Business innovation as a key factor for smes

It’s no secret: small and medium-sized businesses are essential in the global economy. They have earned this status thanks to their unique characteristics: they are more dynamic, adaptable to changes and very flexible. But also, companies in this segment are more capable of generating business innovation , a vital condition to maintain this level of participation. Theorists and renowned directors of organizations agree in granting innovation an essential role in growth and improving productivity . Today, no one doubts that smes are part of the main driving forces of economic growth and job creation. The figures could not be more forceful: close to 90% of all companies in the world are small or medium-sized. Furthermore, its percentage of total employment generation in the private sector is between.

These values ​​are surpassed

Smes constitute 98.97% of the national business fabric and employ 64.22% of the workforce. Therefore, promoting business innovation in this segment is critical to strengthening the economy in its entirety. What is business innovation? In practical terms, we can say that innovations USA WhatsApp Number List are the procedures by which a company creates new products and services. However, in a more concrete perspective, business innovation is the implementation of new or obviously improved goods, services or processes. And this concept can be extended to the incorporation of a new technique or organizational model in the operation of the business and even a different marketing or customer relationship management . By the way, it is important not to confuse innovation and creativity, two terms that are often treated as synonyms.

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Creativity is a desirable soft skill

Members of the staff that consists of the generation of both individual and group ideas. On the other hand, innovation involves transforming ideas into new products, services or processes. Indeed, a creative idea raised in a brainstorming session by any manager or collaborator does not always Afghanistan WhatsApp Number List usually become an innovation. But, although it may sound obvious, innovation is not possible without creative ideas. Therefore, creativity and inventiveness, as the foundations of innovation, are skills that must be encouraged among team members. Such characteristics should not be exclusive to managers or owners, who could act as leaders of innovation processes . Of course: stimulating creative and innovative activities. Types of business innovation taking into consideration the breadth of the definition set forth above, it is relevant to distinguish the different types of business innovation that arise from it.

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