Innovation is the only factor that enables you to grow your business and sustain in the competition for a long time. Being stagnant in one place can rust your problem-solving and creativity skills. And innovation is now important more than ever thanks to the COVID-19 pandemic.
McKinsey & Company did an article on the Innovation Crisis and they said that “three of four executives agree the impact of COVID-19 brought an opportunity for immense growth across different industries.”
Suddenly implementing innovation in your workflow may not work as you intended. Without proper tools, the idea of fostering innovation does not work well. The answer to this hurdle is the innovation training programs.
Having innovation training programs integrated into all levels of your organization is the key to long-term success.
Innovative Training Program– What Is It?
The innovative training program is a temporary course that focuses on equipping the participants with the right tools to understand the true meaning of innovation and take advantage of its framework, theories, case studies, and even techniques. By leveraging those techniques and frameworks, the participant can stimulate their strategic thinking, and tap into the true potential of the organization. Stagnation and not being able to adapt to disruptive technologies can definitely hinder the organization’s growth significantly.
It is important to note that innovative training programs differ based on the provider chosen. Plenty of organizations are offering innovative accounting which allows the learners to become more efficient in decision-making on real-world projects with the help of a hypothesis-driven financial model.
In order to avoid that complicated situation, the following is the impact that an innovative training program can bring to you and your organization.
Impact of Innovative Training Program
1. Improved Efficiency
Identifying the weak spots allows employees to improve themselves and improve their overall efficiency and an innovative training program allows them to have that opportunity. Also, it helps employees to find a way to streamline their tasks and overall operation. Streamlining the whole process can save a lot of time and money for the organization.
2. Innovation to New Product Development
One of the main aspects of innovative training is to stimulate the creativity of employees to generate new ideas and hypotheses. The program allows employees to think outside the box and come up with new ideas, plans, and products on how they can provide better service to their customers and meet their demands. Having met customer demands can significantly increase the market share and profits.
3. Great Weapon Against the Competition
Industries are becoming more and more competitive and finding a way to adapt to the dynamic landscape of today’s world. Without having an ironclad plan or strategy to stay afloat in the industry and stay competitive, is not a viable option. Innovative training helps leaders to equip employees with tools to come up with innovative and revolutionary ideas that meet customer expectations and make the business unique in the industry.
4. Adaptability
Adapting to dynamic situations is crucial for leaders and employees in an organization. But change is one of the hardest challenges to accept and adapt to. Innovation training allows incorporating adaptability to the core principles of the business. Adaptability allows employees to come out of their comfort zones and explore different ideas which in turn enables them to respond to the market demands.
5. Great Customer Experience
The ultimate goal of innovation is to improve the customer experience. Having innovation in mind, allows employees to look closely for a customer-centric solution which in turn increases the customer’s loyalty and trust towards the company.
6. Employee Retention
Company is not only about bringing in more profit and customer satisfaction, it is also about the employee who makes that happen. Employee retention is a crucial part of an organization and it can be difficult to successfully retain an employee. Implementing an innovative training program makes the employee feel they are included and valued in the company. This can improve the employee retention rate.
7. Resource Optimization
With the help of innovative training, employees not only find a way to meet customer demands successfully but also the ability to find an efficient approach to meet the customer demands. An efficient way can cut costs on unnecessary resources and thus help to optimize the resource properly. This can improve the overall financial performance and health of the organization.
8. Risk Mitigation
Risks are part of the job and need not necessarily be unsolvable. Innovative training helps employees to build a problem-solving mindset which enables them to look at the problem from several different perspectives. This accounts for potential risk. With problem-solving skills, employees can forecast the issue down the line and take necessary actions to mitigate the issue properly.
Case Study: Impact of Innovative Training on the Healthcare Industry
HealthFirst is one of the largest healthcare organizations that want to improve their overall patient care outcome. And also want to adapt to new ways that the industry demands. To achieve both goals, they leveraged the benefits of the innovative training program.
With the program, they incorporated several practices such as leadership commitment, training workshops focusing on innovative techniques and frameworks, employee engagement and empowerment, innovation mentorship, and even the implementation of hackathons and activities related to innovation and empowerment.
After embarking on an innovative training program, they significantly improved their patient-centric-approach, and whole operation by streamlining the crucial elements of the process, the customer experience, cultural shift, and lastly recognition for those who incredibly worked and contributed to the goal achievement.
Thanks to the innovative training program, HealthFirst became a progressive healthcare organization in the industry.
Conclusion
Innovative training programs are essential for business growth and there is no doubt about that. But only implementing the program cannot get the expected results. It is important to maximize the impact. To maximize the impact, companies should be open to creating an environment where employees support each other, encourage experimentation, promote risk-taking personnel, and lastly freedom to innovate new ideas. All these factors with the dedication of employees and leaders can help to reach greater heights.