Making Innovation Part of Your Business Model

I have said it before — your employees are your most powerful competitive advantage. I am talking about more than just their skills and expertise, though those are obviously highly advantageous as well. It is their ability to think outside of the box and bring fresh ideas to the table that fuels innovation.

In today’s fast-paced marketplace, standing still is not an option. Organizations that fail to innovate risk falling behind in their industry or worse, becoming obsolete. Though simply changing a product or service is not enough. We live in a time of transformational innovation — not mere change but game-changing digital disruption. Business model innovation is crucial in this context, as companies must adapt their strategies to stay competitive.

New business models are essential for companies to thrive in changing market environments.

This type of innovation — the truly revolutionary innovation and technology that places your organization leaps and bounds ahead of your competition — only occurs when innovation is at the forefront of everyone’s mind at your organization. This includes everyone from the CEO and upper management to the entry-level workers. You are all on a team aiming at the same goal, which is significance.