Innovation as a Competitive Advantage

Innovation is a key driver of business success, but can seem like a daunting task for many leaders; it may be unclear how to increase it or foster it in teams. There is a widely held belief that innovation is the domain of “creative geniuses” or certain departments in an organisation. In reality, there are different types of innovation that include small incremental changes as well as big step changes. Furthermore, innovation can happen at all levels within an organisation. Individuals may generate ideas about how to improve services, and how to do things more efficiently or effectively. Managers can create a team environment where diverse ideas are shared openly and combined to create new ways of doing things. Similarly, leaders may create cultures where people are able to take calculated risks and where there is a focus on continuous learning and improvement.

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