What is Applied Business Innovation And Can it Help Your Career?
Applied Business Innovation is a forward-thinking approach to the world of business that could help you get started on your dream career path.
This refreshing approach to business allows individuals to enact real change in their company or show others how to make the most out of their business strategy. In this article, we’ll be going through the key features of this business approach and will explain how getting clued-up in this area could help supercharge your career.
What is applied business innovation in a nutshell?
Applied business innovation is a unique approach to business that aims to improve and revitalise every element of a company’s workflow and output in a way that garners solid results.
In practice, this approach is made up of many elements, and some companies may utilise some parts of it more than others. Overall though, an applied business innovation approach can benefit companies of all sizes.
Small, agile startups can benefit by changing tack and making quick changes that can accelerate growth, whilst large corporations can use an applied business innovation model to reinvigorate themselves and add new life to a stagnant business model.
When applied correctly, this approach can generate greater revenue, promote efficiency and improve retention and employee morale. Whether you want to improve your standing as a project manager, business development manager, or are keen to give a business the best advice possible as a business analyst, applied business innovation could be the solution you’re looking for.
Disrupting the digital space
A key competency of applied business innovation is the principle of digital disruption. The key goal of digital disruption is to change your business in such a way that it forces other businesses to change in order to keep up.
For examples of this, think of Spotify changing how we consume music or how Amazon revolutionised online deliveries. It’s an approach that will allow you to become a leader within your industry and have others scrambling to replicate your success.
One area of business where this can work well is within the startup market. Find your company’s USP and take it to market by offering customers an experience they can’t get anywhere else. As a small and agile company, you can easily step off on the right foot and shake up a marketplace or industry.
You can also apply this logic to your business if you’re struggling to gain momentum and want to revitalise your workflow and business goals. Focusing your brand mission around a desire to be a thought leader and a disruptive force in the marketplace is the best way to use this principle of applied business innovation in practice. Use digital marketing practices to show customers new products, services, or case studies that reflect the new direction your business plan is taking you in.
Using high-quality management strategies
Quality management practices are a cornerstone of any good applied business innovation strategy. This applies to both the practices of each manager when it comes to looking after each employee, as well as wider projects.
Companies should look to understand where there are gaps in management, whether employees are happy with how they are managed, and if there is any room for improvement or change within the applied business innovation model.
Ideally, using an applied business innovation model will find gaps or shortcomings within your management system and allow you to solve them as quickly as possible. Using staff surveys and getting feedback from your team on how your current management model is working for them can be a good starting point before you implement changes.
Understanding your place in the market
An applied business innovation model can help you to understand exactly where you are placed within a market and how you can stand out from the competition.
Using an applied business innovation approach can help you get an understanding of how and when to use methods such as capital raising and competitive market positioning to dominate your industry.
A new business or a startup needs to understand its market position to leverage more significant growth in a competitive market. If you’re involved in decision-making or are a manager within a startup, using applied business innovation to determine and map out your current and future market position can have a massive impact.
Using an innovative, marketing-led approach to entrepreneurship
When using solid innovation management strategies in your career, don’t feel limited to just using them within the company you are currently working for. If you’ve considered setting up your own business, this model can also be used within your entrepreneurial endeavours.
Having an applied business innovation model in place before you start your own business project or business consultancy can allow you to hit the ground running and steam ahead of the competition.
One of the trickiest parts of applying an applied business innovation model is changing practices that may have been in place for years. For those who are starting out for the first time, having a solid model in place beforehand can help accelerate growth, streamline your business and generate profits – fast.
Are you keen to start your education journey, get further information and learn more about applied business innovation? Any eager entrepreneurs should explore courses today to find out how to turn a passion into a career.