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Find the Right opportunities for innovation

No, innovation is not a magic! Nor it’s like shooting for the stars. If you are able to identify customers who are struggling to solve a long-pending problem, you have innovated ‘something’. To be more precise, you have uncovered a new and viable opportunity for innovation.

How to identify the best opportunity for innovation around?

Well, here we go!

First and foremost; study the marketplace, which is the most abundant source of opportunities. Ask questions like is the demand for a particular service/product increasing/decreasing more than expected? What are the reasons for it? How to fill the gap in the unsolved needs, if there are any? What has to happen if we wish to transform these needs to an opportunity?

Very often, there lies a discrepancy between what something is and what it should be. Try to identify this and your opportunity will come knocking on your doors. Get the pulse of your own customers. You can have enough hints from their unmet wants and complaints.opportunity for innovation

Eliminate your weak links  

The ‘weak spots’ in your company can be another source of innovation opportunities for you. It will be easier for you to dive deep into them as they are well within your existing capabilities. Devise a task-oriented solution to redesign them. The move to eliminate your weak links will present you with quite a few innovation opportunities.

Keep a constant watch on the changes occurring in the population, human capital and income levels in the demography around you. By combining demographic data with target and segmentations, you can assess the desires of the market accurately. This will put you on the right path to innovation.

Innovative opportunities also come in with changes in perception and mood amongst the people. Smart companies are quick to spot these opportunities and seize them.

Lastly, keep yourself updated with the technological revolution. For example, the advent of internet has opened up a plethora of opportunities for businesses. By capitalizing on them, you can add innovations to your existing processes if you are not already doing so.

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