Ilm Innovation Essay

6499 Words 26 Pages
AC 1.1 Explain the importance of innovation for own organisation.
I have been successfully running my own business as a self-employed trainer for health and social care for the past 3 years. All of this was made possible by using all the experience gained in this field for the past 15 years and applying all the skills and certification outcomes to find out what my client’s needs are and what it’s expected by my learners. Also complying with regulations, keep updated with resources and new guidelines.
Innovation within my organisation is about creating and successfully applying new ideas in this particular field. This could be in the form of such as creating and bringing a new product or service to market, or a series of smaller
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Successful businesses in my opinion not only respond to their current customer or organisational needs, but often need to look further for future trends and develop an idea, product or service that allows them to meet this future demand rapidly and effectively.
Innovation has allowed me to stay ahead or just as close to my competition as markets, technologies or trends shift and has helped me not only about designing a new product or service to sell, but can also focus on existing business processes and practices to improve efficiency, find new customers, cut down on waste and increase profits.
Constantly innovating and improving business practices could be beneficial in attracting new clients and retain more of my existing customers for repeat business, something which is crucial to the long-term health and performance of my business.
Developing a unique selling point also is another strategy to take in consideration. Customers often see innovation as something that adds value to a company or to its products. Used properly, innovation can give a commercial advantage especially in this type of market. I have learned that customers may even be willing to pay more for well-designed, innovative product or service, rather than choosing a cheaper, but less exciting rival.
Example of practices that I have put in place to help my

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