INNOVATE OR STAGNATE

INNOVATE OR STAGNATE
Innovation in business as a critical driver of success

The modern landscape is continually and rapidly evolving, with innovation becoming an indispensable component of growth and adaptation. A recent Harvard Business School online article highlighted the importance of innovation in business as a critical driver of success. Besides success, considering the rapid – almost daily, it seems – advancements in technology such as AI, innovation has become an essential component for adaptation and evolution for nearly every business in virtually every sector.

There is a vital distinction between creativity and innovation. Creativity fosters unique ideas, while innovation is the practical application of these ideas to produce unique and useful solutions.

Steven Maier, the Chief Brand Officer at Amplifin, a forerunner in the debit order and card payment sector, says that “Driving innovation is more than looking for the next big thing; it’s about building a company that embraces ideas and people. In addition, building solutions that adapt to clients’ businesses rather than enforcing a ‘one size fits all’ approach is important.

“Building flexible, interoperable solutions that can be enhanced and adapted quickly is key.”

Listening to clients is a core value at Amplifin; Maier notes, “We find unique solutions through collaboration to benefit our clients. No suggestion by a client is discarded, and we put all input through a thorough evaluation process. The team looks at all the reasons to implement the suggested enhancements rather than finding reasons not to implement because it may mean more work for all of us.”

Maier advises that when selecting a payments and collections solutions provider, and critically one with an innovative approach, clients should look for the following key attributes:

*Commitment to Practical Innovation:

    1. Seek a provider that not only talks about innovation but demonstrates a real commitment to practical innovation. Look for evidence of how the provider has applied creative ideas to develop unique and valuable payment and collection solutions.
    1. Assess whether the provider has a culture that values innovation, embraces new ideas, and fosters an environment where employees are encouraged to innovate. This indicates their dedication to staying at the forefront of the industry.

 

*Client-Centric Solutions:

    1. Does the provider have a “can do” attitude? Ensuring that the solutions offered are designed to adapt to your specific business needs. A quality provider should prioritise solutions that align with and enhance your business processes rather than trying to fit your business into pre-determined solutions.
    1. Look for flexibility in the solutions. They should be interoperable and easily adaptable to evolving requirements, especially in a rapidly changing payments landscape. An innovative provider will offer solutions that can be enhanced and adjusted quickly to meet your changing needs.

*Client Collaboration and Open Communication:

    1. Prioritise a provider that values client input and emphasises collaboration. They should actively listen to your needs, concerns, and suggestions and involve you in the solution development process.
    1. Ensure that the provider’s commitment to collaboration goes beyond buzzwords. Look for evidence that they have a structured evaluation process for client suggestions and a willingness to explore and implement enhancements that benefit their clients, even if it means additional work for both parties.

Innovation should be at the heart of every business solution. Companies should prioritise providing collaborative and innovative services that meet the evolving needs of the business and ensure reliability, security, and trusted payment avenues. Embracing innovation is critical to staying competitive and meeting the dynamic demands of today’s market.