Arthur Freydin Innovation
Based on Arthur Freydin, author of 10 types of innovation, there are three different areas in which you can innovate within your business. On one side, there's the design for the business model, which is the business's primary internal component.

Arthur Freydin, you have your offer and your value proposition, the message you offer to consumers. Then, there is the experience your brand provides for your intended audience.

ProfitA
In essence, it's about the method we generate revenue. Suppose a business can recognize the importance of innovation in profit. In that case, it recognizes its clients need exceptionally well and alters how it earns its revenue to boost it.

A good example is companies that have moved from a model of unit sales towards subscription sales. They don't innovate with their product but rather in how they make their money.

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Network
This business innovation is about working with other companies to create mutual value. It is about gathering the best from every company to benefit from the assets another company offers, and we can invest in our resources to make them more effective.

If we are looking to introduce this kind of innovative idea to improve the balance of work and life for our employees, we can partner with a childcare business to provide this service to our employees.

Although every midsize business aspires to be the most cutting-edge possible, many top executives need help finding the time, funds, and resources required to develop and sustain the innovation. But those who build their growth strategies on a culture of business innovation (and continue to adhere to this mindset even as they grow) are the ones who ultimately succeed in both the best and worst economic times.

Arthur Freydin mentioned business innovation is essential to survive today. It is now recognized that technology advancements offer businesses new possibilities for creating value. Between 1955 and 2011, it took Fortune 500 companies an average of 20 years to reach a billion dollars. Today digital startups are getting there within four or fewer years.

Vast possibilities
Midsize companies are generally aware of the vast possibilities of cloud technologies. However, they are still scratching the surface. A recent report by McKinsey estimates an estimated $1 trillion of value will be created by cloud adoption at the end of this decade. And the bulk of that value will be generated by efficiency and innovation in business instead of IT savings.

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Make sure that the core of the ongoing growth.
The businesses that are likely to succeed and expand quickly are those that will drive innovation and address three of the crucial but common problems:

Develop new models for business
New business models that are developed help prevent disruption to the industry. The introduction of innovative business strategies can lead to the development of new revenue sources. If not, companies will stagnate. They watch their most innovative competitors develop ideas that disrupt the business and industry.

Create new operational efficiency
Midsize businesses must improve their efficiency and then invest the savings into expansion. They can get a competitive advantage over competitors using modern automation methods, like artificial intelligence.

Modernize without interruption
Systems that are critical to the mission must be upgraded without delay.

Midsize companies are much more flexible than giant corporations. They operate with more straightforward business models, fewer silos, and more intimate customer relationships. However, sometimes they must catch up on implementing modern technology. Cloud computing is a great resource.

Cloud-based solutions help organizations continuously move forward with an innovative approach because they can quickly and strategically alter their business processes in response to emerging opportunities, risks, or requirements. With the "try fast, often try" mindset, employees in all positions are encouraged to try new things without risk and increase the company's competitive edge quicker.