Future-ready your business! Innovation directly leads to success.
By: Brent Neal
A few years ago, I was the CEO of a premier business consulting and information technology firm. At times, some clients did not comprehend the importance technology played in business. These customers would make ad hoc decisions and buy inferior products. They did not think about how the technological equipment, software, or solutions would integrate into their organization, move their company forward, and help them grow. They did not realize the link between technology, innovation, and success.
Initially, we found a connection between a company’s tech and the level of innovation in the products they sold. What we observed was a correlation between the technology in their company and how innovative they were. The type, age, brand, relevance, and use of equipment such as computers, phones, servers, network devices, software, etc. revealed the level of innovation behind their own products. If they were using outdated or irrelevant equipment, they placed little or no value on evolving their own services.
Over time, we noticed more significant comparisons. If they were using state-of-the-art technology they:
- Constantly innovated,
- Integrated their high-tech solutions more effectively into operations,
- Produced higher quality services,
- Made products that were more relevant to customers,
- Had well-thought-out plans for ongoing improvement,
- Had a thriving business,
- Were more successful,
- And the longevity of the business was greater.
The contrast we found was significant. As a result, we added this “technology-innovation” profile to our sales qualification process. When qualifying customers, a sales person analyzed the company's existing technological products. The analysis correlated a company's value on technology with our company’s ability to service them. When the customer valued technology, there was a greater alignment and stronger partnership. This led to an increased ability for us to provide healthier solutions and improve their company.
Our research concluded that ongoing innovation has a direct relationship to the success of a business. Companies must innovate their products. When products or services are relevant to the consumer, it delivers greater client engagement, loyalty, brand recognition, and customer satisfaction. The business “survives” because it has customers who continually purchase from them. They thrive because their mentality is forward-looking as the word “innovation” implies new methods and ideas. When a company innovates, it is thinking of its future or making itself future-ready. It is preparing for future growth, future customers, and future revenue. It is establishing a strong foothold on ensuring its future success.
My advice is to analyze your company by examining the age, brands, use, type, and relevance of your technology. It is a direct link to revealing how innovative your products are and your future success.