What is Business Innovation? vbouronikos April 18, 2022

What is Business Innovation?

Business innovation has a decisive role for a firm in the sector it operates, and in the markets.

Innovation is a culture that strengthens the efficiency and position of companies. As a result, the business exploitation of innovation’s possibilities often go beyond corporate frameworks.

What is innovation in business and how does it affect?

Innovation in business is a culture of flexibility, with a view to expansion. It is a process of improving the entire range of its processes, such as the company’s products, services or policies.

Obviously, in the context of a company, such a process for growth has a range of advantages, extending from the efficiency of its operations to its production.

More specifically, innovation contributes to increasing the general productivity of a company and its sustainable economic growth. At the same time, businesses save time, resources and reduce their costs.

Business innovation is an investment to increase corporate efficiency and serve consumers and their needs more effectively. At the same time, it ensures the competitiveness of the company in the markets.

The types of business innovation

The main categories of innovation in business are the following:

1. Product innovation

This particular type of innovation is about producing new benefits, whether it is a new product or an improved version of an existing one. The general rule of this innovation is to develop solutions. In other words, to develop a unique product or proposition that differentiates itself from existing market offerings and fill a gap.

2. Process innovation

This type of innovation is about improving or redefining a company’s production processes. The purpose is to reduce their production costs and produce quality results. Process innovation is achieved by introducing new techniques, equipment or software.

3. Marketing innovation

Innovation in marketing is based on the development or simply the application of new methods. It is a strategy focused on consumer and market promotion. It identifies consumer trends and needs to meet them. As a result, it ensures the company’s visibility in the market and considers its expansion into other strategic markets, among others. Καθώς, επίσης, να εξετάζει την επέκταση της σε άλλες αγορές στρατηγικής σημασίας, μεταξύ άλλων.

4. Innovation management

The specific innovation is related to the adoption of methods for the optimal and qualitative conduct of organizational processes. It is the adoption of a management model related to the workplace, business activity, internal practices, and extroversion.

Initiatives to promote innovation

Innovation’s footprint is greater, influencing industries, creating new jobs and achieving sustainable economic growth.

Promoting innovation in business is important. For this reason, the JOIST Innovation Park ecosystem offers support, collaboration, and funding opportunities.