Lack of Innovation: Will Your Business Survive?

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Apple holds the 17th spot for most innovative company in the world. It held the top spot last year, according to a latest report of Fast Company. Amy Farley, Fast Company senior editor, said in an interview the tech giant didn’t break new ground with its devices, and its hardware sales were sluggish.

Taking the top spot this year is Meituan Dianping, a Chinese app maker that accelerates booking and delivery services, including hotel stays, food, and movie tickets. The company catered to over 350 million people in the first half of 2018. Grab, a Singapore-based ride-hailing company and the National Basketball Association (NBA) placed second and third, respectively.

By providing innovative technology to consumers, these businesses have surpassed brand giants like Apple, Google, and Amazon.

Innovation Makes or Breaks a Business

Innovation plays a crucial role in the growth of your business. Lack of it can lead to failure. Being complacent because you think your current process is better or you’re afraid of what change could cause puts your business at risk. As your competitors advance, you will be left behind and miss out on opportunities brought by a fresh, updated mindset.

In this technological era, you need to update your business model to meet the needs of your consumers. Companies that failed to innovate and include technology in their business model fell off the leader board.

One way to innovate your business is through mass customization. This concept applies to various industries, but it’s more common in retail. Customers design certain features of a product while maintaining the costs as close to the mass-produced products. Several success stories have proved the benefits of mass customization: Nike, Baume, and Dell.

New technology, however, comes up regularly. It’s important to keep yourself updated with the current trends to get ahead of the competition.

Innovation Trends to Adapt for 2020

Innovation Trends

As consumers become more environmentally conscious, many companies use innovative solutions to reduce their carbon footprint and provide sustainable products.

In 2020, there will be new innovative trends that may disrupt the business landscape. Here are three trends to anticipate:

  • Quantum Innovation – this refers to an innovation characterized by bold and creative thinking that aims to take an enterprise into a profitable new paradigm. Experts predict this type of innovation will play a vital role in how businesses disrupt the marketplace, from Japan’s plans of building its own robotic-moonbase to selling VR headsets supporting surgical procedures.
  • 5G Innovation – this innovation will help broaden the application of Internet of Things (IoT) technologies because of its coverage density and increased internet speed. It will also have major implications for production process improvement.
  • Haptic Innovation – experts expect the new application of this technology to be a major sensation in 2020. Haptics was originally used in aircraft simulations and arcade games, but they are now used in various industries, including healthcare and automotive. You can also incorporate this innovation into your marketing campaigns as 62 percent of consumers have a more positive reaction to video advertisements with touch-sense components.

Embracing innovation helps your business adapt to the ever-evolving marketplace. It allows you to offer something new to your consumer over time. But it’s important to plan your innovations carefully to make sure it fits your business well, delivering high returns.

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