An effective role for innovation networks to play in supporting innovation is to supply an environment in which innovation can flourish.
When a company embraces innovation, you will be asking yourself many questions on your path to moving innovative ideas forward. Regional Innovation Networks are all about moving innovation forward.