Why innovation is important in business

In a recent podcast interview, a successful US technology investor made a compelling argument that a well-known international fast food brand was a tech company.

The basis for his argument was that they use technology to define every aspect of their business, from how they scale their business, to how they ensure a consistent product at a price to the consumer much lower than competitors, to how their product is ordered and delivered. This brand is also investing heavily in drone and self-drive delivery technologies. 

Whether you agree with this investor or not, he highlighted a change that shows why some businesses are leaving their competitors in the dust, exploiting new technology. 

The two functions of business 

Business innovator and educator Peter Drucker once said that ‘business only has two functions: marketing and innovation’. If we are to look at the most successful businesses around the globe, you would have to agree. However, you only need to look into your sector to see the truth. Those that know how to market themselves and continue to innovate prosper and grow.  

The role of business software in marketing and innovation 

Marketing is not necessarily splashy advertising campaigns. It can be as simple as having an online portal that allows customers to engage with your business, with offers, product launches and promotions that encourage more and greater patronage. Innovation doesn’t just happen because of costly capital investment. It can be as simple as a new cloud-based ERP solution helps you create a connected business. 

The role of the latest generation of ERP software in business innovation 

The current wave of business software innovation is not happening at the big end of town; it's happening with mid-sized businesses. It's not retail and entertainment brands at the forefront of this change; it's a business like yours. Manufacturers, warehouse and distribution, construction, and engineers, non for profit, professional service and countless other mid-size business are riding this wave of innovation delivered by the latest generation of cloud ERP software. 

The price of admission 

We hear of small-cap businesses around the globe that are having IPO's with valuations in multiples well beyond traditional expectations. Why? Mostly, they are seen as innovative, highly scalable business models, and investors can see the mid-and long-term upsides.  You don't have to reinvent the wheel to become an innovative, scalable business; however, you need a clear competitive edge and a clearer growth path. ERP software solutions like MYOB Advanced can deliver such capabilities at a price that is well within reach of mid-sized Australian businesses. 

The right tool in the right hands 

MYOB Advanced can deliver extraordinary efficiencies in your business, connecting your people and your customers. It can allow you to see better and farther and help you scale and grow. It can help you improve your cash flow and identify better uses of resources. It can do all this and more…with the right implementation partner such as Star Business Solutions. 

Arriving at your destination faster 

One of the many benefits of having Star as an ERP implementation partner is that they bring more than software. They know the path. They've travelled it with many businesses just like yours. They know how to reduce business interruptions and include your people in the process, delivering business innovation and connective that exceeds it rather than simply meeting expectations.  

Speed to market 

The inertia of implementing ERP software is often the reasons mid-sized business make the change. This inertia is often the result of concern about the cost of business interruption on all levels. Star has built a solid reputation as an organisation that can reduce its time to implement your new business-wide software whilst still catering for your specific needs unlike some organisations that keep costs down by taking a ‘cookie cutter’ or ‘one size fits all’ approach. Their steady hand allows you and your team to get to your destination faster, reducing implementation costs and allowing you to take your competitive edge to market more quickly. 

Why innovation is essential in business 

Whether you're operating in a new or mature space, you must continue to innovate to strive and thrive. Whether your business is in its infancy, you're looking for an IPO or exit strategy; your business needs to continue to innovate. Star and MYOB Advanced may be the simplest and most cost-effective way to innovate and connect your business. It may be the simplest way to increase the value of your business. It may be the way you clear a path to funding other business innovations. Make a call to Star today to see what the 'V.2.0' of your business could be.