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Razor Insights

Why businesses need to innovate

Written by James Croft
Published on
Industrial era businesses continue to fall behind in operational efficiencies. The world they intended to optimally serve has shifted at a much greater speed to accommodate our digital society.

The pressure and expectations on these industries to change is building – they need to forget the way they moved in previous eras, and focus on getting level with the competition. And thanks to a shift in generational expectations, employees are now holding businesses accountable.

Failure to meet these expectations is no longer acceptable; the Covid-19 vaccine was proof of our ability to deliver innovative solutions, in a fast and efficient manner!

This is the digital era, where every business has unlock-able potential for innovation from within. All you need is the right platform for anyone, and everyone, to contribute their insight, thoughts, and ideas.

Here’s why you should focus on innovation in your digital transformation…

Employee innovation supports workplace wellbeing

Did you know that over 60% of employees are likely to leave their roles within 6 months without another ready? In a recent study into employee retention, over 30% have already done just that. And over 50% of those cite being undervalued by managers and the business as the main reason.

Everyone, in every workplace, has ideas for improving their day-to-day tasks and the processes they work within. But the restrictions we’re seeing in employee's abilities to affect change within their business is causing a surge of individuals to take their ideas elsewhere.

When you focus on innovation and encourage your employees to engage in innovative initiatives, you create a sense of belonging, you build a team who feel empowered to explore and experiment with ways to make their work lives easier – you create a way to enable their innovative ideas to have a much wider impact on your business, and potentially your industry.

Improving operational efficiencies by tackling complex processes

A key benefit to focusing on innovation from within, is reducing costs and increasing productivity by solving complex challenges with technological advances.

By giving a place at the innovation table to the teams within your business, you’ll better understand the effects of inefficiencies. And maybe even discover other pockets of innovation – your teams are probably already exploring and experimenting with alternative approaches. Nurture exploration and rapid experimentation within your business and you stand to evolve processes quicker, in turn reducing costs, and saving time.

With innovative solutions, you unlock the potential for growth, offering a streamlined business for you, your employees, and your customers.

Disrupt your industry with a competitive edge

When we neglect innovation practices, we leave open a door for others to step through. And in the ever-evolving technology landscape, innovation is the line that separates those ahead of the curve from those way behind it.

  • Staying on top of technology and industry trends allows you to make better, more informed decisions regarding your direction.

  • The earlier you jump on trends can be the difference between: being first to market with a highly profitable idea or joining the mainstream.

  • Being ahead ensures continuous innovation, enabling a steady revenue stream while creating better solutions for you.

The rewards for innovation don't just end with profit and efficiency though. Businesses displaying their ingenuity are often the first pick for recruiting top talent in their industries – creating a competitive edge will encourage highly skilled, creative employees to gravitate towards you.

Always remember, innovation is a continuous cycle you need to maintain. When you start to lose focus on innovating, that door will inch open wider and wider. Before you know it, you'll be back to where you started.

Ready to hop on the innovation cycle?

It’s about time 😀

Let Razor help you… At our core, innovation is what we do; we are technologists, continuously exploring novel technologies and industry trends to help navigate businesses through their digital transformation.

We work closely to understand the challenges they face today, doing the heavy lifting to jump ahead of the curve at breakneck speeds.