Did you know that failure to embrace innovative solutions can lead to business failure? Well, yes. Innovative business solutions enable businesses to identify and exploit unique opportunities that give them a competitive advantage in the market. With many firms struggling to survive due to the ongoing COVID-19 pandemic, it’s time to embrace new innovative business solutions to enhance business performance.
If you’re new in the business world or still have doubts about how and what business solutions are, this article is for you. Here, you will learn more information about innovative business solutions ideas and examples to help you get started. Besides, you’ll learn about things to consider when choosing an innovative business solution.
So, let’s start by discussing what innovative business solutions are, shall we?
What are innovative business solutions?
Innovative business solutions are tools that utilize technology to dispatch and support new services. Therefore, the best innovative solutions combine two aspects, services and technology.
For instance, ride-sharing is one service by itself. However, for it to be viable and available, it has several supporting technologies, including mobile payments, GPS locators and smartphone apps. These are all innovative solutions that make ride-sharing an effective and efficient service.
Why do we need innovative business solutions?
Innovative business solutions are of great significance, especially in the 21st century, where many businesses are shifting to digital platforms. Besides, technology itself is advancing radically. As a result, companies need to find innovative business solutions to help them react to the ever-changing business environment.
Innovative digital solutions benefit the organization adopting them, customers and the nation at large. The following are some benefits of innovative solutions:
1. Improved user experience and customer satisfaction
Digital business solutions improve user processes such as making payments. As a result, have a better experience when using the services offered because it eases various aspects while increasing performance. Therefore, users will feel satisfied using such business services.
2. Competitive Advantage
Did you know that competition between companies in the same industry can lead to business failure? Well, yes, if an organization doesn’t give its customers a unique reason to buy its services, they will shift to a different brand that offers related but improved services. Therefore, the first brand will lose a significant market share and can eventually collapse.
Innovative business software opens up a business to new unexploited opportunities. If a company finds this opportunity, it will edge its competitors in the market. The case is so because they enable brands to better their goods and services, leading to more customers purchasing products of this brand.
3. Streamlined workflow
Innovative business software streamlines workflow because of the various features that they offer. For instance, if an organization adopts a new business management software, it enhances project coordination and collaboration. As a result, it increases the probability of achieving the project’s goals.
This is the case because it facilitates organization, planning, and monitoring of the project’s progress. Therefore, everyone is held accountable and is aware of their responsibilities. That said, things like task management, document sharing and project management are easy to handle.
4. Economic growth
Innovative business solutions benefit the nation as they facilitate economic growth. The case is so because innovative business solutions ideas typically increase productivity while reducing or maintaining the same input. For instance, if we use more innovative solutions like machines in agriculture, fewer people will be needed on the farm.
Doing so will see them focus on other jobs that will potentially increase the GDP. Besides, the machines can perform more work, especially due to automation. This increases the overall productivity of the nation.
5. Increased adaptability
Organizational adaptability is the ability of a business to adjust its processes and structure and successfully attain its goals. This organizational aspect plays a critical role in the modern business world because of the radical changes occurring. Adopting innovative business software ensures that the business can quickly change its model, processes and services and achieve its strategic goals.
Top innovative business software/solutions to consider
COVID-19 is all that comes into your mind when you hear about 2021, right? Many businesses failed during this period because they lacked adequate innovative business ideas to help them survive. If your business is new, thriving or facing stiff competition, here are some innovative business solutions examples to consider adopting before it’s late:
1. Collaboration software
The ongoing COVID-19 pandemic affected how companies conduct business because physical contact increases the probability of spreading the disease. As a result, businesses shifted to new modes of operation, remote working. Employees need to work from home and achieve a similar result as if they’re working from the office.
Achieving this goal is hard because employees have lost ‘’touch” with one another. They are no longer working from similar buildings or premises. Therefore, if an organization is working with both on-premise and remote employees, it should integrate effective collaboration software.
Such software will facilitate team collaboration and the achievement of the company’s goals.
2. Project management/planning software
Companies are always planning for and undertaking various projects. As a result, project management/planning software is increasingly becoming important to businesses. Integrating effective project management software ensures that the project is effectively planned for and managed.
Therefore, the projects go as planned. This factor results in better outcomes and efficiency in project execution.
3. Data analytics solutions
Data is becoming a crucial organizational asset because businesses are using it to establish a competitive advantage. There is plenty of data online, and businesses need to use it fully to benefit, especially when projecting the future. However, failure to adopt big data analytic software leads to many businesses missing out on their prediction.
Integrating big data analytics tools will enable your business to digest and use the vast amount of data effectively and to its advantage. As a result, will have a real-time and accurate view of the market, specific product spaces and technology.
4. Idea advancement and review solutions
This innovative business software helps businesses by adding an extra level of automation while saving them a lot of time when performing assessments. Ideas are easily measured against specific criteria, and scores are generated quickly than doing them manually. Besides, these solutions can help leaders to avoid bias when performing idea reviews.
5. Technology scouting software
With technology changing rapidly, your business or company can become outdated within a short duration. That said, this solution can help your organization identify upcoming technologies and how to adopt them into the firm. Therefore, such innovative business solutions can ease the acquisition and adoption of new technologies at the right time.
6. Automation software
Artificial Intelligence (AI) is a game-changer, enabling businesses to automate their operations easily. It not only increases productivity but also reduces costs related to hiring manpower. Automation software should be on the list of innovative business software to incorporate.
It doesn’t have to be big automation. Instead, a business can start by introducing chatbot assistants on their websites. Doing so increase user experience as they get feedback promptly while saving on costs associated with hiring actual virtual customer assistants.
Things to Consider when selecting innovative business solution ideas
Before integrating an innovative business software, always consider various factors such as:
1. The need
Ask yourself, ‘Do you need this software?’ Other than the standard acquisition and installation costs, innovative business software comes with additional expenses such as maintenance. Therefore, only acquire affordable software and when there exists an actual need for it.
You won’t get paid for being among the first technology adopters. Always conduct an analysis to determine the solutions’ viability and efficiency. You can check whether other renowned companies are using the solution or not.
If the technology is previously used, check the user ratings. This will help you determine whether an innovative business solution idea is worth investing in.
3. Scalability, adaptability and customizability
Agile innovative solutions are the best in the current ever-changing business environment. Consider the following questions when assessing the solution’s adaptability:
- Does the innovative solutions’ company release regular updates?
- Does it use the current technology?
- Can the business software integrate smoothly with various systems?
- Can the software grow with the business and adapt to the changing needs?
4. Tech support and transition
Check whether the vendor offers support during the implementation and transition as it is crucial in determining how well the employees understand it. Of course, you will need help with upgrades, installation, security and troubleshooting. This is offered by the vendor through training and supporting the company’s IT staff.
Innovative business examples
There are many organizations out there that take innovative business solutions seriously. This has paid off a lot as they are among the top in terms of net worth globally. Here is a list of top innovative businesses globally:
- Google. The company introduced Adwords, changing the way of advertising
- Netflix. Revolutionized streaming services leading to the closure of the former leading video-on-demand service provider, Blockbusters.
- WhatsApp. It changed communication market by introducing cheap communication services.
- Facebook. It is using augmented reality in its business.
- Amazon. It changed the retailing industry, enabling buyers to buy products from any region in the world. It uses AI and big data analytics tools to improve user experience.
The Bottom Line
Innovative business solutions are game-changers in the modern business world. They can turn a business from zero to a hero in the market. Therefore, regardless of whether your business is struggling, thriving or at break-even, consider innovative business ideas promoted in this article.
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