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BENEDICTA BASSEY writes that technology serves as a catalyst for innovation that enables organisations to develop novel products, services and business models that differentiate them from competitors
Today, high growth companies are often ahead and have competitive edge given their ingenious and trailblazing deftness in innovative technology.
There is no gainsaying that those who actively leverage innovation in their organisations' activities will always stay ahead of competitors and industry players.
More aggressive technological innovation adoption and investment is a clear path towards growth and increasing profit margins.
At the peak of Coronavirus (COVID-19) pandemic, many companies’ activities suffered the effect of the lockdown. The situation resulted in a low profit margins for businesses which posed a serious threat to growth and development with organisations laying off staff in order to break even as well as to balance workforce with companies earnings.
The situation gave birth to the need for organisations to seek better ways by communicating through innovative technology to meet the clients and organisations' publics with the need to attain growth and boost development.
In his words, the Professor of Technology and Telecommunications Law at the International Centre for Technology and Contemporary Laws, United Kingdom, Prof Taiwo Feyi-Sobanjo, said corporate services are innovative and technologically driven and organisation must be prepared to match this trend.
According to Feyi-Sobanjo, who is also the Head, Africa Region, International Professional Managers Association, “In the era of global networking drive, and collective partnership, innovation is key.
"It drives the world and ensures maximum delivery of corporate services that match global trends; hence organisations must prepare to adopt policies and strategies that are innovative to boost productivity and expansion.”
He stressed that innovative technology services must be managed across all relevant stakeholders in the business, supplies and customer value chain.
He said, “Innovation requires a high level of intelligent and skilled thinkers to bring about solutions. Organisations must make business decisions on emerging technology investment on information technology innovation.
“For any business to remain consistent and earn a return that will guarantee reliable and sustainable growth, the need to improve its innovation offerings is germane,” he added.
Also, a Graphics Consultant and Freelance Graphics Designer, Joseph Okerentie, said investment in innovation would spur organisation's growth.
He said ideas rule the world, asserting that innovation is birthed by ideas.
Okerentie said, “Investment in innovation will definitely spur organisational growth. Ideas rule the world and innovation is birthed by ideas; the truth is companies like Netflix have invested heavily in other revolutionised ideas on how the film or movies industry is.
"With the modules of operations of Netflix, millions of streamers are being reached right where they are worldwide. This milestone innovative investment idea is raking in millions of dollars for the company thereby increasing their fortunes.
“If an organisation fails to invest in innovative ideas, the organisation is setting itself up to fail, which is therefore inevitable.
"A case study will be paid television operators in Nigeria and world at large, I foresee them going out of business if they fail to innovate especially with the entrance of smart television that allows you to watch whatever programme you want to without it being imposed. Innovation is definitely a game changer.”
In recent years, the advancement of the global market has driven firms to rethink and reconfigure strategies to compete on the global platform.
Innovation is considered a relevant factor in developing organisational strategies to increase competitive advantage, and organisations must take drastic measures and be radical about their ideas in order to stay relevant in the next coming year, the Graphic Consultant said.
He added, "For firms to stay relevant, their innovative ideas should be centred on customer satisfaction, seeing them as the king and the livewire of the business without feeling of being used by the organisation. An innovative idea is paramount to every organisational growth in order to be a major player in the business world both locally and globally.
"Innovation would aid improved productivity, build value for brands, establish new partnerships and relationships and increase the turnover; boosting profitability."
Innovation can be a catalyst for inclusive growth. As the world faces more challenging, complex problems, there is the need to bring new thinking to old problems.
Nigeria will be a better place if innovative ideas towards solving unemployment and poverty are effectively harnessed for financial stability and economic prosperity.
