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Innovation can help businesses meet several key goals, including boosting profits, creating innovative products and services, as well as establishing a unique customer appeal. It also helps companies keep their competitive edge in a dynamic marketplace, with more and more industries being disrupted by technological advancements.

Business innovations can take a variety of forms, including developing new products and services, enhancing processes and launching marketing campaigns and changing the culture of a company. They can also involve changes to existing services and products, such as adding new features or enhancing the customer service. The most effective innovations are those that are both new and useful.

The most innovative ideas do not lead to breakthroughs if they do not produce practical solutions to the real-world issues. A creative idea must be beneficial for both the business as well as its customers to be considered an innovative idea. This is why a company innovation is considered successful if it is innovative and useful.

In addition to generating new sources of value Business innovation that is successful can improve decision-making and problem solving throughout the company. It is crucial for companies to constantly monitor market trends and customer feedback to discover opportunities for business innovation.

It is usually best to look outside of the industry in which a business operates to discover innovative ideas. IBM, for example, was an innovator when it invented the modern accounting device after recognizing that banks in 1933 could not buy new machines due to the fact that they lacked funds.

The introduction of scleral lenses in eye surgery is another instance of business innovation. Alcon added a preservative to an enzyme that doctors used for 50 years to dissolving cataracts. This was a breakthrough in business that led to a completely new product as well as the creation of an international monopoly on the company.