One might presume, in an uncertain economy, that SMEs may have reservations about innovation, instead prioritising stability. However, research conducted by Oxford Economics on behalf of SAP found that actually, more than half of SMEs worldwide cite driving innovation as a top growth strategy, and 34% say creating a culture of innovation is a top priority.
However, innovation doesn’t necessarily mean making a ‘big splash’; it could mean tweaking procedures slightly, or simply questioning previously accepted ways of working.
But realistically, how can this be achieved? Here are five top tips which can really help make a difference to your company’s growth and attitude towards innovation.
1. Work smarter
An innovative way to improve staff productivity can be achieved through implementing mobile technology. Employers are recognising the potential here to boost employee morale and efficiency by integrating these devices into the company’s infrastructure, ultimately reducing costs associated with less consumer-friendly ways of working.
2. Improve customer experience
Today, customers expect to be able to have access to your services and products on any device at any time. By not doing this you risk losing their custom to a competitor who meets these needs.
In fact, despite the economy, spending in customer experience management software is still very much at the top of the agenda for business leaders. Getting customer interaction right is critical and if you don’t consider updating your approach, your competitors could out-innovate you, making it easy to lose business.
3. Make your data work harder
UK headlines are full of stories about the ‘data deluge’ and big data management, which could seem overwhelming for SMEs. The trick, however, is not to try and stop the volume of data which you collect as an organisation, but to use it to your advantage. In a competitive economy, everyone needs to find their edge and making your data work harder is one innovative way of doing that.
4. Invest in cost-effective new tech
SMEs are among the best placed to leverage some of the most recent developments in technology. Cloud computing is a prime example. Over the last few years cloud has been heavily ‘talked-up’, with a lot of discussion around how it will actually benefit businesses. However, latest research from the IT industry is showing that cloud computing has finally reached mainstream adoption and businesses are seeing real results. If you’re deliberating how to be innovative with your IT strategy, think about how talked about trends could really set you apart from your rivals.
5. Continuous improvement
A crucial factor for businesses to bear in mind is that innovation shouldn’t be regarded as something to be picked up and dropped. In order to be truly innovative, companies need to continually look at how their business can be improved to rival competitors.
Hope for the future
Rather than sitting tight for fear of failure, embracing innovation can help ensure continued business growth and sustainability. It is only by thinking bigger that your business can grow, and it is this attitude which will ensure the UK’s economy goes from strength to strength.
John Antunes, Regional Director, SME and Channels, UKI & Netherlands at SAP
For more information on innovating to grow, take a look at our Innovation Guide