Innovation Practices of our Company
Innovation Practices of our Company
In today’s business world, technologies are more complex than ever and innovation has become global. The advance of digitization has made the connection to and sharing of data between digital devices possible. This connectivity allows anyone to develop an Internet-based business with new opportunities for trade. The technological advances available to our company allow us to innovate more efficiently and reach a wider audience. We make use of many of today’s products.
Social media makes it possible to reach a greater number of potential customers than in the past. We send targeted emails to a particular group of customers. Dedicated mobile phone applications and mobile-friendly websites allow our business to reach even those who do not have a computer.
We make innovation a major piece of our business plan. This affects our company in several ways. It encourages our employees to invent or create new products. Innovation helps to increase the value of our business, making it more attractive to shareholders by improving our business growth and bottom line.
Our company’s most important asset, the customer, has more control over their life today than in the past. This means that our company is ready to make use of whatever innovative changes are necessary in order to outperform our competitors and improve our own customers’ experiences.
Innovation is at the heart of success for every business. For Shakvihimam, innovation is the key to gaining market share in an increasingly competitive global marketplace. Through innovation, Shakvihimam can identify opportunities for growth, improve internal processes, develop cutting edge products, break into new markets, and redefine the way our employees work.
Using innovation within our company usually means introducing something new to the existing business plan. There are numerous ways to do this. For instance, a new product can be added to our company’s product line. Another choice is to increase the productivity and efficiency of our business. Within our company, these two skills help position us on the path to success. Since we find opportunities for change through innovation, we have no problem surviving any adverse economic conditions we may face in the future.
Innovation works best when combined with creativity. Without some degree of creativity, innovation cannot take place. Creativity is the ability to come up with unique ideas while innovation is the implementation of those ideas. This may result in a new product or the solution of a problem. One way to achieve this is by encouraging employees to “think outside the box,” thus helping them to explore new ideas.
Innovation in an Internet business can take several forms. An internet entrepreneur studies the marketplace to understand how innovation can positively add to the experience of his company's customers. Adapting a product to match the changing marketplace will positively influence the value of the business in the eyes of the customers. The use of new technology or techniques to improve a product is another innovative technique available to an internet entrepreneur.
Many innovative ideas come to one out of the blue, without purposely looking for them. However, to have a successful business, innovation should be a big part of the business plan for a company. An internet entrepreneur should know how he envisions the development of his business. He needs to research who and where his competitors are. By doing a little research, one can assess the competition by researching their products, their prices and the customers purchasing their products. By doing this, an internet entrepreneur may find an area they can exploit.
Although an internet entrepreneur may know who his customer base is, it is also important for him to be able to communicate with the customers effectively. This means that the internet entrepreneur must listen to them as well as observe them around current products. In this manner, the internet entrepreneur can develop innovative ideas to improve the customers’ experiences at a chosen Internet business.
When deciding to put forth and implement an innovative step, it is important to look ahead to see the impact that step might have on the business. Will the staff need special training? How will the new step be financed? Will there be a need for additional resources? These are just a few questions an internet entrepreneur must answer when deciding to use a particular innovation in a business plan.
Funding of a business operating on the Internet also needs innovation to continue its growth. Funds can come from several sources. These include well-known sources such as using one’s own funds or obtaining loans from a bank. Other sources not so common include applying for government programs as well as tax credits and refunds for development and research spending.
Innovation is not simply about making money; it's about effecting change at every level of our company which, in turn, will enhance satisfaction of internal and external shareholders. By incorporating the workforce, using technology, and incentivizing great ideas, our company innovates on the same level as companies with tangible locations. Discover the best innovation practices employed by our company -
We Prioritize Innovation
At our company, the CEO is so much more than just a figurehead. In fact, it is our belief that he sets the tone for the entire business. With a dedication to effectiveness, efficiency and communication, our top officer manages to infuse the entire company with a sense of duty and ingenuity. Focusing on the power of innovation—and dedicating resources into supporting it—our CEO excels at exemplifying the way in which all employees at our company behave. For him, it is not enough to just have a mission statement and leave it at that; he prefers to lead by example. What’s our definition of an effective and innovative CEO? We value the following characteristics in a CEO. Anything less is unacceptable.
