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Most ____________________ know they must innovate to keep up with the market ? s pace of change . With technological ____________________ disrupting all industries , companies must innovate in order to stay ____________________ and not be ____________________ behind .

In fact , innovative companies are ____________________ not only for being ready for the future , but also with top talent and increased consumer ____________________ .
What is business innovation ?

Business innovation is when companies implement new ____________________ , ideas , services , or products with the goal of ____________________ the bottom line . It could mean ____________________ new and improved products or ____________________ ( which can lead to higher revenue ) , making an existing process more ____________________ , or solving a current business problem ( both of which cut down on costs and save ____________________ ) . A business focus on brainstorming , design thinking , or the establishment of an innovation lab can drive business innovations . The key element of innovation is that it drives ____________________ for the company .

What isn't business innovation

While some use it as a buzzword for simply using the ____________________ technology or making change for change ? s sake , the definition of ? innovation ? is limited to ____________________ to the ____________________ business of an organization that ____________________ to growth .
Why is business innovation important ?

1 . Getting ahead of potential disruption
When done right , business innovation takes stock of where the market is going due to potential ____________________ or changing consumer demands .

2 . Increased efficiency
A lot of business innovation happens by making ____________________ business processes ____________________ costly , less time - consuming to complete , and more sustainable .

3 . Talent attraction and retention
More than ever , employees ? particularly millennials and Gen Z ? want to work for ____________________ - driven , fast - moving companies that they believe have a bright future .

4 . Brand perception
____________________ are more willing to buy from companies they perceive to be innovative and socially conscious .
Types of business innovation

Product innovation
Creating a ____________________ new product that ? s adjacent to a business ? s core ____________________ . Think of Dyson extending into hand dryers or Apple launching the smartphone .

Process innovation
____________________ a new way to be more efficient in the core business . Examples of this include Amazon using robots in the warehouse , or Chase Bank implementing mobile check deposit .

Business model innovation
Introducing a new ____________________ of making or saving ____________________ , such as Zipcar launching car - sharing subscriptions , or Rent the Runway offering a subscription service for clothing rental .

Delivery innovation
Implementing a new way of ____________________ with customers . This happens when a company like Zappos puts customer service first , or Tesla makes it possible to buy cars online .