Innovation in an Exponential Growth Age
Striving for innovation is one of the most celebrated qualities of today’s business world. It is regarded as an absolute necessity for gaining a competitive advantage and sustaining it in the long run. As a result of this everybody wants to be seen as a visionary and a forward thinker as those are qualities associated with success among leaders. This has led to diminishing the true value of the term “innovation” and what it stands for.
Nevertheless, innovation remains an inseparable part of the modern enterprise. A constant flow of new offerings, production processes, marketing methods, and organizational structures is necessary in order to remain competitive in a highly dynamic business world. Statistics show that many companies have already begun to understand this premise. In the United States alone businesses spend a total of $322 billion on R&D in 2013, up $20 billion from a year before. This number is posed to increase dramatically in the coming year with prognosis reaching as far as $500 billion of R&D expenditures by 2020.
The focus of companies, however, should not be solely on producing innovations. The real KPI that managers should follow is the rate of adoption – how well are the produced novelties implemented and absorbed throughout the organization. This is the true driver of progress and what eventually can bring success to the company.
Despite having lost some of its meaning innovation remains one of the factors that determine how successful a company is and could be. This will become more and more true in the coming years with technology boosting progress in an exponential rate.
With a 100% innovation adoption rate and relentless strive for novelty ScS manages to maintain its competitive edge and save time, money, and effort both internally and externally for our customers.
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