The significance of innovation can never be over emphasized. Every activity, business or profession needs little bit of creativity, to break the traditional way of execution and to innovate new things.
Innovation of new product especially for a service industry is primarily driven by external factors, such as, change in regulatory requirements can open the doors for a basket of services. Eg: Sox, SAS 70, SEC attestations, etc… Innovation for a manufacturing industry could be through Market Intellegence and from R&D departments.
The organisation has to continuously monitor and device tools and techniques to cater the changingdynamic demands. Currently convergence with IFRS could be the next big time bread winner for audit firms. Apart from innovating new products, equal amount of significance has to be demonstrated for the existing product lines and services, this calls for rethinking business modal or execution modal.
To bring out such capabilities, which get clogged with the mundane requirements, there has to be team discussions at every level, a small spark from a subordinate can ignite flames for business. New brains should be infused in to existing systems to rethink and to bring new vision to the older process. These types of firm activities will help people to innovate as a routine.
Innovation and creativity cannot be brought out over a day or two. A poet has to scribble a lot to bring out his first poem, a painter cannot make a master piece in day one, there has to be consistent practice to groom and inculcate the process of thinking. The biggest investment is time spent which no organization can afford to ignore. Hope this piece of information was useful.
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