Fill in the Blanks Business innovationOnline version Complete the text by VICTOR Mon 1 demand left relevant rewarded companies advances Most know they must innovate to keep up with the market ? s pace of change . With technological disrupting all industries , companies must innovate in order to stay and not be behind . In fact , innovative companies are not only for being ready for the future , but also with top talent and increased consumer . 2 latest revenue efficient launching services core leads time boosting processes changes What is business innovation ? Business innovation is when companies implement new , ideas , services , or products with the goal of the bottom line . It could mean new and improved products or ( which can lead to higher revenue ) , making an existing process more , or solving a current business problem ( both of which cut down on costs and save ) . A business focus on brainstorming , design thinking , or the establishment of an innovation lab can drive business innovations . The key element of innovation is that it drives for the company . What isn't business innovation While some use it as a buzzword for simply using the technology or making change for change ? s sake , the definition of " innovation " is limited to to the business of an organization that to growth . 3 Consumers mission existing disruptors less Why is business innovation important ? 1 . Getting ahead of potential disruption When done right , business innovation takes stock of where the market is going due to potential or changing consumer demands . 2 . Increased efficiency A lot of business innovation happens by making business processes costly , less time - consuming to complete , and more sustainable . 3 . Talent attraction and retention More than ever , employees ? particularly millennials and Gen Z ? want to work for - driven , fast - moving companies that they believe have a bright future . 4 . Brand perception are more willing to buy from companies they perceive to be innovative and socially conscious . 4 way interacting offering completely Designing money Types of business innovation Product innovation Creating a new product that ? s adjacent to a business ? s core . Think of Dyson extending into hand dryers or Apple launching the smartphone . Process innovation a new way to be more efficient in the core business . Examples of this include Amazon using robots in the warehouse , or Chase Bank implementing mobile check deposit . Business model innovation Introducing a new of making or saving , such as Zipcar launching car - sharing subscriptions , or Rent the Runway offering a subscription service for clothing rental . Delivery innovation Implementing a new way of with customers . This happens when a company like Zappos puts customer service first , or Tesla makes it possible to buy cars online .
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