(a) The Ability to Appropriately Delegate Tasks - An effective CEO instils customers' confidence and works hard to keep their trust. In order to do so, he relies on his team and assigns tasks to the most qualified individual or group for each project based on the project requirements and the talent of each individual employee involved. The CEO will then either directly oversee the progress or the project. Alternatively, the CEO may assign a suitable project manager if multiple projects are underway. Regardless, the CEO is ultimately responsible for the success or the failure of each project, so he takes time to read project updates and reports and work with the employee or team project leader to ensure only the best product reaches the customer. In the long run, this sort of hands-on management inspires employees to create innovative projects or ideas.
(b) The Ability to Set and Reach Attainable and Measurable Goals - A solid business model includes daily, weekly, monthly and annual business objectives. An effective CEO motivates his employees to regularly set and meet measurable goals. He understands the task required and is able to accurately set an achievable deadline. Employees are not afraid to come to an effective CEO and discuss problems on any project. When his employees have issues, they are addressed so that meeting deadlines are met despite the obstacle. If it is determined a goal cannot be met, immediate action is required to correct the situation. It is this attention to detail that creates a warm and productive work force that is eager to please management, produce excellent work and become innovative trendsetters among their peers. It is also equally important to reward those who meet objectives.
(c) The Ability to Effectively Communicate - Communication is key when it comes to running a successful business. An effective CEO keeps his employees and shareholders up to date on the latest company objectives and in-house achievements. He is also able to effectively communicate with project managers in order to ensure that productivity continues at the optimal rate. It's imperative that CEOs have the ability and concern to put away their smartphones, turn away from their computers and focus on the person in front of them. They must listen. They must sympathize. Many CEOs forget that their employees typically deal with situations, equipment and customers and have a better understanding of a problem than they do themselves. Employees may have a better solution to a problem since they work in the field. Personal relationships with employees and customers is imperative when it comes to effectively managing a business and encouraging innovative ideas.
These days, it is becoming more and more important for businesses to differentiate themselves from the competition. With the speed of business rapidly expanding into the future, it is imperative that our executives are leaders in the true sense of the word. Our CEO believes that extraordinary customer service will set us apart, which is why we possess such a dazzling reputation in such a competitive field. When employees come up with brilliant new strategies, they are rewarded. When shareholders and customers contact us with suggestions as to how we can improve, we take their comments to heart. With an open-door policy that sparks growth and encourages input from everyone who interacts with us, our CEO has truly transformed our start-up into a successful venture. Our numbers don't lie, and our customers can attest to the fact that our CEO's philosophy works exceptionally well when put into practice.
We Choose Leaders Who Value Innovation
As our company continues to expand and experience increasing levels of success, we understand that the responsibility for overseeing our collaborative innovation program cannot rest upon our CEO alone. Our leadership team consists of executives who foster a culture that respects and promotes creativity and innovative achievement. In our experience, we see that it is essential for the leaders of our finance, sales and marketing departments to share a deep understanding of the importance of creative thinking. The value of innovation drives our leadership team to promote it throughout the company.
Using the Marketing Department as Inspiration for Innovators
Each department can have a dramatic effect on our company’s success by focusing on the aspects of our business that they know best, but marketing has an affinity for innovation that makes it especially influential. Marketing has the capability of understanding what the customer wants and relaying the information to management. Innovators can focus on meeting customer preferences when they have a target to hit, and marketing serves as a two-way communication system that facilitates the transfer of information. Customers may have an impression that companies do not listen to them when they say what they want, but businesses that have an innovation-driven marketing department can change that view. By listening to customers’ suggestions and setting them up as goals for innovators, the marketing department can have a basis for describing a new product or feature with accuracy and authenticity.
Gaining Support for Innovation from Finance and Accounting
The role that finance plays in supporting innovation in our company may surprise anyone who has a traditional view of a finance department. Our experience shows that accountants have incisive insights that make them capable of generating ideas that may not occur to others who lack knowledge of commercial concepts. They occupy a unique position that allows them to assess needs and allocate funds for innovations that have the potential for return on investment. With their knowledge of markets, they can access opportunities for external finance when we need it, but we have so far arranged to fund our innovation from our retained earnings. We prefer to use internal funding instead of external which incurs significant expense. Our accountants assess the value of inventions and technologies that may have an effect on our industry and our position as a leader in innovative research and implementation. While many companies fail to see their finance department and accountants as sources of vision, we empower ours to think creatively and contribute to our collaborative innovation program.
