Innovation…It’s Not Just for Products Anymore
Innovation is one of the key buzzwords nowadays. When you hear the word innovation, what do you think of? Most people think of product or something tangible. And that is what a lot of companies are hanging their hat on.
But innovation isn’t just about products. Innovation is about process too. Innovation is about setting up a process in a new and distinct way. Setting up a process that can create a step change in results taking your business to a new level.
I’m not talking just about manufacturing processes, but also business processes. If you can have an accounts payable process that is fast and easy would banks be willing to loan your company more money? Would you even need to borrow money? What about a quick, reliable process to assess the quality of suppliers? How would that help?
Next time your company talks about innovation, bring up the idea of innovative processes…not just product.