Business innovation is the key to success for a company, enterprise, and startups. It is must if you would like to stick in the market with the product or services you’ve been offering. There are many examples of big companies losing their grounds for not adapting to the latest technology or not changing their business process as per the changing scenario.
Being an entrepreneur, you need to keep update yourself with the latest technology trends those could be useful for your business and market. That doesn’t mean that you should be tech savvy, rather you need to update your business process and there should be an improvement in terms of achieving high sales or foraying into another market.
The term ‘business innovation’ means how you are handling your business and staying ahead of your competitors in terms of market, operations, sales, and technology wise. It also indicates adoption some remarkable changes in your business to distinguish your product, business, the process from others.
There are three models of business innovation viz., industry model innovation, revenue model innovation and enterprise model innovation. These three models suggest how the business innovation is changing the value chain.
A value chain is a set of activities that a firm operating in a specific industry performs in order to deliver a valuable product or service for the market. The value chain covers both activities – primary (Logistics, Operations, Outbound Logistics, Marketing and Sales, and Service) and secondary (Procurement, Human Resource Management, Technological Development and Infrastructure).
When it comes to the enterprise model of innovation, SaaS applications would useful in redefining the entire process. Currently, the cloud ERP software is helping enterprises to optimize their process, including sales, inventory, manufacturing, accounting, invoicing, human resource management, operations, etc. The global cloud ERP market is expected to grow at a faster pace by 2020.
The ERP software will be useful for your business innovation. You can use the application to streamline the all the major process and take competitive advantage. The application would be essential for the small business in all the verticals including manufacturing, logistics, supply chain, etc. While working on the business innovation for your enterprise, you need to focus on the technology and software that would boost your sales as well as revenue.
ERP application will be helpful in handling both primary and secondary activities. There are around 2500 modules are available in the ERP applications, and you have the choice to optimize not all but the very important processes of your business.
Your business process is entirely different from others. When you are planning to focus on business innovation, you could also focus on the software applications, including cloud ERP, which would save your time as well as budget.