Why does innovation matter to a business?

Innovation

Why innovation matters to a business?

“Innovation distinguishes between a leader and a follower,” said former Apple CEO Steve Jobs.

Innovation is not only limited to the tech industry, it’s a key component to every business in order to gain success. It’s an integral part of strategizing that is practiced by all the top companies across the globe, such as Apple, Google, and Tesla, as featured by the Fortune.

Today, businesses need more than just a good product to survive in a competitive market place. They need innovative processes as well as great management to drive down costs and improve productivity. Recent market trends have emerged that drive the innovation process in the industry, such as globalization and outsourcing, which have been found to improve efficiency and effectiveness of organizations.

There are plenty of benefits that businesses get when they learn to innovate, such as:
• More efficient and effective work processes
• Business agility
• Saves time and money
• Leads to competitive advantages
• Increases customer satisfaction
• Helps drive sales and results
• Encourages and supports diversity

The most common way to innovate is to adopt the latest technologies. Yes, technology is highly essential to innovation – it always has been.

Given the high-tech market that businesses have to deal with, companies need to adapt to these tech changes in order to keep up with the trends and gain greater yields from their respective industries. Consumers nowadays are becoming heavily reliant on their smartphones, where an expected 50% of mobile users will be using mPayment systems by 2018. Gartner also revealed that mature markets will maximize wearables for payment transactions.

Retail outlets are now trying to adopt the latest payment terminals that cater to wireless payment from mobile devices. Worldpay state that contactless payment terminals are the most convenient way to lessen queues as they reduce the transaction time each customer has to endure. These terminals now accept Apple Pay, amongst other mobile contactless payments available today.

“It’s always about timing. If it’s too soon, no one understands. If it’s too late, everyone’s forgotten,” said Anna Wintour, Vogue’s editor-in-chief. When looking to adopt recent tech trends or any other changes for that matter, success generally depends on timing. And, it seems now is the best time to adopt mobile payment systems and other new forms of technologies because mobile users are now mature enough to understand the benefits these efficient process have on consumers and businesses across the globe.