Innovation in international business is essential to the success of any organization. Especially in a context in which exports exceed the expected goals and reach historical records such as those of the year 2022 where they totaled USD 63,193 million, according to the Vice Ministry of Foreign Trade.
This panorama marks new challenges to business sustainability. In this sense, businesses today face growing global competition, the digital transformation and the changes in customer expectations.
Furthermore, according to Global Innovation Index 2021, companies in the world increased their investments in innovation. Therefore, in order to stand out in this highly competitive environment, it is crucial that companies looking to expand and maintain their position in the global market Bet on new practices and transformation of your business model.
“Innovation in international business can take many forms: from developing new products and services to improving business processes and adopting disruptive technologies. Internationalized companies have the opportunity to differentiate themselves from the competition and create value for their customers. By improving the quality of their products and services, they can also improve customer satisfaction and increase customer loyalty. In addition, innovation can help companies optimize their operations, reduce costs and improve efficiency,” he said. Mayra Zorrilla Morris, Head of Business Academic at the University of Sciences and Art of Latin America (UCAL).
In this sense, the expert shared five steps to follow to innovate in the international Business:
1. Identify opportunities: First, the innovation opportunities that exist in the international market must be identified. This can be achieved by analyzing the trends and needs of the market, as well as the strengths and weaknesses of the company.
2. Generate innovative and disruptive ideas: Once the opportunities have been identified, it is time to generate innovative ideas. For this, it is important to collaborate and exchange ideas between team members, clients and suppliers that allow us to see new ways to highlight the products or services that are provided.
3. Evaluate and select ideas: After generating a list of possible ideas, you should take a closer look at those that have the greatest potential for success. This can be achieved through analysis of the available resources, the profitability potential and the feasibility of the idea.
4. Implement the ideas: With the best ideas selected, it’s time to get down to business and implement them. This implies the allocation of resources, the definition of deadlines and effective communication with the work teams.
5. Evaluate the results: Finally, it is important to evaluate the results of the implementation of the ideas. This will allow to identify the strengths and weaknesses of the innovation process and make adjustments to improve in the future.
