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Benefits of investing in innovation in your business

Published on 3 Nov 2021 by Stuart Harris

Over the past decades of rapid technological advancement, we all know the phrase ‘Adapt or Die’ and how it determines if businesses can survive or not. However, do you know how exactly innovation could benefit and prosper your organisation?

A survey conducted by The Boston Consulting Group reveals that 79% of the surveyed executives claimed innovation ranked among their top three business initiatives. Undoubtedly, organisations are putting more focus on science, technology and development when formulating business plans.

Here are some benefits innovations can bring to your organisation:

• Responding and adapting to competition and trends

• Unique selling point to customers

• Equipping your team members with innovative mindsets

• A productivity increase by working smarter in creative ways

• Better acceptance of failures and faster recovery

Even though innovation is never an easy job, it is a fundamental element in the workplace. Once organisations develop an innovative culture, they can easily grow with their competitive edge to penetrate markets faster and provide a better connection to developing markets.

What can organisations do to introduce innovation in workplaces? Find some ideas here.

Here’s to innovative organisations!

Stuart Harris

Co-Founder and Managing Director at Team Building Asia

Stuart Harris has built Team Building Asia into Asia's most prestigious and effective team building company.

Interested finding out more about Team Building Asia programs?

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