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WHY SHOULD COMPANIES LEARN TO FAIL TO INNOVATE?

Flexibility is a major element for companies to adapt to changing market conditions. Companies that are generally not customer-oriented end up losing out when their needs or concerns change.



The notion of innovation can prove to be something complex for companies of a certain size. Innovating or creating products or services that are on their time and compatible with the needs of consumers can be a rather complex task. Why that? The needs of consumers are constantly changing. And any company whishing to remain at the top of its financial form must be able to anticipate the needs of its customers. This therefore requires some risk-taking in terms of research and market testing. Innovation means failure. As much as the probability of a new product being accepted on the market is great, so much is its probability of being rejected equally great. It is difficult for business owners to consider the financial loss associated with innovation. Except, the competition in the business world as perceived today,  requires the integration of the notion of failure and financial loss related to the rapid evolution of the market.
Meeting the needs of today's consumers requires the creation of a research center in companies in which their behaviors are analyzed, deciphered and transformed into products or services corresponding to their current of future needs.
That's why it's fundamental for a company worthy of the name to put a strong emphasis on the customer relationship. This is where everything starts. You have to listen to the consumer. It's necessary to be able to collect the information and transmit it to the analysis/ research center which will sort it out and retain the important elements. It's through these elements that the company will succeed in creating trends therefore, to stay on top of the market.

-Frédéric Betta-Akwa

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