Lower margins or decreased market share are pressures that create the need for change. Force can originate externally from customers, the market, or competition, and is a sign to move and change. Being educated about the market landscape and studying competitors and trends will point toward the path where innovation is needed.
Without innovation, all products will eventually mature and diminish in value to the customer or end user. This is significant, because value is directly related to profitability. Innovation creates new value in products, while meeting emerging or current customer needs.
Idea generation is fast and inexpensive, so there is no need to delay the process. Innovation is a practice; a set of get-out-there-and-try-it habits, not far-fetched fantasies. An idea evolves when it is free to collide, mingle, combine, and morph with other ideas shared by other individuals. Sparking innovation is less about new tools and methodologies and more about creating moments of collision or interaction. A meaningful and robust conversation between individuals is at the heart of innovation.
Companies across industries are capable of continuously innovating — creating new technologies, products, and services that inspire and excite. An open and flexible attitude toward innovation is the best approach for new ideas. Through this synergy, new solutions that address the needs of customers will be rapidly developed.