Published on 22/03/2019 by Any Business.Com.Au

Innovating and Collaborating in the Data Age

Everyone can innovate. Innovation means coming up with new ways of doing things. Bringing innovation into your business can help you save time and money, and give you the competitive advantage to grow and adapt your business in the marketplace.

What is innovation?

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.

Key steps towards business innovation

Find areas and ways to innovate in your business through research and planning:

  1. Conduct an analysis of the trends in the market environment, your customers' wants and needs and your competitors.
  2. Consult with customers and employees for ideas on improving processes, products and services both internally and externally.
  3. Seek advice. Use available resources such as business advisors, grants and assistance to drive innovation in your business. This may include seeking Intellectual Property (IP) protection to commercialise your ideas.
  4. Be open to new ideas and adaptive to change.
  5. Develop a strategic, responsive plan, which promotes innovation as a key business process across the entire business.
  6. Train and empower your employees to think innovatively from the top down.

Innovation in the data age

A supermarket chain implements a loyalty program that captures spending patterns of its customers and rewards them with cheaper fuel and special offers.

A hospital uses patient feedback on its processes to reduce the average stay of patients.

An online resource improves learning levels of school students by creating games to enhance and encourage students' learning experience.

Each of these is an example of how capturing data is a key driver for innovation, growth and prosperity.

Why collect data?

Collecting data from your business helps you make informed decisions where you may previously have relied on gut instinct. Then you can solve problems, be more efficient, invent new products – be innovative!

We live in a data-driven age. The power of computing and the internet allows us to analyse data, work smarter and plan for the future.

How to collect data without breaking the bank

The perception that you have to invest in technology to collect data is largely a myth.

You can use 'little data' techniques to gain insights into your customers and your business. Look at how an ice cream vendor may learn there is a warmer weather forecast and can increase staffing to target beaches and parks.

  • Use the internet to research spending patterns and trends in your marketplace.
  • Analyse your own store transactions to gain an insight into your products and how to use marketing research.
  • Use cloud-based computing tools to access resources that analyse your data.
  • Consider running a promotion that allows you to survey your customers and ways to improve your business.
  • Develop a market research checklist to find out about economic and industry trends, customer needs, newly-released products and what your competitors are doing.

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AnyBusiness.com.au

Curtis is a leading expert in the business-for-sale industry, serving as a senior content creator at anybusiness.com.au.

With a career spanning over fifteen years, Curtis has accumulated extensive knowledge in the domain of business sales, acquisitions, and valuations. His deep understanding of market dynamics and his ability to translate complex industry jargon into accessible insights make him a trusted resource for entrepreneurs and business owners looking to buy or sell businesses.

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