The Philippines welcomed hundreds of attendees from their neighboring counties at the 2018 Southeast Asian event. It was an opportunity to display new products and innovations from each country that was present during the conference. It brought together business professionals that were eager to share their ideas and, in turn, learn from the other sectors and bring what they have learned back to their own countries. But as a whole, the conference was all about the importance of business innovation.
Business Innovation is the introduction of new services, products, and processes to provide a positive change in their enterprise or businesses. This can either be from their current methods or techniques, or this could start from scratch. The ultimate objective is to restore one’s business and make a better value to increase productivity and growth.
Business innovation is important because of one primary reason: value. For one’s business to survive, the business owner must keep on innovating and growing. Those who have achieved in their businesses through innovation only means that they have found new revenue resources and utilizing their available networks to increase their profits further. Companies that have done this have surpassed their competitors.
Business Innovation Models
Business Model. This will need the enterprise or company to be able to identify which products or services they could reinvent to innovate to increase profitability. This may mean the formation of new partnerships or applying new technology.
Revenue Model. If a company’s main objective is to increase their profit, then most companies prefer to create a new revenue model as a solution. This may involve re-evaluating their services or products and perhaps doing something about their pricing technique. Innovation does not need to be absolute or thorough. Often, one may only need to tweak one area of their business to obtain positive results.
Industry Model. This is the most thorough model in business innovation. Most companies that utilize this are the ambitious enterprises that take the risk of changing everything about their industry to be able to innovate. They will choose to, for instance, provide digital technology services and products instead of being formerly a car care company.