What is Innovation in Business and How Can it Build Business Longevity?

Business innovation is adopting new ideas to create something new to stay in the market and take the business to new heights. This practice is aimed towards driving success and sustaining growth during turbulent times. It involves establishing processes and procedures that help in managing the discovery, development, and implementation of ideas that result in a repeatable, scalable, and sustainable way of innovating. Organizations innovate for various reasons such as to tackle existing challenges by ideating for solutions, generate new revenue streams, and improve existing products or services. Some benefits of innovation include gaining a competitive edge, growth and revenue, and employee engagement. Organizations can adopt various approaches to innovation such as gathering employee ideas, continuous improvement, open innovation, and scouting. By utilizing these methods, organizations can stay ahead of market changes and sustain competitive edge. Digital tools are the most efficient and successful way of implementing innovation, and organizations like Qmarkets have a full suite of digital tools that allow organizations to implement a full range of innovation processes.