Any innovation is not only an advantage in business but also a potential danger to competitors. It is possible to distinguish different directions of innovation, and each of them can change the way an organization develops. Innovative methods of production, the product itself, or an updated organizational structure of the firm is almost always a bonus if you understand the strategy and the ability to take advantage of it.
In all areas of operation in today’s world, the pace of competition, development and leadership is accelerating. Without introducing any format of innovation, not only is it impossible to compete adequately in the sphere we already have, but it is also impossible for a business to exist in general. It is more accurate in the fresh markets of developing countries (Anning-Dorson, 2018). Those multinational companies, which can be the first to cover the demands of the emerging markets in a specific type of service or product, will have an undeniable advantage in the market, including the ability to strengthen their position on the initial positions.
Emerging markets do not just provide a field for development, but open up full-fledged opportunities for the monopolization of the industry, at least temporarily. For example, a fast-food company can enter a market in a country that does not have a similar sphere and, with the proper skill, capture it enough to complicate the way for the next competitors. In addition, if competitors penetrate the market at the same time, any correct innovation processes contribute to the popularity and development of an advanced company because the movement forward and growth on par with improving the quality of work is welcomed by consumers and customers.
Any innovation introduced can be a great asset to the business, while the lack of it will leave the company behind. With today’s customer feedback monitoring capabilities, there is always a chance for an unprofitable or unsuccessful innovation to be rejected (Anning-Dorson, 2018). Additionally, with faster response times, all organizations can adapt the most winning innovations in order to improve the company’s growth and earnings.
Reference
Anning-Dorson, T. (2018). Innovation and competitive advantage creation: The role of organisational leadership in service firms from emerging markets. International Marketing Review, 35(4), 580–600. Web.