Why Innovation Mindset is so Important for Business Leaders?

By definition, innovation means something new. It plays a significant role in the growth of the economy. Moreover, Innovation allows organizations to stay relevant in the competitive market. Without surprising innovation, there's nothing new. If the organization does not have anything new, there will be no progress and cannot stay in the ruthless market. 84% of managing directors say that their future success depends on innovation, according to McKinsey.

Importance of innovation for business success

Almost all of us have heard the phrase, "adapt or die", and for today's modern world, it is a universal truth for business to achieve success. Half of the Americans agree that technology innovation has the biggest improvement to life from the past 50 years. The companies that focus on innovation have advantages in meeting the advanced demand of their customers. Innovation is also very important to the advancement of society as it enhances the capacity of society and many solve many technical social problems.

Here are several companies that failed to innovate, and face results in business failure

Nokia: In October 1998, Nokia became the best mobile brand in the world. It is the first brand when we heard of the early mobile phones in the market. In 2007, it had 50% of the share from the mobile market. In 2013, the Nokia company that was enjoying a 50% share in the market suddenly dropped to less than 5% share in the mobile phone market. This is the time when the excessive growth rate, lack of innovation, and loss of coordination failed Nokia.

Kodak(1889-2012): It is the biggest film company that could not keep up with digital innovations. The production of the company, leader of design, and marketing of photographic equipment had many opportunities to drive the company in the right direction. But, their hesitation to embrace the transition to digital and less innovation led to an end. Yahoo: Yahoo also failed because of paying attention to other things than innovation. In 2002, the CEO of yahoo refused to go through with a deal to buy yahoo. In 2006, yahoo had a deal with Mark Zuckerberg, to buy Facebook. But he repudiated when yahoo lowered their rate. Instead of innovation, the company focused on becoming a media agent. They ignored their consumer trends and as a result, they failed.

Motorola: Motorola didn't make any move to innovation in their smartphones. Motorola entirely missed the movement to 3G. They didn't focus on 21-century's communication requirements, such as instant messaging, in their products. So that their smartphones make it possible to compete with other smartphone companies. However, CEO Greg Brown, instead of blaming the new digital age, recession, and others like many companies, took the responsibility for the entire failure. Innovation and the future of business:

According to the World Economic Forum report, in 2022 133 million new jobs may be created because of modern innovations and technological advancement. Meanwhile, 75 million jobs will be replaced by AI, automation, and robotics.

Besides, advanced technical innovation and economic growth increase well-being because the standard of living rises. The innovations make it possible to achieve everything at once.

Technological innovation is designing society

Innovation resolves collective problems in sustainable manners and in an efficient way with the help of modern technology. Technological innovation affects agriculture to transportation to how we can communicate with each other. It offers many opportunities to handle societal challenges in areas like sustainable energy, globalization, and mobility. Technological progress shapes society with radical transformations in work, communication, travel, and private life.

The pace of innovation:

Innovation has come at such an excessive pace in recent decades. It has transformed our world that was imagined in science fiction. We have seen many influential inventions over the past 50 years. And now, Technological innovation shows how technology will change the world in the next five years. From quantum computing and 5G, to manage cancer chronically.

Here are some Technological predictions for the near-term future:

AI-optimized manufacturing: This omnipresent stream of data and algorithms will enable manufacturing lines continuously. It will reduce the overall waste in manufacturing by up to 50% and will optimize the higher level of output and product quality. A new era of computing: in the coming 5 years, quantum computing will have to develop its infancy. The first generation of commercial devices will be able to handle real-world difficulties.

A far-reaching energy transformation: by 2025, the carbon footprints will be observed as socially insufferable. Like drink driving nowadays.

Healthcare paradigm shift to prevention through diet: by 2025. The health care system will adopt many health prevention perspectives. That will be based on developing science beyond the health benefits related to plant-rich and nutrients diets.

5G will enhance the global economy and save lives: Low latency 5G networks would all issues of network reliability. It will allow more high capacity services such as telehealth, ER services, and telesurgery. It is the next-generation of mobile communication that will extend the performance of today's mobile networks to severe.

Businesses should understand the importance of innovation. Innovation is crucial for a Company's short-term stability and long-term survival. As we can see, innovation designers are in high demand and the most creative of them can earn huge income. They can make contributions to the world around them and other business leaders