Innovation is common to all companies. Each company has a core competency that forms its identity. However, all companies (not just commercial ones) must share one trait - innovation. It is essential to record and evaluate innovative activities. For example, the most successful pharmaceutical companies have meticulously analyzed industry innovations over a certain period. Which innovations were truly successful? How many of them did our company implement? Do the results align with our planned objectives, market development trends, and our market position? Are research expenses paying off? Do our innovations open new growth opportunities? How many important innovative opportunities did we miss? Why? Did we overlook them or notice them but ignore them? How can we turn innovation into a commercial product? The answers to these questions often involve assessments rather than precise indicators, but they should be sought. TIP OF THE DAY: Thoroughly analyze innovations in your business field and periodically evaluate your company's innovative activities.
The Company Must Innovate
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