Innovation can assist businesses in achieving many of their goals like increasing profits, introducing new products or services, and establishing an appealing brand image to customers. It also helps companies keep their competitive edge in a rapidly changing market with a growing number of industries being disrupted by technological advancements.

Business innovations can take many forms, including the creation of new products and services, enhancing processes, launching marketing campaigns, and changing the culture of a company. They can also involve changes to existing products and services that include new features or enhancing the customer service. The most effective innovations will be ones that are both beneficial and novel.

Innovative ideas aren’t the source of innovation if they don’t produce solutions to real-world issues. An innovative idea must be useful to both the company and its customers in order to become an innovation. A business idea is considered successful if it is new and valuable.

A successful business innovation can not only bring new value to the organization, but but also improve decision-making solving problems and communication within the company. Businesses must be constantly monitoring market trends to identify business opportunities for innovation.

It is usually better to look outside the industry in which a business is operating to find innovative ideas. IBM for instance, was a pioneer when it invented the modern-day accounting machine after realizing that banks in 1933 would not purchase new machines because they lacked funds.

Another example of business innovation is the introduction of the scleral lens during eye surgery. Alcon added an antioxidant to an enzyme that doctors used for more than 50 years to remove cataracts. This was a breakthrough in business that resulted in an entirely new product and the establishment of an international monopoly for the company.

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