Innovation is difficult or impossible without a flow of effective new ideas. Poor understanding of the company’s business objectives, performance, and coordination within departments challenges any ability to generate new ideas and leads to recurring problems. The result is a stifling of innovation and a lack of continual improvement.
Even though your company offers the best products or services, a lack of innovation will result in you limping behind your competitors. Most businesses fail to innovate not because of their unwillingness to do so but because they are simply too late to recognize the opportunity right in front of them. Businesses that fail to innovate are the ones so laser-focused on sustaining their core business activities that they often fail to update their business model and drive change.
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