What is Business Innovation?
A good idea alone does not add value. At present, many of our clients come to this realization. A key component of any innovation is an adequate commercialization. Successful and marketable commercialization distinguishes innovations from inventions - and a good idea from a successful business innovation.
In short, an innovation is an invention that is successfully marketed. Thus, every idea also carries a certain risk, namely that the desired success does not materialize, resources are unnecessarily committed and commercialization fails on the market.
The reasons for this are numerous but not unavoidable. Batten & Company provides you with the necessary experience and expertise for a market- and customer-driven development of new ideas and a placement on the market with a high probability of success.
When do you need a business innovation?
Often, company recognition of the necessity for innovations evolves too late and only when a negative business development is looming or has already occurred. Customer expectations are constantly changing, new competitors are threatening seemingly stable market positions and new channels are emerging without regard to existing sales structures.
Innovations are especially valuable if the current business model and the products and services are still of high value. The better the company situation, the easier it is to implement the necessary investments and changes in the company. Especially nowadays companies are well advised to consistently pursue their own innovations and thus to continuously build their own innovation portfolio.
In precarious business situations, it may be difficult to justify a large investment, as financial resources must often be spent elsewhere.
Even in these cases, Batten & Company offers you efficient and goal-oriented methods to develop solutions in a timely manner.
How does a business innovation develop?
Too many companies initially start the search for innovation with a creative process and develop new ideas with great passion and dedication. Only in the next step do they face the challenge of tailoring these ideas to the needs of the organization and the consumers and ensuring that the ideas are practical, feasible, cost effective and, above all, profitable. At their core, ideas often do not focus on existing customer needs. In addition, the analytical basis to convince strategically-driven company divisions of the idea is often disregarded.
The Batten & Company innovation approach is characterized by the fact that it integrates sufficient analytical components into a process, which addresses and eliminates the previously mentioned challenges and doubts throughout. Besides the support during and control of the innovation process, all creative elaborations are based on a strategic-analytical foundation. We do not "poke around" for ideas, we only look for them where previous analyses have identified a promising market potential.
Innovation = Digitalization ?
Since the beginning of the digital age, innovations have often been synonymous with digitalization – digitalization of products, digitalization of services, digitalization of the customer experience. However, today's innovation must not necessarily be digital - and digitalization does not automatically mean innovation. Even companies that have already undergone intensive digitalization or have been set up digitally from the very foundation often require new approaches to be able to maintain their pioneering position in the long term.
Many companies are dealing with future-oriented issues, which can often be solved by revisions of the entire business model or by specific process optimizations, possibly of a digital nature.
Therefore, we not only address the question of what the innovation should look like, but also analyze whether a (digital) innovation in the respective case is even desirable.
Batten & Company is your partner when it comes to understanding changing market environments and proactively shaping them. Together with our experts, we develop sustainable and profitable business models for the future of your company.
Would you like to know more about Business Innovation? Contact us! We would be happy to talk to you about your specific problem.