Innovative companies are, by definition, always changing. They never stand still and regularly look for new ways to tackle the challenges their customers face.
For instance, H2O Innovation, a Quebec City-based company included in The Conference Board of Canada report, has established a name for itself internationally by providing unique water and wastewater treatment solutions. While it has developed a number of proprietary technologies – such as a remote monitoring system for wastewater systems—H2O Innovation customizes every project to create the exact solution that will meet its customer's needs by relying on the company's multidisciplinary team of scientists and engineers.
Another example is Toronto-based Symbility Solutions, which provides easy-to-use technology solutions for processing insurance claims. As mobile and cloud technologies have evolved, Symbility has refined its solutions to allow insurance professionals to work on the go, increasing demand for its products around the world. Symbility took note, particularly, of increased smartphone adoption in developing regions such as Africa, Asia and the Middle East, where almost 70 percent of the global population will be using mobile phones by 2017, according to an eMarketer study.
Company leaders must understand what innovation looks like and the steps they can take to get there. The Conference Board of Canada report says research has shown four dimensions of innovation are linked with success in global markets:
Customers' needs are constantly changing, and the firms that are evolving to meet those needs with cutting-edge solutions will come out on top.
Like Symbility and H2O Innovation, Canadian companies can compete in the global market. And a commitment to innovation – along with resources committed to ongoing research and development – can help immensely.
A trusted global business advisor can support your company innovative approach to serving international customers. With Relationship Managers in more than 60 countries and 150 years of experience helping international businesses succeed, HSBC has the knowledge and experience required to help your company sharpen its innovation quotient and build international success.
To learn more about what it takes to compete internationally, download Selling to the World.
*Published in June 2015.
Source: Selling to the World: The Keys to International Business Success, June 2015
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