Innovation leads to significantly better results
Innovation is seen as the main challenge for SMEs and they are scared of it. The simultaneous focus on innovation as well as day-to-day operations appears to be one of the biggest obstacles for management.
And yet :
Innovative organizations achieve more than a 25% higher profitability, a 20% higher revenue growth and a 10% higher profit growth than non-innovative organizations.
But: social innovation is much more important than R&D
25 % of innovation success is determined by R&D investment,
75 % through smart management and innovative organizing
Organizations that are able to combine innovation and efficiency will achieve the best financial results.
- Self-organization and cross-functional teams provide a creativity boost. Because insights come from a variety of angles, and team members are encouraged to exchange experience and knowledge, you get higher creativity. Moreover, you can quickly and effectively leverage the expertise of the individuals involved, and they are also happy to take responsibility and accountability for their creative proposals.
- Close social networks among employees and operating in decentralized cross-functional teams create ambition and enthusiasm. More and more companies are structuring their business around cross-functional teams. Previously, functions were performed in silos. Because of the complex environment, companies now need to be flexible and fast-paced. That means employees must communicate and collaborate to enable the smooth integration of new systems and processes. In addition, cross-functional collaboration is recommended as a way to manage and prevent conflicts that may arise as a result of change.
- A visionary management team with a clear mission and challenging vision stimulates internal cooperation and leads to greater job satisfaction. Moreover, your employees are your best brand ambassadors and help ensure your positive identity and image to the outside world, making you attractive to the right people with the right mindset.
- Without collaboration with customers and suppliers, you don't have a strong organization. Put yourself in the shoes of your customers, your suppliers and other stakeholders to understand their frustrations and their pains. Only then can you efficiently develop new solutions that answer your customer's needs.
Do you want to know more about this and get started in concrete terms with efficient innovation?
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