Innovation is the key to success

The potential for innovation consists of several factors. These include an attitude to innovation and the scale of operations, as well as the organization itself. The first factor, namely the attitude to innovation, is reflected in the ambition, thanks to which companies can carry out interesting projects, as well as acquire financing for their implementation. The next factor, i.e. the scale of organization, significantly facilitates the commercialization of completed projects. The last factor, organization, allows for the implementation of an iterative cycle of innovation creation, and also allows for the continuous development of the company.

Especially today, in the tough times associated with the COVID-19 pandemic, it is important to be able to build innovative business solutions, all the activities associated with innovating a company can contribute to its success.

How can a company become innovative? What factors contribute to this process?

– precise definition of company’s objectives

– defining an innovation implementation strategy

– prioritizing innovation projects – select and prioritize the most valuable and viable initiatives

– ensuring appropriate conditions for the development of initiatives that contribute to the growth of the company

– defining strategic areas of development

– Increased management commitment.

Implementing innovation in the company – good practice

An example of an innovation that you can apply to your business is artificial intelligence (AI)-an innovation that makes customer service much faster and easier. AI is often used in medicine and sales. Systems that rely on AI can analyze millions of user activities simultaneously, which is ideal for service companies. This innovation is very important, because the lack of development in this direction can exclude the company from the mainstream in the market.

One company that has decided to incorporate the aforementioned innovation into their business is Under Armour.

Under Armour is an American manufacturer of sports clothing and accessories. This company decided to use artificial intelligence in its MyFitnessPal app. This app is used to monitor physical activity and determines daily calorie balance, so it acts as a personal nutrition advisor and fitness trainer at the same time. Users of the app can upload photos of the meals they have eaten, and the app, thanks to advanced image recognition, recognizes the contents of the meal and calculates the nutrients.

The company’s implementation of this innovation has made using the application much easier and has deepened the company’s relationship with its customers.

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