Why You Need to Focus on Open Innovation
A company chooses open innovation because it wants to capture ideas of as many people as possible… Whether innovative ideas come from your vendors, or from your clients, whether they come from the supplies department, the operations, the human resources or the finance department. The best people to be potential innovators are the ones who are constantly in contact with the products or services. This continuous process will make it possible to find different types of innovation: solutions to indomitable problems or seize opportunities at your fingertips.
An advantage of open innovation is the possibility of decreasing the risk. In joining a larger pool of individuals, the company gives itself the means to do more with what it already has. The ideas will allow, for example, to develop new uses by using the technologies or tools already in place. In result, we avoid starting from scratch.
Among other benefits, a strong culture of innovation will have a positive impact on employee retention. Today, most employees seek to use their creativity to innovate in their work environment, share their knowledge and develop their know-how. All these personal objectives fit into the definition of open innovation.