Use Innovation to grow your Business

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Innovation,

POSTED

February 27, 2021

Everyone in their businesses desires positive change. Business innovation refers to the process in which new practices, new services, new technology are introduced to grow a business. Technological innovation is being emphasised across the globe to flourish one's own business. 84% of executives have already realised the significance of innovation in their growth strategy, according to a survey by McKinsey.

The following points will justify how innovation can help your business to grow-

 

  • Improvement in sales 

Companies that use an innovative model for targeting audience using customised strategies are more trending and captivates the interest of customers. Ads will channelise more consumers to the company; sales of a company are likely to increase. More the revenue more will be the profit.

 

  • Reduction in wastes and costs

Technological innovation is done with the purpose to be environment-friendly, and with the environmentally friendly procedure, the wastage is likely to be reduced. Adapting innovation in the products and services that one company offers, a product's cost is likely to reduce, assuring minimal wastage. With the increased difference between cost price and market price, profits will also increase.

 

  • Boost the market's position

Innovation and technology give an edge over competitors due to better use of technology and creativity in one box. With more efficient usage, the quality of the service or product provided is enhanced, and the fundamentals creatively interact with the potential audience. Thus, an upper edge is gained by a company in the existing cut-throat competition.

 

  • Improvement in productivity

With more innovative business processes, machines' tiresome work is easily handled by machines, which give employees more time and resources to use their creativity at the workplace. This results in better use of manpower in their company and better use of employees' creative side.

 

  • Unique solution to problems

With the adoption of business innovation, solutions to unsolved problems may be found in the innovative practices adopted by a company. The creative solution improves the working of a company helps in its growth and advancement.

 Innovation can be promoted in markets by adopting a few practices:

 

  • Attractive reinforcements

Employees tend to be more adhering to changes if they have a reason to change. Reinforcements like higher pay, bonuses, gifts can motivate an employee and be more dedicated to transforming the company. 

 

  • Training to be innovative

Any new change could not be enforced properly if a company's workforce is not trained to handle it. Thus, appropriate training must be given at times to employees to encourage technological innovation in a company.

 

  • Regular brainstorming sessions

Ideas of all employees must be heard and implied if feasible. Brainstorming sessions could be held for employees, and creative ideas could be rewarded. This gives a new perspective to the growth strategy of a company.

 

  • A closer look at competitors

The landscape of today's business world is very competitive. A closer look at a company's competitors would give a company a keen perspective on its shortcomings. It also helps in adopting newer practices that might be already benefitting their competitors.

 

  • Getting an external perspective

Innovation could be promoted by taking tips from some external sources on the shortcomings of a company. It also helps in seeing the company from a perspective other than its employer.

Innovation is an important aspect in today's business world where cut-throat competition exists. The benefits of innovation are immense, and there are several ways in which a company could be improvised to innovate. But one needs a vision to see through and understand the situations. 

MIT ID Innovation is one such leading institution that strives for extending horizons and ensuring holistic development of potential minds to transform them into an asset for the industry. 

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    MIT Pune: The pioneer of MIT institutions

    The MIT Group of Institutions pioneered the revolutionary extension of higher training in Maharashtra. MIT Pune contributed to bringing high-quality education to every student who aspired to train under excellent faculty. With 32 years of expertise, the MIT Group now includes 64 institutions, more than 6,500 teaching and non-teaching professionals, and more than 12 sites across Maharashtra to meet the educational requirements of more than 50000 thousand students.

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    About MIT ID Innovation

    As you might expect, design innovation is a method for generating new ideas. It focuses on meeting people's demands with technologically possible solutions and developing a successful business plan to capitalize on this market potential. These are the criteria to which we, as people and as an Education Technology and Design start-up, adhere. It's something we do regularly; we aim to use Design Innovation to unleash the brilliant ideas of learners and lecturers so that they can (train youngsters too) take on today's and tomorrow's difficult issues.