Benefiting from a Shared Emphasis on Sales and Innovation
Far from uncommon bedfellows, sales and innovation have more shared interests than many may think. While the primary purpose of sales in our company is to generate revenue, it shares vision and mission with innovation. Their association allows our company to provide our customers with enhanced products and features that make return visits a frequent occurrence. Our sales department maintains consistent observation of product performance and its successes or failures, and innovators can find an alternative that addresses critical issues. When the innovative team knows which features work and which ones fail to register the approval of our customer base, the company has the tools to make a course correction promptly. Our innovation program delivers good ideas for products, but it cannot convert them into success for the company without the dedicated efforts or our aggressive sales team. Our innovators work closely with sales to develop testing methods that may reveal a need for refinement when necessary, and their collaborative work produces a product or feature that our customers appreciate.
We Invest in Research and Development
Often thought of as the backbone of innovation, research and development into new markets and products can lead to successful advances within our company. Even if it causes us to reduce investment in some divisions to fund others, we understand the need to compete with ourselves in this way. Modern examples of successful innovation prove the validity of the strategy that enhances corporate staying power and increases market share.
Justifying the Expense
The design of new products and features is essential to our business, and it contributes significantly to our leadership in a competitive field. We prefer to develop a path forward with our company’s resources instead of waiting to see the innovations that others produce. The need for research and development coincides with the advancements in technology as well as the changes that our customers expect. The significance of facing the challenges of maintaining our leadership position in the market makes the process a crucial factor in our success. We acknowledge that the cost of technological innovation is often high, but we believe that its value to our company justifies it while producing returns that exceed our expectations in many cases.
Our accountants view research and development as an asset that has the potential to produce economic benefits in the future, a key component of our long-range planning procedure. The percentage of success of products that results from research and development is typically low for companies that invest in it, and we understand that much of the process produces errors. Still, it represents our brand as well as our leadership position, and we respect the value that it gives to our company.
Sharing Participation
The advances that research and development provide help us maintain the interest of existing customers and attract new ones. The attention that innovation generates among our customer base reinforces our determination to keep research and development at the forefront of our business. As the cradle of innovative thought, it allows us to experiment with concepts that produce features that fascinate our customers and encourage them to remain loyal to us as regular customers to our website. Each success that comes from our research and development department corresponds to an increase in website visits and sales.
Collaboration between our marketing, sales and research and development departments makes each of them more productive for our company. The data that marketing develops provides the impetus that the researchers and developers can use to formulate new products and features. Concurrently, the sales department benefits from the boost in website visits that our innovations produce. We carefully monitor the relationship to make sure that the emphasis that each area receives remains in balance with the others. A focus on any single department can curtail the efficiency of the others. We guide our divisions to focus on our customers’ needs and preferences, and the feedback that we receive gives us a reliable guide that helps our divisions work in a collaborative balance that benefits our company.
While some companies may conduct research and development without emphasizing innovation, and others may choose to support a group of innovative thinkers only, we find that our business model requires both. The final measure of success from the combined efforts of research, development and innovation is the production of new features on our existing products or an entry into a new market. Innovation is a natural outgrowth of research and development in our company, and the shared participation by the divisions produces the market advantage that keeps us in a leadership position. Our customers appreciate the access to the latest technology that we provide.
We Enhance Agility Across the Enterprise
At our company, we strive to differentiate ourselves in a good way. In a world that is so often black and white, sometimes it can be difficult to explain to job applicants and candidates that our business operates on a more dynamic foundation. Ever since our inception, our founder and CEO has made it clear that innovativeness is highly rewarded and encouraged here. Employees are challenged to think outside of the box, generating new ideas on a daily basis. For those who are accustomed to the "old way of doing business", this can sometimes be quite an adjustment. Although many hopeful employees include cross-functionality as one of their attributes, many do not understand what it takes to work in a truly cross-functional environment, challenging the status quo and attempting to do what no one has done before.
Agility is one of our most prized traits here. Although we may hire an employee for a certain task, time and circumstances may dictate that they will need to temporarily step into another role to serve the company's needs for a new project. Because we move at a rapid pace, all of our employees must demonstrate agility and adaptability. By working together to identify each staff members' strengths and weaknesses, our honest approach puts us ahead of the pack. Once we are able to identify traits that will serve certain tasks, we can put all of our innovative ideas in motion. In today's environment—and especially for an internet business—all employees must be able to function as team players. At our company, everyone is treated equally. Those with exceptional ideas are promoted to positions that will serve them—and the company as a whole.
