Creativity Is Key for Food Businesses reports Big Profit Maker
(EMAILWIRE.COM, November 23, 2012 ) San Francisco, CA -- Here is some food for thought: Ideas are crucial to developing Irelands food industry.
The food sector is an important part of the nations economic activity, two experts wrote recently in the Irish Examiner. Government policy should support economic development, but companies themselves, both large and small, also must contribute, according to Joe Bogue and Ronan OFarrell.
One area often overlooked is simply ideas, which can encourage creativity and business growth.
A report called Food Harvest 2020 recommends that the food industry incorporate sustainability. Companies should prioritize investment in consumer-focused innovation and new product development. The report urges food business to invest more in research and development.
Firms need to develop better market understanding and new products if they are to reach export targets of 12 billion euros by 2020. They also will have to become more creative to add 3 billion euros to their value-added output, according to the report.
Although failure rates are high in the food industry, the initial stages of product development can improve chances. That is when ideas are laid out and market research is conducted.
That is why ideas are so important for performance in the food industry, Bogue and OFarrell point out. The generation of ideas is also one of the least understood in the process of development.
Businesses in other industries offer important examples of gathering data about markets, consumer behavior and export processes. Many important techniques involve innovation. Google has adopted a strategy of 20% time, but others carry labels such as chain network collaboration, co-creation and open innovation.
Companies that innovate and foster new ideas are consistently rewarded by higher profits and rats growth, according to research in 2010 that looked at food processing in Europe.
In such a competitive market, creativity and fresh ideas can give businesses an edge in winning over consumers.
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