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How Innovation Affects Business Performance

Change has always been the only constant thing in the world. The world is always evolving; adaptation is the only way to keep up. And through adapting to these changes, new plans and ideas could make better what was only good in the past.

“Without change, there is no innovation, creativity, or incentive for improvement. Those who initiate change will have a better opportunity to manage the change that is inevitable.” – William Pollard

As this famous quote suggests, change changes everything. Through the creativity of people’s minds, what seems like a simple thing may be modified into something beyond its basic form. That’s what innovation is—the process of taking something and building something more out of it.

In business, a firm cannot survive if all it does is stick to its approach. Like any other thing, trends change, markets move, and people will always want something more. Business owners must be able to effectively change their methods to last in the industry. And undergoing innovative operations could help them massively.

The biggest contributor to successful business innovations is technology. Although investing in better technology appears to be costly, it actually helps the business save more in the long run. Initial investments are of course expensive, but through the help of more efficient and advanced technology, the firm can save more time, be more productive, and generate more profits for the company.

Photo by Adeolu Eletu on Unsplash

Innovation doesn’t only mean “inventing” or “engaging into” something new; it also means improvement. As Kaizen—also called “continuous improvement”—encourages, anything can be improved especially if everyone works as a team. Seeking help from the employees and getting them involved not only makes them feel useful in the company but also helps uncover unnoticed issues that could be potential opportunities in disguise. Solving these problems together would create better relationships within the work environment, and everyone putting their best efforts for their operational development hints success. With better communication and cooperation, the more efficient the projects become, and more time and money can be saved.

Through segregation of duties and proper delegation, increased productivity can also be ensured. If there’s only one person who performs different tasks all at the same time, inefficient outputs and results may be expected. Having different teams with different levels of skills to take on the tasks effects better outcomes and delivers quality results.

As mentioned in the previous article, ALT Solutions is a company that contributes to the business industry by being a business incubator. The company runs and believes in digitalization—the use of digital technologies to ease the transfer of information and enhance business operations. By adapting to the market needs and using advanced technology for accessibility, the firm assures productive returns and time-saving service engagements.

ALT Solutions, as described, is also run by different teams with various skills that collaborate and work closely to guarantee quality outputs and services. Though we may be assigned different duties, everyone cooperates and works as a part of the bigger team to make sure that our clients are given their desired results, if not better.

Written by:  Faiza O. Sanihin | ALT Finance Associate 

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