    With a similar idea in mind, the MIT ID Innovation Programme was founded as a flagship under the MIT Institute of Design. It is a one-year program for self-motivated and enthusiastic students who want to develop cutting-edge goods, services, and companies for today's and tomorrow's worlds. To build a comprehensive approach to design and innovation, MIT ID Innovation offers one of the best innovation courses in India which integrates Technology, Design, and Business. Graduates and business professionals from various artistic, technological, and social science disciplines are welcome to apply. The curriculum framework is entirely project-based, with a strong emphasis on teaching practical and hands-on expertise.

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    An insight on the curriculum of the courses

    The institution intends to conduct hands-on initiatives aimed at offering comprehensive solutions. They offer an 'immersion' interface that allows for engagement with important companies and professional associations, making them one of the top innovation courses in India. The programme also assures demanding projects that cover a wide range of topics pertinent to our day. Students have the option of selecting themes from a variety of topics based on their interests and skills.
    Students will participate in faculty-led initiatives encompassing human-centred design, business administration, virtual and analogue design and development, effects analysis, technological possibilities, and scientific research & innovation throughout a half-year. The students will lead a 20-week major project to apply what they've learned and create a powerful, effective, and unique solution. Students participate in various learning activities, including taught courses, seminars, training courses, seminars, research excursions, and, most significantly, projects, throughout 50 weeks in the MIT ID program.
    The moment of rupture, which allows students to explore their true creativity and regularly assess their learning and development in the programme, is an important part of the curriculum. Immersions are designed to help students get insight into technology options for creating a concept a reality, about the individual and communities for whom they are creating, and about recognizing their capacity to make the difference they want to create.

    How does the curriculum of MIT ID benefit students?

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    Change your mindset about innovation

    This session will introduce the notion that innovation is a creative process that necessitates a change from a traditional mentality to one of experimenting and understanding through doing.

    Dashlessdash

    An initial program that allows students to collaborate with each other in the design thinking courses in India to develop a viable commercial, design, or technological solution, allowing them to relearn what they already know and apply a comprehensive methodology to innovation.

    Human-centered innovation

    Students will collaborate with a range of groups and institutions that work directly on social issues in order to offer meaningful solutions that address the pain points of the people for whom they are creating. This will conclude with an invention pitch in the form of a corporate presentation.

    4.0 World

    Learners will anticipate their visions of a futuristic society by charting geopolitical, financial, cultural, and technical trends and extrapolating human interactions, goods, and activities in each. They'd then propose solutions using a variety of mediums.

    Creating with digits

    This course focuses on virtual and analogue product design and development, culminating in demonstrations and a display. Students will develop sturdy prototypes to illustrate their ideas influenced by brand principles and new technology with the best design thinking courses in India.

    Significant undertaking

    Students will spend the second quarter of their VIF experience engaging alone or in groups of two to come up with a compelling large project that combines what they've learned so far in a disciplined structure to produce a comprehensive innovation.

    Courses offered in MIT ID Innovation

    PG Diploma in Innovation equivalent to MBA in Innovation

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    Design Thinking Courses

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    Digital Transformation Course

    The process of converting old company processes to new digital techniques to enhance efficiency and keep up with quickly changing market needs is known as digital transformation. For developing digital business transformation, digital innovations need a knowledge basis. Customer experiences, artificial intelligence, and supply chain advances such as IoT are examples of these systems. Learners must understand the procedures involved in implementing new digital transformations when they come down the chain.
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    User Experience Design Course

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    This course is designed for beginners. It is intended for students who have heard of "user experience" or "user interface" design but have little knowledge of these fields. The mantra is to understand the "Mind Set, Skill Set, Tool Set" of an Experience Designer.

    Conclusion

    While you're capturing your growth, strive to be ready with the next level of customer offering. Repeat the process of becoming a pioneer. The following stages in the value ladder that you might be able to provide should be foreseen, conceived, and tested as soon as possible.
    Students will learn about coming up with new ideas, doing research, and inventing. Not only that but also how to adapt their area of expertise (discipline) or a topic of great interest to their position as part of a dynamic and varied group of people. Every course student of MIT ID will work together to create a business plan that incorporates their collaborative skills.