As soon as new employees start working with us, they discover just how different our ideology is. While other companies may preach that they want employees who are innovative and create disruptive ideas, they usually do not boast the infrastructure to support true sparks of genius. Because our internet business was founded on the principle of change, we understand how to use our brilliant employees, allowing them to flourish in their respective positions. Since an interview process can only reveal so much, we often uncover our employees' hidden talents after they start working for us.
At many businesses, managers become threatened when their subordinates reveal their gifts. Fortunately, this is not the case at our company. Because we were founded upon the principle that good ideas move a company ahead, everyone who is in a supervisory position has been trained to spot certain skills and natural talents and then put people to work on the right types of tasks. In fact, it is our firm belief that micromanagement is not an effective strategy. We provide our employees with ample time to dream—and to strategize, helping us to create a better business at the end of the day. With an intensive hiring process, we are able to suss out the employees who will be able to exercise flexibility and agility in their roles.
Although our approach may be considered unconventional, studies have proven time and time again that this is the type of environment in which individual contributors are able to reach for the stars and achieve their goals. It's also the kind of environment in which businesses can benefit. Every time and employee brainstorms a new way to take the company to the next level, the business receives a boost. With a special focus on making major headway in our chosen field, we are willing to tackle the difficult challenges that other companies are incapable of mastering.
We Plan to Experience the Effects of Risk
Business owners expect challenges that create risk in meeting payroll, attracting customers, controlling operating costs, achieving production schedules and maintaining quality. Companies that invest in innovation accept a higher level of risk that presents challenges that differ from the usual standard that many accept as the cost of doing business. Our approach resembles investing in traditional research and development as we prepare to absorb the consequences of risk to maintain our market position while we innovate. As a leader in innovation, our company may invest a portion of our profits in developing a financial buffer or plan for tolerating risk in other ways. We know that it is common for businesses to experience some losses during the innovation process.
Considering the Risks
Our company secures its position as a leader in internet services with a firm commitment to technology, innovation and reliability among other components of our business model. Our customers expect us to use the advanced technology that provides the most exceptional ease of access to our website and products, and they rely on our fixed price and consistently superior performance. They enjoy the benefits of our commitment to innovation without recognizing the risk that we accept to produce the results that keep us on the leading edge and ahead of our competitors.
Among the risks that confront us as we dedicate resources to innovation is the likelihood of competition from companies who may imitate our product without experiencing any of the expenses associated with its development. The highly competitive environment on the internet encourages companies to seek any position that seems profitable. Our free and open website allows unrestricted access to anyone who wants to see our latest innovations. The cost of development creates a demand that we accept as a necessity, and we provide funds for collaborative innovation. At the same time, we understand that diverting support to it deprives the company of other investment, expansion or maintenance opportunities. A factor that heightens the significance of the risk that we undertake by investing in innovation is the uncertainty of the return on our investment. We know that our decision to pursue change poses risks, but they are ones that we accept to retain our leadership position in the field.
Benefiting from Innovation
A collateral benefit of our innovation policy is the positive effect that it has on our employees. They like to work for a company that continues to seek improvements that make our website a leader in its field. We find that our employee retention rate is higher than some other companies, and we credit our customer outreach methods for contributing to a satisfied workforce. Requests for customer service tend to diminish with each innovative improvement that we implement.
With the acceptance of risk comes reward in some instances, and we have had extraordinary success in achieving our goals through innovation. Our efforts give us a higher quality product that results in improved customer satisfaction, a key motivating factor for taking risks. Our marketing and legal departments assume the responsibility for promoting any new products or features that provide more sales on our website and an increase in profits as well. We consistently seek innovations that increase the value of our product and service, and our customer base rewards us for it. Our forward-leaning posture in business requires us to find ways to give customers more for their money. While some enterprises promise more and deliver less, we choose to promise less and deliver more. The enhancements that we make to our service requires analysis, imagination and ability to anticipate the needs of our customers.
We Foster a Collaborative Environment
The promotion of innovation within our company allows us to challenge our employees to make significant gains that improve our product and our service. To nurture it in the development process, we achieve an understanding with our employees that welcomes and values innovative ideas. We foster a collaborative environment within every department that encourages employees to participate in the process. For our company, we have chosen a proven method of supporting innovation that provides a virtual space and invites employees to contribute ideas. We believe that a shared workspace creates an inviting area where employees can securely submit ideas for internal distribution. The collaborative process invites participation by experienced innovators and novices as well, and the virtual space generates opportunities for unique activity.
