Market competition has increased immensely, and businesses need to think out of the box to survive in any industry today. This is where innovation comes into play, and companies, both big and small should think seriously about it. If a business today wishes to grow and develop, it should adopt innovation management strategies to establish its presence in the market and attract the targeted audience as well.
Michael Saltzstein – Why is innovation needed for success?
Michael Saltzstein is an esteemed businessman who has invaluable knowledge in the field of risk management in the United States. He says that not embracing innovation is business is a huge risk for companies today. He emphasizes the need for business owners to involve their employees in the innovation management process so that the company is able to progress faster. Often the management may not have innovative ideas when it comes to production and operations of the business. Asking employees who are directly involved in the business practices and processes help companies to get ideas which they later can innovate on in future.
Innovation and technology today go hand in hand
Mike Saltzstein adds that technology today has played a vital role in innovation success. Gone are the days when bigger companies had a competitive edge and were able to progress faster. Today, thanks to the advent of technology, small start-ups can wield the power of innovation to establish their presence in the market. More and more companies are coming up with extensive innovation management strategies and programs so that they can reach out to the targeted audience better to offer them value for money for their services or products at fair prices.
Innovation makes companies flexible especially in crisis
Innovation helps a company or business stay flexible. In fact, businesses are able to perform better when faced with a crisis, thanks to innovation. It is a skill that should be nurtured and embraced during times of change. Mike Saltzstein states that innovation does not always imply manufacturing products that are edge cutting in the industry- it refers to being innovative in the field of business procedures, practices, and operations as well.
However, one should not be confused with innovation and a new practice. Innovation implies novelty in existing practice, and it should be sustainable in the long run for the business to keep. Some businesses often fail to identify the sustainability factor, and they become complacent- this often leads to failure, and the motivation to continue with innovation dies out. So, businesses should be cautious and always take prudent steps!
Besides being an eminent businessman widely respected for his invaluable knowledge and wisdom in the field of risk management, Michael Saltzstein is keen on swimming. He is passionate about Olympic tournaments and likes to follow the techniques of professional swimmers. He says that swimming is an excellent stress buster and one of the best forms of physical exercise for people of any age group. When it comes to mastering swimming skills, he recommends one should learn under the supervision of a well experienced coach.