The Importance of Innovation: How to Drive Lasting Change
trantorindia | Updated: October 6, 2021
Over the past 20 years, technology has developed at a rapid pace. Creators who have flourished the most during this period have one thing in common – they successfully innovated. The ability to think outside the box and break away from traditional development models is one of the key catalysts to success.
Whether attempting to create a new product or enhancing an old one, it can be challenging for developers to prioritize innovation. When you have a stacked backlog of issues, it’s easy to justify pushing off innovation to the next quarter. Why would you try something new when everything is fine with the way things are right now?
Well, fine is good, but it’s certainly not great.
Today, the world thrives on innovation. If you want to prosper and grow, you have to do something different that improves and upgrades existing technological solutions. Here are three reasons why innovation is crucial for your business’ growth and development:
- Stand Out from the Crowd With so many ideas and solutions in the market already, it can be challenging to introduce a product or service that is different, relevant, and scalable. However, the outcome of innovation is gratifying.
Innovation allows your business to differentiate itself from the rest of your competitors, helping to improve customer acquisition. This creates new revenue streams and highlights existing streams as customers are introduced to all of your products and services.
- Reduce Costs The need to make things more efficient and cost-effective are essential aspects of innovation, which doesn’t always have to be a new product. Coming up with innovative solutions to support existing products and services is just as vital.
This makes your solutions more affordable for your customers and lessens the amount of resources you need to run a sustainable and profitable business model. Lower production costs allow you to invest those resources in the research and development of new products and services, as well as towards the improvement of existing ones.
- Create Long-term Value In the tech world, people won’t notice you, let alone remember you, unless you’re doing something that no one else has done before. That’s why one of the most valuable outcomes of innovation is recognition – making your mark in the digital landscape. It adds long-term value to your business in the form of steady growth, increased profits, and an expanding customer base.
The Way Forward
It’s evident that to prosper in technology, you need to implement innovation in your research and software development practices effectively. If you’re unsure where to start, these three strategies will set you on the right track:
- Allow your developers to focus on what they’re best at Don’t expect innovation to just happen out of the blue. Roadmaps can be full of development work such as infrastructure or technical debt that, while necessary for the business, does not benefit the organization from creating new revenue streams or enhancing your offering. This can sometimes mean that sacrifices have to be made, and ensuring you make time for your developers to focus on solving problems is what ultimately drives you forward.
- Focus on retention Companies with long, successful track records often have something in common: developers who have stuck with the business and know how it works inside and out. Retention is necessary because no matter how redundant your systems are, there’s still a learning curve for newcomers and inherent knowledge that comes with time spent learning your business and tech stack.
When thinking about retaining your team members, it’s essential to recognize your team’s efforts and reward them accordingly. However, that’s not the only thing. Engineers are problem solvers, and they crave facing challenges that grow their skills. Design your team structure and incentives in such a way that it inspires your employees to work hard and be motivated while working.
- Foster an environment of support and unity Working in a team is not only great for proper work distribution, but it also helps employees feel like they’re part of a more significant movement. This is why it’s essential to ensure that your employees have healthy and respectable relations with each other, both at a work level and personal level. The best way to do that is by creating an environment that promotes such values.
How Trantor Can Help
Despite all the advice and recommendations, it’s still challenging to find the team that best suits your business’s needs in today’s environment. If you cannot achieve your desired goals with your current resources, it may be time to consider additional options. Our experts at Trantor are ready to provide practical solutions to enhance your development processes tailored to your business’s needs.
Trantor’s CaptiveCoE™ (Center of Excellence)
Our expertise is centered on our CaptiveCoE™ (Center of Excellence) model – a hybrid model that offers short-term dedicated professionals, who quickly embed themselves within your business model and deliver plans for the scalability you need, and long-term committed developers who, alongside your team, help to bring those plans to fruition.
Trantor’s CaptiveCoE™ model emphasizes our “3C” approach – Chandigarh, California, Costa Rica. Through this approach, we focus on smaller cities with low turnover rates and ensure profitability and growth despite the odds.
With the right guidance and support, we deliver retention as well as scalability to your business. Contact us today if you want to learn more about how Trantor can help take your business to the next level!