Pankaj Deshpande

In this atypical moment, we live in; where the dimension of digital transformation gains more meaning, the question is: how to reinvent your company and survive these changes? We should learn how to reinvent our business to survive crises and keep pace with the ongoing transformations. With innovation techniques in business and an agile mindset, there are many paths to success.  In context with the current time, the digital era invites people and businesses to this type of reinvention, which impacts their work models, products, services, and processes, including identifying job opportunities in the crisis. So, with this article, learn about the need to "recycle" your business with applied innovation.  To Reinvent Your Business, Innovation Techniques are Essential Digital Transformation is much more than technology, as it offers us a new reality, all connected and with real-time information.  Assuming that digital is something much broader and involves human beings with techn

Gone are the days when product design and advertising helped make competition in the business sector. Data now plays a critical role in business. The amalgamation of business intelligence (BI) and data analytics has given rise to the fast-paced process of business analytics. It is a group of automated data procuring tools and services. It consists of applied and predictive analytics, statistics, data mining, and so on.  Business analytics helps you further understand your business and make more calculated decisions for the betterment of your business. Harvard Business School’s Professor Hammond says, “data analytics is a very effective way to influence an organization.”  There are three elementary types of business analyses.  Descriptive: Using historical data to help identify patterns and trends  Predictive: Statistics can be used to predict future results  Prescriptive: Using trial and error method to determine which method gives a better outcome  To understand how Business Analy

Everything revolves around how innovative and compelling the products and services developed are by a firm or an enterprise in the modern world. Innovation is the key to growing businesses. A business that is capable of generating new items can set itself apart from its competitors. As a result of this, they obtain a higher market drive. What is Innovation? What makes it so crucial for businesses?  What is Innovation? Innovation in businesses is all about creating new products, ideas, and processes. However, this is not the only definition of Innovation. Innovation also includes modifying existing processes to meet the requirements of end-users. The main aim of these innovations is to reach and gain loyal customers while also solving and giving them products needed in the market.  One of the key reasons why Innovation is vital for firms is that it adds value to the organization and instantly generates market demand. As a result, the company's revenue and reputation increase. Apart

Any company wishes to do profitable business, laying out a business model is a core strategy to achieve this goal. However, suppose a business fails to revamp and update its business model with the changing trends in the industry or the world in general. In that case, you can be assured that the company will not sustain itself in the highly competitive market for long. What is a business model? The business model of a company refers to the company’s detailed plan that drives its members and associates to work to attain maximum profit. A business model consists of all the products and services that the business wants to sell, its targeted customer base, and the company expenses. Any investor will look at these numbers before investing in the growth of the company. So, a successful business model will attract more investment and growth opportunities. Why is it essential to have a well-curated business model? The two essential levers of a company's business models are pricing and cos

If you want to keep up with the market pace, you need to learn to innovate at every step. Therefore, these business model innovation involves the use of new technologies, different processes, unique ideas, and futuristic products.  Digital transformation and Business innovation go hand in hand with the company's overall development and market value. Successful implementation of business innovation indicates higher profits, greater revenue, increased customer demand, and improved reputation in the market. Some of the examples of business innovation models are: Power by the hour business model of Rolls Royce. Sharing Economy model for Airbnb Therefore, to make it more clear and to highlight why Business Model Innovation is important, we have mentioned the following points -  Thrive in Competition:  Since the 21st century, monopoly is long gone. No business company or organization is having a monopoly over the market and trade. Instead, digital transformation has enabled the establis

Innovation in business is defined as the implementation and development of new procedures, products, services, and ideas with the objective of boosting the company's conversion rate or brand value. Innovation acts as a crucial role in driving economic growth for businesses. As we all see, the advent of Netflix came as a small-scale business, and now its market value stands at $32.9 billion. It will happen not only with the advent of something new but getting it out into the market also proves profitable. Here are different Types of Innovation in Business Types of Innovation in Business  Disruptive Innovation:  Disruptive innovation refers to that a concept, services, or products that build a fresh and creative value network, no matter in a new or well-established market. Clayton Christensen is a famous business consultant, academic, and professor behind this incredible Disruptive Innovation concept. This type of innovation gives more power to turn non-customers into customers but

HR, as the manager of the workforce in the company, has a big responsibility to manage. Therefore, to keep up with the changing time, it is essential to upgrade the game with HR innovation for implementing amazing and innovative ideas, new ways, and efficient technologies to meet the organization's upcoming requirements. It's about anticipating future requirements and circumstances instead of simply finding a response to a current changing situation.  From hiring the new and best employees efficiently, keeping them on the job enthusiastically, training them strategically for various purposes, and engaging all the hired employees thoughtfully, there are too many opportunities to stand out with creative HR innovation .  Therefore, to help you with it, we have covered some fresh, innovative ideas - Want to Keep your best employees? Offer Them Cash to Quit.  If you want to keep your best employees, use the 'offer them cash to quit.' When it comes to hiring and firing, there

Innovation is the fuel that runs the engine of any industry. Like any other industry, innovation is extremely important in the design industry as well. Technological innovation in the design industry is the modifications, computer advancements, and creativity to gain business innovation. Innovation design's sole purpose is to devise a technologically viable design, feasible business strategy, and gain value in the market. We see innovation in design in almost every website we use, like the website or every game we play. It is observed in card games like the Potato pirates and many more. With innovation by its side, the design industry has seen a boom in its growth and creativity. The importance of innovation in design could be highlighted from the following points: Creative Structure of a Product  The design industry is aimed at forming the structure and focus of a product. These two qualities of focus and structure need innovation to be unique and feasible. Without technological i

Everyone in their businesses desires positive change. Business innovation refers to the process in which new practices, new services, new technology are introduced to grow a business. Technological innovation is being emphasised across the globe to flourish one's own business. 84% of executives have already realised the significance of innovation in their growth strategy, according to a survey by McKinsey. The following points will justify how innovation can help your business to grow- Improvement in sales  Companies that use an innovative model for targeting audience using customised strategies are more trending and captivates the interest of customers. Ads will channelise more consumers to the company; sales of a company are likely to increase. More the revenue more will be the profit.  Reduction in wastes and costs Technological innovation is done with the purpose to be environment-friendly, and with the environmentally friendly procedure, the wastage is likely to be reduced. Ad

  Innovation in Organization Innovation in Organization is as important as education in a human's life. Education helps a person grow and improve themselves; similarly, business innovation ideas help an organization grow and stand out in the crowd. According to research conducted by McKinsey, "84% of the executives mentioned that innovation is the most important part of the growth strategy". A study done by Booz and Co. states that "the organizations that follow the pro  innovation culture  have 30% more growth rate as compared to other organizations." Importance of Business Innovation Ideas Incorporating innovation in your business strategy helps you grow as a brand. Innovation makes sure that the products you sell or the services you offer do not become insignificant. Innovation allows you to stand out in the market. Innovation helps you establish a long-term relationship with the customers. Innovation not only helps your business grow but also enhances your b