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  • Innovation & Networking

5 Reasons to be Innovative

  • September 23, 2004
  • naina

Corporate innovation is all the rage these days and most better selling business books at least address the issue of innovation. Nevertheless, less bandied about are reasons for companies to become innovative. After all, turning your company into an innovative company requires substantial changes in operations, changing the way employees do jobs, substantial investment in idea management tools and more. It is a lot of work and a lot of money. What are the benefits? Here are five:

1) Our own research has shown companies can expect an increase of 5to 10% or more on pre-tax profits by implementing an innovation culture combined with a cross-enterprise idea management tool (youcan even check your own RoI – return on ideas – with the ROI Calculator at http://www.jpb.com/jenni/roi_calculator.php). A study by Arthur D. Little and BDI (Association of German Industry) on innovation excellence also found that: “On average innovation excellence can increase the EBIT (earnings before interest & tax) margin by 3.6 per cent while front-runners achieve up to 11.4 %increase.”

2) People take pride in working for companies that are perceived as being innovative and dynamic. If your employees take pride in working for your company, you can expect more loyalty and higher levels of productivity.

3) When people become accustomed to thinking creatively, they will see problems as challenges waiting to be solved rather than disasters that need to be blamed upon someone else. When people focus on problem solving rather than blame sharing, problems are solved faster and more effectively. And that translates into more efficient operations.

4) Becoming more innovative also makes your organisation more flexible. The organisation will readily be able to come up with new ideas to accommodate changes in the market. Your company will be ableto review threats, devise solutions and implement them faster than before. With today’s rapidly changing market trends, such flexibility is critical.

5) Innovative companies make the news. Innovative companies get talked about. Managers at innovative companies are invited to speak at top conferences. In short, being an innovative company results in great public relations and substantial press coverage, all of which is terrific publicity. Moreover, that publicity tends to build upon itself: good publicity generates more publicity with relatively little effort on your part.

AUTHOR: Jeffrey Baumgartner
Excerpted from: PUBLICATION:
Report 103
WEBSITE: www.jpb.com

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Naina Redhu is a professional photographer & visual artist.

Her career, spanning 16 years, started with an MBA in IT & Systems, to a job as an Innovation Management Consultant, to branding & graphic design work for international clients, to a full-time solo-entrepreneurship as an Experience Collector.

Naina started her blog 16 years ago and it has evolved from writing about Creativity & Innovation, to sharing case studies about Branding & Graphic Design to finally a destination for some of the leading Luxury & Lifestyle brands as Naina writes features for these brands and photographs them.

Having traveled all over India as a child ( the advantage of having a father serving in the Indian Army ), she is also well-traveled across Europe ( Austria, Switzerland, Netherlands, Italy and France ), Asia ( Bhutan, Sri Lanka, Thailand, and Vietnam ), America ( New York, Los Angeles and San Francisco ), and Canada.

Naina has her own podcast called The Naina Redhu Experience, where she talks about the business and professional aspects of photography, blogging and influencer marketing in India.

Her abstract art, under the KhaosPhilos label can be shopped on the Naina.co online store and she is available for bespoke commissions as well.

"The New Rules of Online Brand Building", Naina's on-ground workshop, recently wrapped up its 7th Edition. Launched in 2018, "Workshops By Naina" is going to be seeing more editions across the country & online.

Naina is also available for hire as a Speaker. She has been invited as a Keynote Speaker at a blogging conference and also speaks about the business of photography in India.

Always learning & evolving online, she has presence across several online spaces including Twitter, Instagram, Facebook, YouTube, Pinterest, LinkedIn, TikTok and her podcast can be found on all podcast channels and apps.

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