Business adopting Social Innovation for Better Prospects
Social Innovation is developing new techniques, ideas or concepts that aim to extend and strengthen the civil society. The innovation aims at a holistic development of the business. It keeps in mind the interest of the customers, society and the environment at large. This is the best way a business can develop as it takes care of the needs of all those involved in making the business happen. Businesses that invest time and money towards social progress are bound to get many loyal customers.
The Need for Social Innovation
The business operates in an environment and society. So whatever it has achieved is because of the presence of the society and environment. Hence the business should think about the welfare of the environment in which it operates as there is no business in its absence.
- Businesses that do not incorporate the holistic approach to development may reap short-term profits but will risk its long-term
- Another reason for the increasing social awareness among corporate is that the resource scarcity is becoming a big threat to business. So they are forced to devise strategies that will enable wise utilization of the available resources.
- Social media also has an important role to play in fostering social innovation among the businesses. The Internet has brought quite a lot of change in the way we go about our daily life. We have access to a lot of information and also there are many online forums to voice our opinions. These online resources are great sources of creating awareness among people. These platforms promote active discussions among its users on various aspects. Thus people are increasingly becoming conscious of what they buy or wear and how this impacting the environment. Consumers prefer brands that have social innovation as part of their corporate responsibility. For instance, some of the FMCG giants advertise that a percentage of the products price is offered to non-profit organizations that promote education to the underprivileged.
Responsible means to obtain more business has always thrived even in the cut-throat competitive markets. Online trading websites that deal with cryptocurrencies also work in the best interest of the traders. The software protects the investor’s money by setting limits on the level of risk and also has to stop losses command so that the investors do not lose their hard earned money. Bitcoin Trader, a popular online website that deals with cryptocurrencies also has this feature. Go through this post to know further details.