Pankaj Deshpande

 Innovation and creativity at work are essential aspects of today’s business world.  A culture of innovation refers to an environment that aids creative thinking for innovation to gain more economic and social value for digital business innovation and transformation. Digital business innovation and transformation refer to new and digital transformation processes to reimage the business and meet consumer requirements. Digital innovation could be observed at work through various automated systems introduced in recent times, like chatbots, HR Payrolls, and the internet. Thus, in this world of cut-throat competition, the only choice left in front of you is to either adapt or die. So, in order to build a culture of innovation and foster digital innovation and transformation , an organisation could adopt the following practices:  Identify the problematic core areas: To adopt a culture different from the existing ones, the areas that hinder the innovation culture and digital tr...

With the rising competition, many entrepreneurs have started discussing innovation. But what is the meaning of innovation, and why is it important for entrepreneurs? So, innovation is basically the replacement or improvement of something. Innovation is the particular instrument of entrepreneurs with the help of which an individual exploits the changes as a chance for a different business. An Innovative Entrepreneur is one who has the ability to tackle to produce innovative products to meet the market's demands and trends. Innovation in Entrepreneur plays a role in many ways like in:  Creative Development Innovation enhances the nature, creativity, and design thinking process of a brand. A new business can attain the height of success by learning the steps of creativeness. Innovation in Entrepreneurship can open the doors of various opportunities by helping the business to keep up with the current trends.  Persistent Improvement Innovation gives organizational durability when ...

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...

Technology has the power to completely alter the course of the future. But have you ever thought about what technology would be called whose introduction significantly affects the working and functions of a market or even an industry? Such technology or type of innovation is referred to as disruptive innovation.  Disruptive innovation assumes an extremely important role in the innovation framework of an organization. Here are two examples of how disruptive innovation has changed the course of business over time:  Internet: The biggest example of disruptive innovation that is ever known is the Internet. The company that has modified itself to be tech-savvy over time and adopt Internet usage is far more successful than those who did not adapt to the Internet.  Artificial Intelligence:  Artificial intelligence is another example of disruptive innovation that has modified how an enterprise carries out its functioning. Large sets of data which is unstructured could now b...

Product innovation is exactly what it sounds like; it involves coming up with business innovation ideas to develop new products or improved renditions of existing products to make them more useful. The rollable LED television by LG is one of the best examples of Product Innovation. Other good examples of product innovation are Nike, Spotify, Amazon. Business innovation ideas that stand out are shifting focus from mass production to mass customization, serving customers uniquely, as a service and differential experience. According to a study, 63% of the clients appreciate it when a company offers them a new / upgraded product. Product innovation can be of three different types.  A brand can develop an entirely new product.  The brand can improve the performance of an existing product.  Last but not least, the brand can add new features to the existing products.  Product Innovation for Business Growth   Expansion : Effective product innovation sires more developm...

  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...