Involving Company-wide Participation
A shared virtual space provides a work area where employees of essential business functions in our company can meet to develop innovative concepts for new products. Our collaborative innovation process allows all stakeholders to review and contribute organically ahead of subsequently evaluating a completed project. Our research and development teams need input from our operations, finance, marketing and legal departments on an on-going basis, and we increase efficiency through a virtual workspace. By encompassing cross-functional divisions of our company, we achieve results that surpass any that we have developed through traditional methods. We institute an orderly workflow that keeps everyone apprised of the status of each project, assignments and milestone due dates.
Gaining Strength with Virtual Collaboration
In the competitive environment on the internet, our company surpasses the competition with the forward-thinking processes that we implement. While other companies continue the old practice of meetings that occupy time and often produce little, our use of a virtual workspace that participants can access at any time increases our efficiency and productivity. Creativity occurs at different times of the day for innovative thinkers, and the virtual space offers a perfect place for submitting an idea. The shared concepts allow us to proceed with speed that keeps us ahead of our competitors, a highly valuable component of our enterprise. Almost everyone who has worked alone understands the constraints that occur when the creative process seems to stall and become unproductive. In the virtual space, collaborative innovation allows contributors to gain energy and vitality from seeing the project advance through the combined efforts of others.
Isolation may work well for some companies, but it has not shown the potential for progress that we receive from the collaborative method. We find value in encouraging our employees to communicate and fraternize virtually and physically, and we avoid the silos that store information without sharing it. Our company strives to prevent barriers from displacing the flow of information that makes our business the efficient operation that distinguishes us from our competitors. We understand that creating an innovative concept may take a long time in some cases, but we firmly support the process that allows it to develop without the pressure of deadlines.
Sharing the Benefits of Diversity
Our collaborative innovation program achieves success by incorporating the efforts of employees who have diverse backgrounds, experience and training. Representatives from our company’s departments bring a focus that features skill sets that they know well, and the blend of expertise from all segments of our business provides the mix of talent and creativity that produces the results that we prefer. Advanced technology allows us to implement the virtual space that unites us in pursuit of excellence in innovation. We rely on it for contact with our customers and to harness the energy of our innovative thinkers into a dominant force for our business.
We Review and Recognize Innovation
Innovation is not an exact science, and not every idea is good enough to put into practice. As a company that incorporates creativity into every aspect of our business, we hold it in high regard. Our appreciation of its value ensures our review and recognition of each innovative practice that our employees recommend. We develop a system of checks and balances to review creative and original proposals and reward the source of those ideas. Our experience shows that recognition within our company increases employee morale and enhances retention, and we respect the inclusiveness that it provides. Our innovation award system further rewards top contributors and creates a win-win situation for our employees and for us.
Providing Opportunities for Everyone
Employees in our company provide the crucial link to our customer base that drives our success, and we have a clear-eyed view of their importance to us. We avoid a misconception that limits the productivity of companies that seem to believe that the best ideas come from top levels of management. With enthusiasm and appreciation, we acknowledge that some of the most valuable concepts come from employees who interact with our customer base. The ideas that they contribute to the operation of our company have intrinsic value that we strive to review and acknowledge regularly. Our reward program offers a consistently fair system of appreciation and recognition, but our employees understand that not every idea merits inclusion in our business. Our even-handed evaluation of innovative concepts assures each employee of a chance for attention but does not constitute a guarantee or an entitlement that can diminish the significance of our program.
Making a Difference
The visibility that our company enjoys on the internet tends to heighten the significance of innovation. It offers more exposure that lets customers see the difference that an intelligent and creative modification can make on an existing feature. Our employees can receive recognition and appreciation from customers who benefit from innovative enhancements even though the praise does not identify any specific person. A contribution that helps the company gain more customers or provide satisfaction for existing customers brings its own rewards, and our employees take pride in making a difference in a meaningful way.
Our awards program enhances our employees’ experience of contributing to our success through internal recognition within the company. The volume of customers who visit our website can see the innovative improvements that a creative employee has made, and there is satisfaction in knowing that. Many jobs allow employees to contribute in ways that do not attract attention, but we have a unique platform that allows our employees to see the difference that their ideas make to people who appreciate them. The recognition that we provide for our contributors may satisfy some employees more than a financial award, but we make sure to give both to worthy recipients.
