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Innovation can help businesses meet various goals, such as boosting profits, creating new products and services, as well as establishing distinctive customer appeal. It also helps companies remain competitive in a fast-changing marketplace as more and more industries being impacted by technological advances.

Business innovations can take many shapes, including the development of new products and services, enhancing processes or launching marketing campaigns and changing the culture of a company. These can also include changes to existing products and services like adding new features or enhancing the customer service. The most effective innovations are those that are both unique and beneficial.

Novel ideas alone rarely lead to breakthroughs when they don’t provide viable solutions to real-world problems. A novel idea must be beneficial to both the business as well as its customers to be considered an innovative idea. This is why an business innovation is considered successful when it is both novel and practical.

In addition to creating new sources of value A successful business innovation should improve decision-making and problem-solving across the entire organization. Businesses must constantly be aware of market trends to identify business innovation opportunities.

The best source of ingenuous ideas is often outside of the business in which the company operates. IBM, for example, was a pioneer when it developed the modern accounting machine after recognizing that banks in 1933 could not buy new machines due to the fact that they had no money.

The introduction of scleral lenses in eye surgery is a further example of business innovation. Alcon added a preservative to an enzyme that doctors had been using for 50 years to dissolve cataracts. This was a business breakthrough that resulted into a totally new product, and the creation of an international monopoly of the company.