After 1053 Steel Efficiency Reviews® across many industries, we’ve found a clear correlation between innovation and success in growing revenues. The most innovative businesses are growing significantly faster than the least innovative.
One of the keys to driving growth while still maintaining quality products and services is to focus on innovation. This means finding the right mix of investments to make in your business; that includes products, technology and processes, business models, services, the customer experience and your supply chain.
Innovation can be defined as “the process of translating an idea or invention into a good or service that creates value or for which customers will pay. This idea must be replicable at an economical cost and must satisfy a specific need.”
We have found the process of innovation requires 3 key enablers – comprising:
- Working In Teams – By supporting each other, true innovation and ideas are sparked. And when team players start to brainstorm and challenge each other, true learning takes place.
- Training and Coaching – By mentoring each other and allowing for an environment to make mistakes and improve, innovation starts to emerge. This involves team players opening up and exposing their strengths and weaknesses. From this comes the opportunity to think differently and test new ways of doing things.
- Rethinking – By challenging the status quo and the thinking that has brought us to this point, innovations starts to form in any business. The ability to relentlessly chip away to break something to then fix it will provide avenues not thought of previously.
The Steel Efficiency Review® aims to provide recommendations to change and improve our customer’s business and at the same time our product and service offer. We work hard with our customers to innovate and develop new solutions.