Profitability through Innovation

Innovation can lead to higher profits!‘Innovation is the central issue in economic prosperity‘ – Michael Porter , Harvard Business School.

Companies which are innovation stars, do better in the market place. This has been proved by research, which also shows a clear link between better innovation practices, employee involvement, customer satisfaction and a higher market share in the hallmark of an innovative company. While everyone knows that more innovative companies are more profitable, why do more companies not embrace the roadmap to innovation? The answer is simple. Innovation does not happen by wishful thinking. Commitment, resources and a whole new mindset is required for a long term to create the culture of innovation. Top management buy-in involvement of the whole organization in planning a system to sift through suggestions, tame wild ideas and a system to reward innovators. Only the best companies manage to do all this.