For a better understanding of the importance of corporate innovation, we have enumerated the following points for you. To know more details, visit us at : https://mitidinnovation.com/recreation/why-corporate-innovation-is-important/

1. Why Corporate
Innovation is
Important
MITID Innovation

2. In the wave of modernization, it becomes
extremely important for a corporate company
to move along with the wave of modernization.
The process in which these companies
implement innovative ideas into their
existing innovation culture is
called corporate innovation.

3. Innovation fuels the employees to be
more competitive and increases their
efficiency in the dynamic business
environment. With efficient use of all
resources and opening doors for
innovation at the workplace boosts the
employees' morale and design thinking
process.

4. According to the Lab42 Innovation Survey,
84% of the survey respondents believe
that they would prefer to buy from an
innovative company. Thus,
the workplace's design thinking
process is extremely significant in an
organization; thereby, highlighting the
importance of corporate innovation. For
a better understanding of the importance
of corporate innovation, we have
enumerated the following points -

5. By adopting corporate innovation, a
company could sustain its growth for a long
time. According to the statistics from
different sources, it has been concluded
that an innovative organization offers
standardized products over others in the
industry.
Sustain Growth

6. If a company adopts a design thinking
process that modifies well according to
the time, it could achieve heights by
understanding and analyzing the
company's customer base. Thus,
innovation is necessary for business
growth.

7. To be competitively ahead in the market, a
company needs to be different.
An innovation culture is inculcated in a
company makes your company and your
product different from that of your
competitors, which is very likely to attract the
attention of the customers.
This, the competitive edge gained, can be
used to build a reputation in the market that
will ultimately lead to your company's growth.
Gain a Competitive Edge

8. The HR innovation process is significant
and relevant as per the market as
innovation will make your company
prepared for the likeliness and perceived
problems of the existing customers.
If a company keeps stuck to conventional
methods, the younger generation and the
modern-day consumers are very less likely
to like the particular company or product.
Gain Relevance in the Market

9. Future growth plans are based on the
products of a company and how they will
prove useful for the customers. If a
company aims to adopt an innovation
culture and keeps on modifying itself with
the passage of time, a company's future
growth plans would be more solid than
ever.
More Commitment to Future
Growth Plans

10. HR innovation, which is a part
of innovation culture, aims to give more
powers to the company's employees. If
an employee is granted more
autonomous power, his will power to work
as well as the validity of his suggestions
will increase more than ever. Thus, he
would be able to contribute more
efficiently to the company.
Give Employees More Autonomy

11. Thus, it is quite evident that corporate
innovation is of immense importance in
this highly competitive corporate world.
Even though the process may seem a
little complicated, the results are worth it.
And with digitalization and globalization
shaping the future every day, innovation
is becoming a crucial part of businesses
as well.

12. Therefore, many institutions have
started imparting knowledge and skills
to create visionary professionals for the
industry. MIT ID Innovation is one such
institution dedicated to honing students'
innovation skills to transform a potential
talent into an asset for today's corporate
world.

13. MIT ID Innovation Programme curates
knowledge and experiences that
challenge the very paradigm of evolution.
And that's why we have set out to define
the future of industries, communities,
cities and ecosystems. MIT ID Innovation
offers the best Courses in Innovation
and Design Thinking.
Conclusion

14. We’d love to
hear
from you.
MIT INSTITUTE OF DESIGN
Rajbaug,, Loni-Kalbhor, Pune-412201
innovation@mitid.edu.in
+91-7038982225 / +91 9834092369