A Guide on Achieving a Competitive Edge with Business Innovation Platforms

August 28, 2018
BY JON MENDOZA
A Guide on Achieving a Competitive Edge with Business Innovation Platforms

Times are changing and with that, technology has been one of the invisible hands that propel businesses to their respective success. Especially with business innovation platforms, a company can possess a competitive edge and become one of the strongest in their industry.

Let’s face it, your business reach is only as good as its ability to capture people’s attention. With so much going on in the digital world, you would need an efficient business innovation platform to maintain a valuable quality that prospective clients may see. Building your brand is one thing but in order to make that brand stand out, you should look into the modern day devices which will help take you there.

If you find yourself puzzled on how to make more reliable engagements among your target market or you just want to attach a competitive edge to the products or services you deliver, then you should learn about an innovation platform which can do a lot for your business in this information technology age.

 

 

Fundamentals of a Business Innovation Platform

Fundamentals of a Business Innovation Platform

A few of the most celebrated companies of the last decade have been using a platform business model which drives them to the peak of their business agendas. Although their models have their own unique sense of foundation, all of them share one thing: they develop innovative ideas that can keep up with the technology enveloping most of the people’s daily lives.

The trend in digital media is to market ideas and value them based on the distance that they have traveled. This distance is measured by the reach and engagement that they get from users. Seeing as the whole network is filled with tons of information that it can sometimes border on overkill, your business should measure up to the rest and segregate itself from the ideas that are there just to kill time.

This is where innovation comes in, it will help you exhibit the business as something revolutionary. The idea of establishing a long-term business platform is to make people feel like they will be a part of something bigger than they are. This is all while you engage with them in the most authentic way that will pave the way for a successful Customer Relationship Management (CRM). Having said that, you should learn all about the fundamentals of an innovation platform so you would know what to expect before diving in head first into a sound and efficient investment. Here they are:

 

Collaboration

In order to start and face the change head-on, you should engage with the people that are in-the-know. A collaborative process is a requirement in any project involving innovation. This can also serve as a test drive on how well engagement can play a part in the organization’s role to provide new technologies to customers.

There will be no shortage of ideas when a collaborative spirit is put into play. It will be easier to dominate various business landscapes if you already have a reliable team and a solid foundation that they can work from. You would be surprised with how many valuable strategies and outcomes that your business can come up with in a collaborative environment.

This would be easier than having people who are persistent with a single idea, leaving no room for improvement. Remember that an innovation platform will be used to enact change and that should be well-respected by everybody, especially your team.

 

Idea Curation

Since there is already an established flow of ideas, this step will determine what needs to stay and what ideas need to be let go of for good. Engaging in a primary idea as a result of a collaborative process will turn innovation into a viable target.

Processing ideas should be treated as a business process since it is part of establishing the brand in whichever platform you choose to engage in. This can also be a great way to determine the strength and weaknesses of your business.

It doesn’t even matter if it comes from a specific department or from the whole organization itself. A vital part of innovation is going through the business model and making sure that each element strives to be concrete in the best possible way.

 

Sustainability and Innovation Analysis

Are you having trouble with records or you feel like you need an extensive monitoring system for your human resource? Maybe you may want to provide a larger reach to your audience by employing an application that can provide them with information in a swift manner? Whatever you may need, you have to think of sustainability as a goal. Ask yourself this question: “Would it work in the long-term?”.

Innovation is about new elements that you can incorporate into your company. If you are truly adept, you may even find a one-stop shop for all your needs. Analysis of sustainability and innovation would be a step toward finding the perfect flow that your business can follow. Make sure that innovation will be the aid to push the business model progress forward not the means to hinder its growth.

 

Implementation

There is no denying that technology is changing lives, and at a rapid speed at that. The technological innovations are also being implemented in businesses in fast successions. In the development of ideas, the implementation seems to be one of the hardest parts because it is easy to think of a concept but executing is a different matter altogether

Using technology and innovation to document your business’ strength throughout your industry will allow you to conduct to market analytics to see how you fare against your competitors. Extracting important data from your operational branch is a great way to show off your strength and capabilities, which will be favorable in terms of the returns that you will get in investments.

Identify where your organization stands in the elements of adopting a business innovation platform so you will be well underway in its implementation.

 

Value Creation

Ideas don’t mean much if they are not creating value. Implementation of ideas moving towards the betterment of the organization should be of significant value because otherwise, what is the point?

The purpose of innovation is to create business value, one that can generate engagement with your brand and garner enough opportunities to reach a wider range of markets. Creating a value for the innovation of your brand also means that you can understand the buyer’s journey which can produce a higher fundamental change for your customer service.

At the core of your technological advancement is your business innovation platform that can produce an important pattern and a graceful impression on your brand by customers and competitors alike.

