What is Innovation and Why Do We Need It?

Innovation refers to ‘the process of translating an idea or invention into a good service that creates value or for which customers will pay’. This is the basic definition of innovation according to the Business Dictionary.

For something to be called innovative, it must fulfil a need and also be replicable in order to sell it for economic cost or financial gain. Innovation usually involves taking an old idea and doing something new with it. It can also be a completely new idea that makes a process or product stand out because it does something that hasn’t been done before. Creativity is the essence of innovation. Innovation should improve l’experience for consumers and clients in these fields.

So, why do we need innovation in business and other fields like education, health, and technology?

  1. To solve the world’s problems – There are many problems in the world that cannot be solved with the systems and thinking that are mainstream. Many of these problems were created because of un-innovative thinking. Problems like world hunger, HIV, water shortage, climate change, etc. can only be solved by thinking differently and finding innovative ways to address them.
  2. To stay ahead of competition – Technology is advancing daily and more startups are popping up all the time. Not only is the competition increasing, but they are already smarter when they start than existing businesses are. Innovation helps existing businesses adapt to the new digital environment and it also helps them to stay part of the competitive market.
  3. To adjust to changing workplace demographics and situations – With Millennials replacing the baby boomers and technology changing everything about how we work, companies must be innovative to stay ahead and keep up with their employees. Employees are becoming more mobile and they expect flexible hours and more meaning in their work. Not only are employees changing, but the way we work. More people work from home or from overseas. Technology has made it possible to work for companies anywhere in the world. This changes the way we work and the way in which companies need to work to keep their employees.
  4. To keep up with technology advancements – Everything is digital and social media is taking over the world. If a business wants to remain successful and keep growing, it has to keep these things in mind and adapt. It needs to find innovative ways to implement or incorporate new technology and social media.

The best way to stay ahead and help your business become more innovative and innovation-savvy is to attend some of the many innovation conferences around the world. Visit our conference pages to find out more about these.

Infographic by: gepower.com

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