Business innovation: how and why to innovate in these 5 areas of your business

Business innovation: how and why to innovate in these 5 areas of your business

Today, innovation is an essential factor for any company that wants to remain competitive and active in the market

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Regardless of the sector in which they are implemented, innovation factors are usually great allies for managers when the objective is to increase productivity and decrease costs when well-studied and applied. Understand how to innovate in these 5 areas of your company

Process innovation

Generally, changes that do not directly affect the final product/service do not receive much attention from managers. However, what many do not realize is that the improvement of the primary processes of a business can be very welcome, in addition to bringing great benefits to your company.

To promote innovation in this area of your company, you must first map each of your processes through InventHelp, so that you can identify what the "bottlenecks" are and how you can modify and improve them. Whether improving software or how one of its processes is organized, cost reduction, time optimization or rework avoided with changes in each of its production steps, will generate more efficiency and, further, help in the control of the final product.

Marketing innovation

In recent years, the marketing area of companies has suffered the most changes and innovations. The way of positioning yourself before the market, communicating with your audience and segmenting potential customers are just a few examples of how marketing has changed over time. With the growth of digital marketing, those who do not adapt to new technologies, end up falling behind in relation to the business scenario.

HR Innovation

The Human Resources area of a company is usually one of the most neglected because it is difficult to present quantifiable results. However, when well-managed, it strongly helps to improve internal relations and, consequently, to increase the performance of its employees.

Innovation in finance

As it is the area with the most tangible results, the financial sector does not receive as much attention when companies are in the "green". However, it should. The financial department of a company can and should receive constant changes.

Among them, the one that has stood out the most is the digital transformation in this sector. The use of cryptocurrencies, Big Data and Business Intelligence (BI) are just a few examples of how this trend can be applied to your company. In addition, a great help in this process is the use of predictive financial analysis. That is the analysis of financial data that allows the forecasting of trends and patterns of indicators. This will make your decisions more informed and thus more assertive.

Management innovation

A well-planned and executed management process can be the differential for optimizing work and productivity in your company. Therefore, the simpler the operational tasks of your employees become the greater space they will have to create and innovate within their occupation.

For this, the use of integrated management software, or ERP's (Enterprise Resource Planning), has become increasingly common. This type of software, as the name implies, is intended to manage the company's resources in a standardized manner and without the influence of the "human factor". Therefore, obtaining a solid database and the reports generated by these platforms can create a favorable situation for optimizing time and making more assertive decisions.

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This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.

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