The Benefits of Risk and Innovation.

William Pollard said it best, “Without change there is no innovation, creativity, or incentive for improvement. Those who initiate change will have a better opportunity to manage the change that is inevitable.”

One of Readyportal’s bestselling solutions is the Innovation Management Portal, and there is a good reason behind it. Today organisations are choosing to adopt idea management systems for multiple reasons. The most obviously convincing reason is of course the upwards of 100,000% on your ROI. But I’ll talk about other reasons why innovation and taking risk is imperative.

The Benefits of Risk and Innovation

  1. Growth stems from risk.

It’s unfair to think that innovation is usually just generated at start-up companies. In fact, companies like PwC; a 167 year old firm, are very cognizant of the fact that they need to push themselves to find innovative ways of doing things and introduce new services to clients.  There’s a team which analyzes whether the entire organization is taking enough risks. In a nutshell, if there isn’t enough innovation and calculated risks taking place, there isn’t enough growth happening. And that is a risk worth avoiding.

  1. Socialisation

It’s hard to create a sense of community within the organization when colleagues are spread out across floors, buildings and even countries. Therefore by employing an open space for innovation management, organizations can easily create a sense of comradery. One of our clients, Culturevate employed an innovation management portal because they wanted to engage in new discussions around content.

  1. Retain talent and cultivate employee engagement

It’s hard to see it at first, but you will attract great talent when you take risks. Talent is always attracted to organizations that will allow them to take some risks which is why most are attracted to startup companies. Here candidates see an opportunity for growth. When you allow your employees to push new boundaries and develop through personal growth, you’ll notice that they’ll appreciate the sense of accomplishment and purpose they acquire in life, and thereby attract a more positive environment and engage better with their counterparts.

  1. You learn more

Fail and learn. Fail again, and learn better. It’s okay to be scared or maybe even terrified about breaking a well-oiled machine. But it’s usually when you break something that innovation occurs or rather, true innovation occurs. And the best way to learn is by doing. Another good way to learn is simply by asking and then getting to work. Ask your customers what they’d like to add to their services and then create an environment where you test ideas in real life.

Need a tip so you can feel more comfortable failing? Pick up a Dyson Ball, vacuum your room and get inspired. (In case you’re wondering, it took James Dyson 5127 prototypes in order to perfect his vacuum cleaner!)

Go ahead, get innovating.

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