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How do I keep my company ahead of the curve?
10 June 2024
(3 min read)
The appropriate technology offers businesses the chance to create new or enhanced products and services, streamline their operations, and improve customer experiences, leading to increased revenue and growth for the business.
Introducing new technology can seem daunting to many companies – where do you begin? It’s easy to push it down the priority list and risk falling behind more tech-savvy competitors.
To maintain pace, you should consider these three key questions:
- How do I harness the technology I need to innovate and grow?
- Where can I find the right funding to make innovation a core part of my business?
- What are the goals of my innovation and how do I maximise the benefits?
1. Innovate Without Limits
Where should you start with technology? Right at the beginning…Every business cycle, from concept and design to prototyping and production, offers a chance to integrate technology.
For manufacturers Solutions like 3D design software, virtual testing, and productivity tools can transform how you operate—making your business faster, smarter, and more collaborative. This not only reduces development times and costs but also enhances product quality and increases productivity.
For the service industry, digitalising your internal/external-facing systems and processes is essential.
2. Funding Innovation
Innovative ideas need more than just ingenuity; they need financial backing. There are plenty of options out there – such as tax reliefs, incentives, grants and other funding mechanisms tailored to different business needs and stages. Most companies tend to stick to just one or two funding approaches and never consider combining other ones that could make their money go further. Exploring a combination of these options, perhaps with some expert advice, can help maximise your investments and secure a competitive edge.
3 – Develop an Innovation Strategy
With the right tools and funding in place, the next step is crafting a strategy to maximise your innovation returns and your goals.
Ask yourself the following:
- What is our goal? – Increasing growth? An exit strategy? Attracting external funding?
- How will this innovation create the required outcomes?
- Does this create IP? How can I monetise this?
- What resources do different types of innovation require?
Addressing these questions can help you refine your business model and cultivate a culture of continuous improvement and enhanced performance.
If you have any questions relating to Innovation Strategy or wish to further discuss how it might benefit your own business, please get in touch with VISIATIV, and a representative will get back to you to discuss your unique needs and explain how we can assist.
