Business Innovation - MITID Innovation
                     Business Innovation
MITID Innovation
Use Innovation to Grow 
Your Business
Everyone in their businesses desires 
positive change. Business 
innovation refers to the process in which 
new practices, new services, new 
technology are introduced to grow a 
business. Technological innovation is 
being emphasised across the globe to 
flourish one's own business. 
84% of executives have already realised 
the significance of innovation in their 
growth strategy, according to a survey by 
McKinsey.
The following points will justify how 
innovation can help your business to grow-
Improvement in 
Sales
Companies that use an innovative model for 
targeting audience using customised 
strategies are more trending and captivates 
the interest of customers. Ads will 
channelise more consumers to the 
company; sales of a company are likely to 
increase. More the revenue more will be the 
profit.
Reduction in Wastes and 
Technological innoCvaotiosnt iss done with the 
purpose to be environment-friendly, and 
with the environmentally friendly procedure, 
the wastage is likely to be reduced. 
Adapting innovation in the products and 
services that one company offers, a 
product's cost is likely to reduce, assuring 
minimal wastage. 
Set the Example
Everyone has an idol in their life, and their 
thinking and ideologies inspire various other 
people. Similarly, a leader of the 
department is also responsible for the 
department's performances. And it is highly 
important for a leader to do things creatively 
to represent themselves as an example for 
his/her teammates, and it also motivates 
their team members to work in a smart 
manner.
Boost the Market Position
Innovation and technology give an edge 
over competitors due to better use of 
technology and creativity in one box. With 
more efficient usage, the quality of the 
service or product provided is enhanced, 
and the fundamentals creatively interact 
with the potential audience. Thus, an upper 
edge is gained by a company in the existing 
cut-throat competition.
Improvement in 
With more innPovraotivde ubucsitnievssi tpryocesses, 
machines' tiresome work is easily handled 
by machines, which give employees more 
time and resources to use their creativity at 
the workplace. This results in better use of 
manpower in their company and better use 
of employees' creative side.
Unique Solution to 
WPithr toheb adloepmtion of business innovation, 
solutions to unsolved problems may be 
found in the innovative practices adopted by 
a company. The creative solution improves 
the working of a company helps in its 
growth and advancement.
Attractive 
EmployeRese teind tfoo ber cmeorem adehenrintg to 
changes if they have a reason to change. 
Reinforcements like higher pay, bonuses, 
gifts can motivate an employee and be 
more dedicated to transforming the 
company. 
Training To Be 
Innovative
Any new change could not be enforced 
properly if a company's workforce is not 
trained to handle it. Thus, appropriate 
training must be given at times to 
employees to encourage technological 
innovation in a company.
Regular Brainstorming 
Sessions
Ideas of all employees must be heard and 
implied if feasible. Brainstorming sessions 
could be held for employees, and creative 
ideas could be rewarded. This gives a new 
perspective to the growth strategy of a 
company.
A Closer Look at 
The landscaCpeo omf topdaey'st biutsoinersss world is 
very competitive. A closer look at a 
company's competitors would give a 
company a keen perspective on its 
shortcomings. It also helps in adopting 
newer practices that might be already 
benefitting their competitors.
Conclusion
MIT ID Innovation Programme curates 
knowledge and experiences that 
challenge the very paradigm of evolution. 
And that's why we have set out to define 
the future of industries, communities, 
cities and ecosystems. MIT ID Innovation 
offers the best Innovation Courses.
We’d love to 
hear
from you.
MIT INSTITUTE OF DESIGN
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