 

 

4 Ways an Innovation Platform Could Transform your Business

4 Ways an Innovation Platform Could Transform your Business

Still not convinced that you can use a business innovation platform to transform your business for the better? Here are the proposed benefits and the ways that an innovation platform can change the way your business operates. Check them out:

 

  1. Increased Innovation

Obviously, this is the goal. But what does it mean to inject innovation into a business? All companies have their own set of challenges and limits, not everyone has infinite resources but you can use those limits to your advantage.

Expanding your capabilities and drawing strength from your limits allows you to build a powerful platform that will help you cultivate business values and idea collaborations that stand at the helm of the innovation at your company. Tap into different sources to generate growth or revenue. Offer tools such as an application or a site that buyers can browse with ease. This tool – with the right interface and functionality – is already an innovation in itself.

 

  1. Quicker Response Times

Whether you are using an innovation platform for customers or for your own people, the core principle in adopting one is to provide a quicker and more sustainable user experience. It can influence faster output productivity by allowing your organization to embrace the technological advancement and how it can help in development.

A great example of this benefit is Amazon’s business model and how it came to be the digital giant it is today. It began as a digital platform that sells books then it started to sell virtually anything. Amazon is one of the prime players in e-commerce and it has since been using social networking and digital marketing practices to exhibit the innovation that they have implemented for their organization.

In order to have this kind of success, you and your employees should understand how comfortable you have to be with the change because building a platform relies on consistent innovation.

 

  1. Greater Brand Awareness

Extend your brand in innovative ways and explore more methods to strategize this tool. Businesses grow through continual growth and invention. Expanding your offering from your base service to buyers will be your ticket to staying in the industry for a long time. With the fast innovation that technology offers, comes the quick attention span of people. You should be knowledgeable of this fact because you should use this to your advantage. Innovation can help you stay relevant and with this relevance, comes a greater brand awareness.

 

  1. A Bigger Customer Base

An organized business attracts customers with its no-nonsense offers and services. It is that simple. If buyers feel like their time is about to be wasted, they would not even bother looking at what your business is about.

You have to keep them engaged long enough to start a conversation and having a business innovation platform can help you with that. Your products and services can reach an extensive number of customers if you deliver enough ideas stemming from innovation through a platform. A bigger customer base means large numbers in the records of Point of Sale (POS).

 

 

Quick List of the Benefits of Having an Innovation Platform for your Business

Quick List of the Benefits of Having an Innovation Platform for your Business

Now that we have tackled the ways that an innovation platform can transform your business, this list I all about how your business can be suitable for your target market. Having a platform is a way to achieve a holistic business model so here goes – this is the quick list of the benefits of having an innovation platform:

 

  • Creation of Better Customer-Centric Products

The best thing about innovation is you can display your products in a way that does not make everything an inefficient trial-and-error process. Innovating means that you are open to changes even if it means scrapping the idea that you worked really hard on. In these platforms, you can get instant feedback.

Know whether or not your customers are actually engaged in buying your product. If the feedback returns unfavorable results, then you have the time allowance to start over and work on your weaker points. This is also a great benefit to customers because they are sure of the customer-centric attitude that your business possesses which is an admirable buyer’s journey for them.

 

  • You Can Get More Meaningful Insights

Innovation platforms can help you learn from your customers. This way, the customers can voice out their sentiments about your products. On your end, you will have direct access to your customer’s behavior patterns and experience so you can collaborate with them on different platforms. This is a step up from market research which only focuses on a specific customer demographic.

 

  • Innovation Platforms Help You Manage Risks

Although you cannot eradicate the presence of risks, you can collaborate with customers to mitigate these challenges. From idea contribution to product creation, the chances of you’re a fluctuation in product success would be lessened to a greater extent.

 

  • Develop Brand Loyalty

Platforms do more than just help your business provide excellent service, they can also develop brand loyalty. Engagement and involvement with your customer’s ideas can create a better sense of relationship.

 

It will help your brand be recognized for its strong suits and customers can also see it for its weaknesses which can develop a sense of authenticity. This paves the way for a strong relationship with your product’s user group which can bring about huge return-on-investment (ROI) for your business.

 

 

Storemote: More than Just Innovation

Storemote: More than Just Innovation

Are you ready to become part of the industry giants’ roster of success stories? Then adopting a business innovation platform through StoRemote will be the answer to this pursuit.

Our team can help you improve customer experience through your own applications, manage inventory and staff, secured records of your Point-of-Sale, and a 24/7 streaming radio. These are all part of the boundless solutions that we can offer for your business in the Philippines. Everything from inventory management to the best pos system in the Philippines is within our one-stop shop.

With StoRemote, you do not have to search for various channels which can provide you with top-notch service and bring modern store applications right at your fingertips. One platform is all you need and yes, it is that simple. Interested to know more? Click here to get started!

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