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Culture of innovation: find out how to implement it in your business

Do you want to implement an innovative culture in your business? See these 3 tips to stimulate innovation and generate even more competitiveness

In an increasingly globalized world, we tend to care more and more about individuality of our brand. After all, several competitors appear along the way, in order to compete with the public. However, in order for us to gain brand authority, and consequently, in gaining customers, it is necessary to invest in innovation through digital transformation.


For many businesses, this technological innovation process can be a challenge — as innovation needs to be stimulated with the right tools and strategies. Want to know more about the subject? Check out these 3 tips to encourage an innovative culture in your business.

1. Foster creativity

First of all, to stimulate an increasingly innovative organizational environment, we must open space for creativity. Furthermore, many entrepreneurs and managers tend to confuse innovation with creativity.


Practically speaking, we must understand that creativity is nothing more than the ability to generate new processes, while innovation is the process that transforms innovative ideas into reality.


For this reason, encourage a creative culture within your business, as well as the opportunity for training, courses and workshops to unleash new skills and competencies among professionals! In addition to contributing to a better and more strategic internal environment, we also reduce the turnover rate.

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2. Make your employees more involved in the processes

Encouraging employees to express themselves and discover other ways to carry out their activities also effectively contributes to an innovative culture! After all, when we give our professionals the opportunity be aware of the processes and leaving them freer to give their opinions and conduct activities, we awaken a creative sense.


When this creativity is anchored in opportunities — whether through tools or strategies — it becomes an innovative object, efficiently contributing to the development of more interesting products and services for consumers.

3. Follow market developments

No less important than the tips mentioned above is understanding that market demands are constantly changing. Therefore, it is crucial monitor the evolution of competition, consumer behavior, new strategies and acquisitions that emerge to optimize business processes, and among other processes related to the market as a whole.


With this data collected, your company “does not fall behind” and moves forward with its main current demands, seeking to deliver the best for both employees and end customers. Therefore, don't forget to invest in market research to understand even better the importance of innovation within your company and how it is being conducted.

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What is the current innovation scenario in Brazil?

The current innovation scenario in Brazil is quite interesting. We have a lot of room to grow, but we are already seeing some companies emerge that value this type of work environment.


Furthermore, the Brazilian market has shown a growing interest in innovative products and services in recent years. Therefore, it is essential that your company does not fall behind and starts investing in this type of environment and culture.


In February 2020, the National Science, Technology and Innovation Indicators were published by Ministry of Science, Technology, Innovations and Communications, with an important portrait of the Brazilian scenario. The indicators deal with Applied Resources, Human Resources, Training Grants, Scientific Production, Patents, Innovation and International Comparisons.


Although the increase in investments for R&D, the country still remains at a disadvantage when compared to other countries, as it occupies 69th position in the Global Innovation Index in a ranking with 127 nations. International experience shows that it is necessary to increase investments to stimulate the economy.


Even though the country has great challenges, it is necessary to mention that there are notable initiatives and companies in Brazil, such as:

Nubank

Nubank is a Brazilian fintech that develops simple, secure and 100% digital solutions. Today, it is the largest independent digital bank in the world and has more than 20 million customers across Brazil. An opportunity was perceived due to high rates and interest combined with an inefficient banking service on the part of its competitors.

iFood

iFood is one of the most innovative brands on the market. Considered the largest food tech specialist in Brazil and leader in online food delivery. The delivery facilitating proposal reaches more than 100 Brazilian cities.


According to Sales Force, 4 million orders are currently placed per month on the app, which has more than 20 registered restaurants.


Innovation is a differentiator that will make your company increasingly visible in the market, in addition to offering new perspectives and opportunities for those who work there.

What is the difference between process and product innovation?

It should be noted that there are some basic differences when talking about process and product innovation. If a commodity is established in the manufacturing process or on the market, the nature of the modifications changes the objective of the product to focus on the processes, resulting in a constant effort that aims to optimize performance, reduce costs, increase productivity and quality.


There are some characteristics capable of helping to determine the focus of innovation for business and the market, which are:

  • When a product has a slow technological life cycle, its rate of process innovation becomes higher;

  • The standardization of a product generates greater process innovation;

  • Innovations in processes are stimulated by ideas aimed at operational optimization and cost reduction;

  • Product innovations are driven by technology and market trends.

In relation to goods, the difference between processes and products is quite clear. For example, in the automobile segment, the process of developing a new good presents a clear distinction in relation to the development of new production processes.

How important is it to apply innovation management?

If you think that adhering to innovation management through digital transformation It's a matter of choice, you need to rethink your way of look at the market. It is precisely the successful implementation of this set of practices that prevents the business from stagnating in its niche, in addition to acting directly on the processes that lead to achieving economic sustainability.


This includes both meeting legal social and environmental requirements and satisfying customer expectations and needs. Without innovating in a systematic way, achieving these goals becomes practically impossible. Mainly in aspects such as management processes, primary processes and organizational processes. All business processes, therefore, are designed in the long term and with well-defined strategies.


As if these reasons were not enough to highlight the relevance of process innovation for a business, it is worth highlighting the role of this set of practices in a company. This management model is responsible for boosting the company's operations, since, through it, it is possible to solve problems, improve processes and boost sales. I.e, innovation is synonymous with success.

Signing Off

Did you like the tips? As we have seen, innovation is a crucial element for competitiveness in the market. After all, we are in constant movement, and there is nothing more strategic than following this movement and producing more assertive strategies to generate good results.


So, now that you know the best tips for implementing a culture of innovation in your business, how about learning a little about digital transformation? Talk to us or find out more about our digital transformation consultancy that can bring even more intelligence to your business.

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