Providing Recognition by Top Executives
One of the benefits of our award system is the opportunity that it provides for our employees to see one of their fellows at the center of attention. We understand the importance of the “boss” knowing about an exceptional contribution and the person who made it. An employee’s supervisor can offer praise and express appreciation for innovation, and it is a practice that we endorse and expect from our managers. However, it does not have the same weight or significance as a presentation by one of our management team or our CEO. Employees who receive awards and those who observe a presentation take note of the importance that we place on recognizing those who achieve significant goals for us.
We Incentivize Innovation in our Company
Recognition for a job well done tends to improve employee morale, but our company endorses a more tangible way to reward the employees whose originality and creativity benefit us. We link innovation to compensation or other forms of appreciation such as recognition or a day off from work. Our expressions of gratitude encourage our employees to use their unique powers of observation and imagination to increase corporate profits and to benefit them personally in some meaningful way. Our experience guides us to select the forms of compensation that please our employees and encourage participation in our company-wide innovation program.
Creating Monthly Competitions
The competitiveness that shows up in human nature generates energy and vigor that spur employee interest in innovation. In our corporate culture, we use open innovation to good effect by combining competition with fun activities that attract participation. The format of our structure allows each participant to conduct a presentation that describes the concept, its purpose, its application to a product and its estimated value to the company.
To ensure participation in the competitions, we offer an online explanation of the process that employees may access to learn the rules. A concise statement of a proposed idea enters an employee into consideration for the competition, and our panel of innovation judges chooses the entries that have merit. Each proposal receives a prompt review that encourages employees to submit ideas for acceptance by the experienced and impartial judges. The process produces excellent results for us by appealing to our employees’ competitive spirit. We have found that even the most reticent and retiring employee has ideas for innovation that greatly benefit our company and create an incentive for the innovator as well.
Developing the Most Valuable Player Rewards
Competition is the key to choosing the most valuable player (MVP) as well, and a primary component is the frequency of the announcement of winners. We make our rewards commensurate with the value of each innovation, and we receive far more ideas for small projects than for large ones. Employees have the option to gather concepts and creative notions from our customer base and to submit them in the MVP contest. Over a span of years in which we have challenged our employees to develop innovation for us, we have found that short intervals between competitions satisfy them more efficiently than other methods.
An alternative approach to our monthly rewards program is the presentation of a significant award once each year, but the short-term format produces the results that we prefer. A long wait for a prize often causes employees to lose interest and drop out of competition while the shorter amount of time between announcements seems to maintain their active interest. We make sure to compensate our employees fairly whether the prize that they win occurs on a monthly or an annual basis. Their contact with our customer base is crucial to our success, and we enjoy rewarding them for their contributions to our company.
Compensating Employees Individually with Payroll Rewards
A payroll award offers employees the most sedate form of appreciation that our company supports, and it may remain unknown to the staff unless the recipient chooses to announce it. Some of our employees prefer to receive an award privately instead of through a company-wide presentation that focuses attention on an often shy and retiring person. We take care to scale our awards to match the value of the innovation, and we observe individual preferences when we issue a reward. Our company receives significant benefits from using an appreciation method that lets recipients enjoy a reward without attracting public recognition.
We Learn from Failed Attempts to Innovate
Successful business owners find ways to turn failures into beneficial experiences that strengthen their resolve and deepen their knowledge. Innovative ideas usually seem fantastic on paper, but they may not always work in a practical application. Our experience shows that failure occurs at a higher rate of frequency than success, and we accept it as an integral part of the development process. Innovation involves numerous trials and errors, and each failure helps us reduce the possibility of future mistakes.
Maintaining a Positive Outlook
Our expectation of success gives us the tolerance to accept the time and expense that comprise the development process. While we have patience with the necessity of failure, we implement an orderly approach to exploration that prevents making the same mistake twice. Our systematic method of evaluating the merits of a product involves a rigorous adherence to documentation that guides a succession of tests and produces a reliable product. One of our most important rules about innovation reminds us to keep striving for the right results even if the initial attempts fail.
