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The Journey towards Innovation

If your company is wondering where to take innovation efforts and what to innovate to have a competitive edge, you can initiate many changes: innovate in the way you serve customers, innovate when launching a new product or service to the market, innovate creating a new business model, innovate creating new markets, innovate in channels or innovate in the organizational structure of your company … There are no limits to innovation. It’s a endless journey.
Each company responds to these questions differently. It is essential to consider before starting the journey towards innovation where we want to go, and also what we do not want to do. A case of success that is worth reviewing is that of the company Fuji, which at one point passed from being the third company in the world in production of photo reels, to be a company dedicated to the life sciences already the office documents, mainly, leaving sales of reels and cameras for 15% of their turnover. It completely changed its business model and its portfolio of products and services … The result: some of its competition disappeared and others are set far away.
Currently, social networks like Facebook can enter new markets such as financial, and financial sector companies become technology companies … In this journey of innovation everything is possible.
If you are willing to undertake this journey, you need to equip your company by incorporating design criteria, within the framework of Service Design or Design Thinking, although there are other frameworks like Lean or Agile. Doing so can help differentiate you from others in the market, as happened with the companies of the prestigious S & P 500, which, by incorporating these criteria, managed to increase its value by 211%.
And you, how do you want to lead your company towards innovation?