Innovation can be defined as the process of introducing new ideas, methodologies, workflows, services, or products. The key aims of innovation are to improve on the existing goods and services, to solve new problems and to reach new customers. A key opportunity in a business that can help in enhancing innovation is by utilizing the resources in a company to come up with better ideas on how to improve on a product or service.
Innovations become more rampant through undertaking deep research. Notably, having an experienced team helps in developing better and creative ideas that can help a firm in introducing more innovative measures and products. A firm can ascertain opportunities for innovation through adapting to the changing market needs or through identification of a completely new product (Veselovsky & Romanova, 2015).This could be done through diversification, which entails having more products or services that were initially not offered. It could also be through partnering with new firms to broaden the target market.
Another innovation opportunity is the acquisition of new technology. A company could be innovative by introducing new technologies, techniques, or working place. Currently, there are many changes and advancements of modern technology, which play a vital role in enhancing innovation and creativity within a firm. Having such technology can also help in improving the efficiency of services, improving marketing skills, and enhancing the skills and prowess of the employees (Franke & Christian, 2004). It also helps in having better processes to give consistent quality of both products and services. A final opportunity for innovation is by exceeding a competitor whose products have a negative reputation. A firm could take advantage of this weakness by developing a product and emphasizing on the quality of the products by ensuring that it meets the needs and expectations of the prospective customers.
Franke, N., & Christian, L. (2004). “Entrepreneurial intentions of business students—A benchmarking study.”. International Journal of Innovation and Technology Management, 269-288.
Veselovsky, M. Y., & Romanova, J. A. (2015). Mechanism of use of public and private partnership in order to develop innovative economy. Journal of Applied Economic Sciences, 10(5), 625.