We find that the strength of our corporate culture encourages orderly experimentation that leads to innovation. Controlled experiments allow us to change only one aspect of a product or feature at a time, and we record the results of each one. The ancient alchemists who sought to make gold may have achieved success if they had used the scientific method. We develop products that enhance our service and give it the appeal that our customer base often regards as golden for the satisfaction that it provides. We welcome the opportunity to encourage our innovation team to engage in experimentation. By embracing the reality of the likelihood of failure, we expect it and do not fear it. Avoidance of a failure as a certainty is counterproductive in our corporate culture. We prefer to accept it and take advantage of the lessons that it provides.
Instilling Acceptance
From our experience, we understand that it is not easy for some employees to accept the concept of failure as success. It is essential to our position as a leader in innovation for everyone to embrace it. Our approach tends to free our innovation team and others from the grip of fear that failure can instil by replacing it with acceptance. We know that our policy is unique, but it is one component of our business model that keeps us ahead of our competition. Our employees benefit from the empowerment that we give them, and it promotes creativity that leads to productivity in the long run. We remove any obstacles that may deter their ability to have open access to imagination. The acceptance of experimentation with its vicissitudes gives our employees the assurance that they need to make the advances in innovation that characterize our enterprise.
Incorporating Customer Input
Our employees provide the most reliable link to our customer base, and they occupy a crucially important role in assessing the preferences that we convert into features. A concept for a new product or feature often results from the contact that an employee has with a customer. Through our employees, we have access to an abundant harvest of customer opinions. We use their input to continue doing what we do, change it or implement a feature or service that is entirely new. Our experience indicates that the acceptance of customer input increases loyalty to our company and empowers our employees to develop two-way communication. Our company policy creates an atmosphere that recognizes the importance of giving customers what they want. We understand that when customers win, everybody shares in the victory.
Innovation Produces a Lasting Brand
Continuous improvement of an established brand maintains customer interest, and innovation provides a way to achieve it. The qualities that make our customers choose us over our competitors motivate us to pursue creative approaches to developing our product. Our adoption of fresh concepts and new ideas reflects our emphasis on the importance of innovation in coping with changing market conditions.
Charting an Innovative Path to Success
Our successful business does not rely on the stock market's fluctuations or dismal news about the economy. We focus on aspects of commerce that we can affect while putting aside those that we cannot influence. Our investment in the concept of innovation marks a sharp contrast with investing in stocks. Instead of worrying about whether the market is going to go up or down, our company’s reliance on implementing innovation as its guiding principle keeps us headed in a northerly direction.
Our positive approach helps us develop creative and innovative features that enhance our business and please our customers. Opportunities to expand our customer base come through our dedication to innovation and our commitment to satisfying preferences that we perceive through research. Product improvement within our successful business model allows us to retain a high rate of recognition among our customers who expect the exceptional level of quality that we provide. We use innovation to enhance our business while maintaining the features that our customer base expects from us.
Developing a Team
Our proven approach to developing a brand that supports innovation in business relies on hiring an outstanding team that can investigate and adopt new concepts. We choose team members who can visualize original features and refinements that have extraordinary value. A small change in the presentation of a standard feature may have escaped attention until an innovative team member spots it as an obvious way to make a significant improvement.
To provide an environment that allows innovation to thrive, we create a positive and supportive atmosphere that welcomes ideas for any improvement with any degree of practicality. Each concept has a chance to get a presentation in front of an innovation team, to receive a fair evaluation and to have the potential for implementation. While not every innovative idea merits inclusion in our business model, each one deserves consideration. Our customers provide the motivation that empowers us to pursue creative thinking as we put their preferences at the center of our drive to maintain success.
Protecting Our Brand
We encourage innovation among our team members, and we hire applicants who display a talent and ability to brainstorm. Concurrently, we provide an open atmosphere that motivates every employee to suggest an idea to a team member. Our culture protects the rights to intellectual property and makes sure that anyone who recommends a new feature or product gets credit for it. Our dedication to innovation as a cornerstone of our lasting brand depends on our employees’ ability to anticipate customer preferences and to develop them. It helps our company maintain a reputation for creativity that protects our position as a leader in innovation in business.
Our experience confirms that listening to our customers helps us produce a lasting brand with superior service. We focus on anticipating their needs and developing creative solutions that deliver them ahead of our competition. Our innovative team members focus on our customer base to make sure that we respond with creativity and practicality to make their use of our product intuitive and satisfying. The superior quality of our service inspires us to seek ways to make the customer experience seamless, efficient and rewarding.