Benefits and risks associated with innovation and enterprise
There are clear benefits associated with innovation and enterprise. Click on each to learn more:
Improvements to products, processes, services and customer experience
As products, processes and services improve, this leads to a better customer experience. For example, the first mobile phones to be produced were large, expensive and could only make phone calls. Nowadays your phone is small and lightweight and a combination of phone, TV, computer, music playback device and camera in one!
Business growth
As businesses develop new goods and services, this can lead to growth in the company.
Development of new and niche markets
Businesses can develop their goods or market them to appeal to different markets, e.g. a breakfast foods company producing energy bars. Or, they could pursue niche markets.
Offering unique selling points
Unique selling points can be especially important to businesses because they are what make them different from their competitors. For many businesses in Wales, the unique selling point is that they use the Welsh language.
Improved recognition and reputation
As a business develops its goods and services, its hope is that it will become better known and will develop a good reputation. This can also result from the production of the first product or service in a market e.g. iPhone.
Smarter working
Advances in business processes and ways of working can make a business work smarter. That is, it can improve the way it operates in order to make the business more efficient.