Open innovation is changing the way business organizations in the digital age come up with new products or services that meet the needs of the people that constitute their target audience. Moreover, the entrepreneurs operating such organizations are now in a position to achieve such goals at a fraction of the cost of adopting traditional models. Prominent experts specializing in this particular field say it is a far cry from ‘innovating from within their establishment’ approach that most business proprietors use.
Advantages of an open innovation platform for your business
These professionals go on to point out that it is time of enterprising entrepreneurs to realize world around them is changing in a manner many of them could not visualize a few years back. They need to come to terms with the fact that successful businesses in today’s marketplace carry out their activities differently from others. They just need to look at the companies like Google, Facebook, Apple and Microsoft for an inspiration and a reason to adopt an open innovation platformto improve the organization’s efficiency. They say these proprietors can enjoy the following 3 important advantages of taking this course of action:
- Leads to the creation of innovative products or services
Most entrepreneurs operating startup businesses can express in words their feeling on being able to introducing an innovative yet cost-effective product to the public. However, it is very easy for them to fall into complacency after the initial euphoria. This is because they spend most of their time and money on sell this one product rather than developing a new one. When they notice a decline in their sales it is already too late. Adopting open innovation approach prevents them from falling into such a trap.
- Engaging your target audience to build a viable community
Like other entrepreneurs, you need to know that making effective use an open innovation platform enables you to interact with the people who make up your target audience. This give you the opportunity to get to know what kind of products or services individuals in this community want and delivery it to them at a competitive price. In the process, they may even be willing to offer their ideas via feedbacks on helping you can come up with something better for them.
- Effective employee engagement
You are perhaps aware the employee dissatisfaction is one of major problems entrepreneurs operating small businesses face. This is because they do not feel a sense of responsibility and ownership on the tasks they carry out for such organizations. They also hold the view they are not getting the recognition they deserve for the efforts they put in while working on certain projects. They may have ground-breaking ideas on how they can improve the efficiency of their workplace. However, they are usually reluctant to put forward their suggestions. Making effective use of open innovation gives them the platform they need to participate in planning process.
Business organizations can only succeed when they adopt to changes in their business environment. The above 3 important advantages of making effective use of a relevant open innovation platform helps your establishment achieve this goal. It can take your business one step further to gaining competitive edge in the marketplace.