BIB Presentation

Allvin Syah Putra - D11170511

Imanuel Pieter - D11170536

https://www.business.gov.au/change-and-growth/innovation

(what)

Innovation generally refers to changing processes or creating more effective

processes, products and ideas.

For businesses, this could mean implementing new ideas, creating dynamic
products or improving your existing services. Innovation can be a catalyst for
the growth and success of your business, and help you to adapt and grow in the
marketplace.

Being innovative does not only mean inventing. Innovation can mean changing
your business model and adapting to changes in your environment to
deliver better products or services. Successful innovation should be an in-built
part of your business strategy, where you create a culture of innovation and lead
the way in innovative thinking and creative problem solving.

Innovation can increase the likelihood of your business succeeding. Businesses

that innovate create more efficient work processes and have better productivity
and performance.

https://hashedin.com/blog/8-reasons-why-innovation-is-critical-to-businesses-
today/
(why)
Effectively responding to unforeseen events
Being innovate means being willing and competent in knowing how to think
and act differently. It is important to know how to think analytically and know
how to think at critical levels.
It is also critical to foresee and solve challenges and respond to unprecedented
events and external crises in different ways and transform them into creative
and innovative solutions that people love and cherish.
Solving complex challenges
One of the main things that one needs to understand about innovation is that it is
about how companies perceive and solve challenges in creative ways. There is a
need for a sense of urgent passionate purpose to solve complex problems so as
to improve the quality of people’s lives and the way we live.
Capitalizing on the global entrepreneurship movement
Currently, the entrepreneurship is a global movement, it is now growing in
emerging markets, where countries like China and India are leading the pack.
Governments have come to a realization that entrepreneurship is a tool of
economic success and have now started backing and supporting entrepreneurs.
Innovation enables entrepreneurship and it also empowers people to take
complete control of their lives and create their own destiny.
Competing with lean & agile startup methodologies
Every business goes through a rough patch at some point or the other. However,
what is really important is making some really effective strategic moves that
help in discovering new and unexplored markets.
Lately, many new businesses are slowly shifting towards using certain strategies
that incorporate lean as well as agile methodologies as a way of innovating
businesses for creating increased value for customers that they value.
Catching up with advances in technology
The advancement of digitization, which is enabled by the IoT has synced the
connection and sharing of information between multiple digital devices.
It is because of this connectivity and aggregation of data that more revenue
streams are getting created, both for new as well as established firms that
leverage existing asset in exciting and profitable ways.
It is also changing the basis of competition as companies will now be able to
compete as part of the ecosystems. The increasing availability, as well as
accessibility to free and low cost online education, is encouraging and enabling
almost everyone with a desire for learning. There is a hunger for knowledge to
become subject matter experts in their fields.
Innovative entrepreneurs are expanding their business with the internet of
things, fully connected mobile devices, cloud computing and via the social
media. Especially by developing software applications that are aimed to
improve the quality of people’s lives across the globe.
Adapting to evolving workplace dynamics and trends
At present, millennials are swapping jobs at increasing rates as they seek more
meaningful work and equality. Recruitment processes are also shifting as a lot
of recruiters are mostly relying on online-based social processes where
reputation is becoming extremely important to professionals and organizations.
Freelancing and contracting are also becoming a way of life, a number of people
are working from home and taking responsibility for generating own income
and wealth.
They are also operating more from coworking and collaborative work
environments, which means to say that they are networking as well as teaming
up to share and gain knowledge and experience.
These are some of the factors that are forcing companies to explore innovative
strategies to enhance staff engagement, empowerment, acquisition and retention
of the best resources.
Responding to increasing customer expectations and choices
Major changes are required on how companies perceive their customer’s needs
and expectations as they are also empowered by the increasing speed and the
wide range of choices available in the strongly connected and digitized world.
Their focus is on getting the value that demonstrates that companies understand
as well as empathize with them and even support their lifestyle choices.
Increasing consumer expectations, as well as choices, are majorly impacting
companies to become more customer-centric via innovative change.
By using human-centered design to improve the user experience, companies can
effectively create and invent products and services that people value and
cherish.
Maximizing globalization connectivity
Currently, the globalization has been driven by policies. This has opened
economies locally and internationally, and as a result, many governments are
now adopting free-market economic systems, hugely increasing their own
productive potential and creating fresh opportunities for international trade.

They are also reducing the barriers to global trade and bringing in new global
agreements for promoting trade in goods, services, and investments.
This trend enables true connectivity as well as collaboration to occur. People are
now encouraged to develop an internet-based business that helps them using
application of lean methodologies.

People are starting low-cost, online-based businesses because of the increasing

availability of private funding and simplification of compliance factors and
government infrastructures.

Being highly passionate and having an immense necessity making innovation a

strategic and powerful tool to impact business breakthroughs, growth and
competitiveness enable companies to prosper in this age of disruption.
Many companies in the future will use innovation as a disruptive mechanism to
completely outperform its competitors and venture new markets by enhancing
customer experiences.

https://medium.com/swlh/4-important-benefits-of-innovation-in-business-
64ed0d78d150
(how)

1. Solve Problems Easily

You need to come up with creative answers to solve certain problems in your
business. Many times you’ll face problems that don’t seem to go away. You need
to think outside the box to find an answer you’ve never come up with. This way
you can make your product, store your inventory and find a creative solution to
make your business better.

2. Increase Your Productivity

If you ever feel that you are bogged down with work and struggle to get
everything done, it’s time that you should become more productive. To do this,
start finding a new process.

In order to work smarter, think creatively. Focus on what things you should
streamline and what things you need to cut out. Also, focus on the programs and
workflows that you can use to increase productivity.

For example, You can use a homegrown project tracker system to assign,
monitor and prioritize tasks. You may use other methods to do this, but building
one to meet your specific demands is recommended. As your needs changes, you
can update the software anytime to remain productive.

In businesses, it is always preferred to test new ideas. You will be surprised by

the combination of ideas that work together to make productivity plans that work
for your company.

3. Market Your Business

You can use various creative ideas and innovation to make your business stand
out from the crowd. Here, small business marketing comes in. In order to make
people remember your business, you need innovative ideas. You can create a
new brand, develop a quirky business or can work with any non- profit
organization.
Once you develop a unique character in your business, you should market it. Just
innovate a marketing plan that suits your business’ personality. Stand out from
all other businesses and this will help you make a unique identity among
customers.

4. Beat Your Competitors

When you think innovatively, it becomes very easy to beat out your competition.
You just need to put in a little creativity and you can easily come up with better
ways to design products and connect with customers. Along with this, creativity
will help you figure out the right marketing techniques that will help your
business grow.

Now that you have read about some various advantages of innovation, you need
to add it to your business. It is not a one-time deal. It must be non-stop so that
you have a continuous stream of ways to improve your business.