What is innovation?

Innovation has long been recognised as a source of success, with research showing businesses that innovate regularly generate $4 million more in revenue than those that don’t (Department of Industry). Innovation is essential at all levels – from idea makers to leaders – for organisations to rise to the challenges of today and tomorrow.

But what exactly is innovation? Simply put, innovation refers to the process by which an individual or organisation comes up with new processes, products and ideas, or approaches existing policies in new ways.

Why is innovation important in the workplace?

Modern organisations grow and succeed in today’s corporate environment for a variety of reasons. Some are known for their products, some are known for their services, while others are known for factors that are not easily defined, such as strong brand loyalty or attractive advertising campaigns. However, if you look closely at the companies that truly stand out from the crowd, you’ll notice they all share one common characteristic. They all embrace innovation.

“Adapt or die” is an incredibly common phrase, but for businesses wanting to succeed in a modern world, it is a requirement. Due to the massive advancement of technological functionality over the past decade, businesses have been both forced and given the opportunity to adapt in line with their customer and employee expectations. This has led to a new era of innovation across all business models and industries, forcing disruption as companies fight to remain relevant and profitable.

Whether at the start-up or established shed stage, businesses must constantly innovate if they are to fight off the competition. As we face new and unusual economic challenges, companies need to embrace the power of business innovation so that we as individuals and a society can grow.