Today, all businesses must embrace digitization in order to survive regardless of its size and type by shifting from the traditional business model largely based on manual processes. Businesses that fail to adopt the technology will face an existential threat, and it is a compulsion for business owners who have so far not adopted the change to do it as quickly as possible. But there are companies led by some smart entrepreneurs like Boris Wolfman who could see the future and have adapted technology quite early in all spheres of business.
Technology has given a cutting edge in competition and helps to expand the business territory besides diversifying the portfolio of products and services that is so essential for rapid business growth. All this has been possible because of the innovative bent of mind of Wolfman, who has been able to inculcate a culture of innovation in the organization that has been the driving force behind its growth and success.
Innovation helps to augment and automate the business processes for improving efficiencies, business growth, and profitability, and it touches every point of the supply chain to ensure that customers get the value for their money. Technology is present in the very stage of the business, from growing to processing and transportation to ensure that the customers receive quality products. On the other side, Wolfman has ensured that growers and suppliers of Canola oil and Citrus fruits also benefit from using technology by sharing with them the innovations of Israeli technology.
The rock-solid reputation earned by Royal Innovative, the organization headed by Wolfman, owes a lot to his innovative approach. The wide-scale use of technology has ensured better crops and yields for growers who benefit from the productivity that, in turn, boosts the business prospects of Royal Innovative that can meet the growing demand for Canola Oil, which is the main ingredient for producing biofuels and maintain its business supremacy. This is a glaring example of what innovation can do for a business that can have far-reaching effects on human lives by improving lives and lifestyles.
In this article, we will try to explain the true meaning of innovation in the context of a business that should help to understand how business leaders can drive innovation successfully.
Neither is innovation about introducing new ideas for the sake of it nor will it be right to look upon it as a disruption even though sometimes its effects are disruptive. A more striking aspect of innovation is that it must have game-changing abilities by providing positive results. Innovations might cause major disruptions of existing industries and even pave the way for the emergence of new industries, as we have seen with the introduction of iTunes that created new ways of selling and distributing music. The dramatic and high-impacting innovations like iTunes are only very rare because pursuing it is always a very daunting task fraught with uncertainties.
The more commonly perceived innovations for business keep happening on a continuous basis and seen more frequently. Although the gains from such innovations are smaller, it fortifies companies to carry out innovations more reliably that puts it in the growth trajectory with assured returns in the long term. The subsequent addition of television, movies, and other media with iTunes is an example of continuous innovation.
Benefits of continuous innovation
If you notice the kind of innovations used by Royal Innovative, you will observe that it relies heavily on continuous innovation because of the significant advantages that come with it.
- A company that relies on continuous innovation is able to build a culture of innovation that strengthens the organization’s capabilities to carry out innovation as it becomes a way of life for all.
- Smaller innovations entail smaller stakes that encourage more innovations, and the company can take smaller but firm steps towards success. Winning smaller bets gives more confidence in developing new products, growing market share, and improving efficiencies of the business processes.
- Continuous innovations are the stepping stones that lead to bigger and more high impacting and disruptive innovations that companies always want to achieve. Smaller innovations build the momentum that triggers bigger innovations.
Driving innovation is a strategic activity, and its success depends on the right leadership. Enterprise leaders who drive innovation must understand the factors that contribute to the successful implementation of projects.
- Setting the goals of innovation by keeping in mind that it must be achievable is the first task of the leader who must also communicate the goals very clearly.
- Building a team for implementing the ideas of innovation is critical because it is a team effort and can never happen in isolation by any individual.
- The leader must know how to balance the day to day activities besides driving the project of reinvention and improvement.
Challenges faced by innovation leaders
To drive the innovation ahead, it would require the involvement of individual leaders during the various stages of implementation, either because it is a special task entrusted on them or it could be a part of their role. But every leader must be ready to face some challenges because of the special nature of the task that is entirely different from the tasks undertaken to run the business operations.
Innovation projects are high profile in nature, and that in itself is very challenging. In addition, there are some uncertainties attached to it. The biggest uncertainty that leaders face is that not only are the outcomes uncertain, but there is uncertainty about the entire context of the innovation process. Innovations are risky, and there can be tremendous turmoil during the project due to the frequent ups and downs encountered by the team. Since innovation charts a completely new path, there are no benchmarks for comparing progress or at least indicate that things are moving in the right direction.
Leaders who drive innovation must be good motivators and inspire the team by keeping them aware of the purpose so that the team members never feel like engaging in a fruitless pursuit.