Innovation itself is the foundation of sustained economic growth and prosperity.it is the using of new ideas and technology to add value to an existing idea or product and make sustainable changes to the society, this era has been full of innovation which has given rise to new technology and new services are being rendered so therefore, new industries has materialized, so what are the main reasons why we need to innovate? Why do we need to think outside the box? Here are my five reasons why an organization needs to innovate

Firstly, for competitive advantage. Today, business in all industries must find new ways to reinvent themselves to survive in the digital economy. For an industry to survive it must be sustainable and sustainability is unachievable without innovation. For example, simplifying your production process by using new technologies might allow you stay ahead of your fellow competitors. It is not a theory but a fact that Citibank made its competitors look old-fashioned when it introduced the ATM, even Sony grabbed the recorded music market with the introduction of the compact disc.

Secondly, we need to innovate so as to increase productivity, productivity is a significant factor in the survival of any business, and low productivity can lead to decrease profits while high productivity can lead to increased profit. Profit making is a crucial goal for all organization and pushing employees too hard to make profit can lead to lack of motivation, stress, fatigue all of which affect productivity of an organization. So in other to increase productivity of an organization, innovation is the key.

In addition, we need to innovate to obtain financing, public funds for innovation have doubled over the last decade and companies worldwide want to increase their productivity. Innovative projects benefit from numerous sources of start-up and business development funds such as loans, investment funds. According to research, Horizon 2020 is one of the biggest EU research and innovation program ever with nearly EUR 80 billion available funding for innovation.

Furthermore, we need to innovate for the progression of human-being, as we know that innovation creates new businesses, new businesses generates new jobs, as such new jobs produces the means for achieving personal well-being of humans. Innovative new products are very crucial to the advancement of any civilization, imagine if we had not advanced from the Stone Age, we get home after a rainy day and there is need to make fire just to warm up our body only for us to discover that the stone used in making the fire is also wet. Definitely we will need to wait for the stone to dry up before fire can be made, living life then would have been strenuous. All thanks to innovation, nobody has to go through such situation again, life has been made easy with technology. We have automatic room temperature control system in homes and work places nowadays.

Lastly, we need to innovate to ensure business survival, Albert Einstein quoted that insanity is doing the same over and over again and expecting a different result. A non-innovative organization resists change, they fail to look at rapidly changing business landscape and they fail to adapt - all of which can threaten business survival. For companies to survive a discontinuity, it has to face the unpleasant reality that they have to change who they are, what they do, how they do it. Innovation is very crucial for business survival.

From the above, it is clear and evident that innovation is very much needed in our society to enhance survival of human and businesses
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