It's no secret that innovation is essential for businesses to stay competitive and grow. However, it's not always easy to encourage innovation within an organisation. A recent study found that organisations with highly aligned business and innovation strategies and a pro-innovation culture have a 30% higher growth in their enterprise's value. In other words, innovation must be baked into the organisation's DNA to be genuinely effective; this means having a straightforward innovation process in place and creating an environment conducive to innovation. When employees feel like they can take risks and experiment without fear of failure, they are more likely to develop game-changing ideas. Therefore, organisations need to create a culture of innovation if they want to reap the rewards of increased growth.
