Top 3 Advantages of Open Innovation Platforms for Your Business

An important factor that distinguishes successful companies from their contemporaries in the market is the ability of the people in charge of running such organization to do things differently. This is what makes establishments a class apart in this environment and helps them overcome the competition. Rather than wasting time holding relevant board meetings and preparing the necessary paperwork, they go on to the next phrase of conducting experiment to come up with innovative products. They then use various social media networking channels and open innovations platforms to promote their brands to the general public. In the process they accept relevant feedback from the members of their target audience and implement only those suggestions they feel are worthwhile.

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Open Innovation Platforms– 3 Important benefits such platforms can bring to your business

Industry experts say the founders of many prominent corporate enterprises who began their careers as owners of startup concerns attribute the success of their organizations to open innovation. Companies like Amazon, Google, Apple, Facebook and Lego use this popular concept to streamline their product lines. In the process, they come up with innovative products in a short period of time which exceeds their customers’ expectation in the marketplace. This goes a long way in boosting the loyal of such members of their target audience. Such professionals go on to point out the following 3important benefits entrepreneurs can enjoy when they opt to use relevant open innovations platforms to expand their businesses:

  • Being able to come up with groundbreaking products

Most entrepreneurs who are successful in establishing their own startup concerns say no words can express the feeling of being able to promote their brand products for first time. However, after the initial elation, they become complacent on marketing this particular product to the public. As a result, they do not think of what other products they can come up with to exceed the expectations of their target audience. However, making use of open innovation platforms can help them to come up with something new for their customers. This can improve their bottom-line revenues.

  • Boost customer engagement and helps entrepreneur build a viable community

Entrepreneurs and people who operate large corporate enterprises know how important it is forthem to interact with members of their target audience. After all, the patronage of these people helps to keep their businesses running successful in the marketplace. With the aid of open innovation, they can get a better insight into what these customers want from them and cater to their needs accordingly.

  • Employee engagement

Most business owners are aware that a prominent cause of dissatisfaction among members of their workforce is lack of a sense of responsibility on projects they are working on. Many of these employees usually have creative ideas on how to improve the efficiency of the organizations they work for but are normally reluctant to come forward. This is because they feel that management may not take their suggestions seriously. Open innovation gives them a platform to express their view with others in the top management and involves them in the bigger picture.

The above 3 important factors prove that making use of suitable open innovation platforms can work wonders for your organization. It can help you come up with innovative products to satisfy the needs of your customers and interact with them in more effective manners. Even your employees get to express their view on how to improve the efficiency of your concern. This can have a positive effect on your bottom-line profits.