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Experts from global technology leader Epson have outlined five steps that will enable businesses in the MENA region to innovate, increase efficiency, minimize costs and facilitate better investment opportunities.
“Technology has been central to our development as a species and is likely to continue to be so. Those who can sustainably leverage technological innovations will be the winners of the future. There will always be room for new ideas and solutions powered by technology – We are seeing this shift across the broader MENA region,” said Neil Colquhoun, vice president of CISMETA at Epson.
Five steps to fostering innovation within your business
This year, the UAE Ministry of Economy announced six new diversification initiatives for UAE Innovation Month 2023. These initiatives are aimed at supporting the country’s efforts to create a culture of innovation at all levels of society and incentivize them to come up with innovations in priority areas in line with the UAE’s transition to a knowledge-based, competitive economy.
Epson’s Neil Colquhoun, vice president of CISMETA, outlines five steps Mena organizations can take to foster innovation. The first step is to have a focus, especially when there is a problem to solve or a short meeting. This helps to work towards the goal and helps to understand in advance the results that need to be achieved. The more companies focus on innovation, the better their chances of coming up with creative solutions.
Second, healthy competition is a key driver of innovation, forcing organizations to innovate through differentiation in terms of product offerings and business models. Epson stands out by focusing on inkjet printers rather than laser printers. Due to environmental concerns, the company recently announced that it will stop selling and distributing laser printers by 2026, with the company aiming to eventually replace them entirely.
The third step is to invest in knowledge and training. Investments in R&D yield key technologies from which organizations can develop new products, services, and business models. But for R&D to create value, its role must be centrally integrated into the organization’s mission. Developers need STEM skills—now and in the future—and these need to be prioritized. To foster innovation, organizations need to allow employees to explore and learn new skills and stay abreast of cutting-edge developments in science and engineering.
The next step is the importance of having a catalyst, a source of inspiration to others, a champion of new ideas and the power of creativity. But catalysts can be both tangible and intangible. Whether it’s a structure, a leader, or a program that inspires people to act, someone or something is needed to start the chain.
Finally, execution is one of the most important steps in turning innovative ideas into reality. It is imperative to ensure that operational, manufacturing, process and organizational structure needs are in place. This includes having the right teams and tools in place, supported by effective collaboration and decision-making as innovations move from ideation to selection to execution.
“Innovation rarely happens by accident – ​​there are no shortcuts and no substitutes for the factors that lead to it. To navigate this complex path, MENA organizations need to follow recipes, build the right ecosystem, and take a strategic approach to Identify, champion and support future innovations. Those who get it right will be rewarded,” said Neil Colquhoun. – trade arab news agency
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