10 Reasons to Prioritise Corporate Innovation

1. Stay ahead of the curve: The globalised market breeds fierce competition, with 52% of Fortune 500 companies from 2000 having gone bankrupt, been acquired, or ceased to exist by 2023. New players can emerge with disruptive solutions, so established companies must continuously innovate to differentiate themselves and maintain their edge.

2. Adapt to evolving customer needs: Customer expectations constantly shift, driven by technology and changing values. A study by Nielson showed that 63% of consumers say they like it when manufacturers offer new products. Companies must innovate to keep up, offering personalised, convenient, and sustainable products and services that foster loyalty.

3. Embrace technological transformation: Technology rapidly changes industries – from AI to blockchain. Companies must explore and adopt new technologies to enhance operations, create innovative products, and improve customer experiences.

4. Unlock new growth opportunities: Innovation opens new revenue streams and markets. Whether developing new products, exploring novel business models, or entering untapped markets, innovation is the key to finding and exploiting exciting opportunities. 

5. Attract and retain top talent: The most talented individuals crave exciting challenges and the freedom to innovate. Research has shown that highly engaged employees are 87% less likely to start looking for a new job. This means that companies that foster creativity, experimentation, and learning will attract and retain top performers.

6. Ensure sustainability and social responsibility: As environmental and social issues have become increasingly important, companies must innovate towards sustainable practices, reducing waste, conserving resources, and developing solutions that benefit both society and their bottom line. Take Patagonia, for example. This outdoor apparel company use recycled materials in their products, is committed to minimising its environmental footprint, and actively advocates for environmental protection initiatives.

7. Navigate regulatory changes: Regulatory landscapes constantly evolve, especially in corporate environments like healthcare or finance. Innovation can help companies comply with new regulations efficiently and even turn them into competitive advantages.

8. Optimise operations: Innovation goes beyond products. It's about finding better ways to operate, such as streamlining processes, improving supply chains, and adopting new technologies. This can lead to significant cost savings and efficiency gains. Imagine an inventory management system that instantly tells you whether a shoe size is in stock, saving customers and staff time.

9. Build resilience for the future: Continuous innovation builds resilience, enabling companies to adapt and thrive in the face of disruptions, from economic downturns to technological shifts. This idea was emphasised in a 2023 BCG study, where 33% of companies planned to increase R&D spending despite an economic downturn. By embracing innovation, companies transform challenges into opportunities, ensuring long-term sustainability.

10. Cultivate a culture of continuous improvement: Innovation is a continuous journey, not a destination. Embedding a culture of innovation ensures that companies always look for ways to improve, evolve, and move forward. At Rocketmakers, we prioritise continuous improvement. Our commitment to innovation has recently been acknowledged through several awards at the UK Dev Awards. 

To download the full Corporate Innovation Guidebook, click here