Did you know that when it comes to innovation, Argentine companies fall behind the rest of the world? According to the World Bank, we invest less in research and development, introduce fewer new products and services, and register fewer patents and other types of intellectual property than many other European, Asian, and North American countries.

The World Bank stated in its report how little innovation Latin American countries had; despite a strong entrepreneurial population, innovation has been insufficient, resulting in stagnant business development and a relatively low economic impact.

On a more optimistic note, this portends enormous opportunities. For Argentine organizations that identify the innovation problem and take decisive action to disrupt the status quo, there is substantial room to improve production, impact, profitability and growth. Here's how you can start being more inventive in your business right now:

Make a firm long-term commitment.

When designing an innovation strategy, you will need to make innovation a way of life and a part of the company culture. Make a strong commitment to improving your company's innovation by defining how you will improve and establishing standards to measure innovation. Then make a budget and invest in your workers, finding innovation czars to guide the process and foster a positive atmosphere

Eliminate clutter and re-sensitize your environment.

Physical and psychological modifications may be necessary to create a supportive environment. For example, Google is known for its brilliant work environments that encourage effective work. Creating a clean, minimalist environment can promote openness and clarity of thought. On a psychological level, try to establish a workplace culture in which employees are free to offer their ideas without fear of rejection or ridicule.

Hire and train people who are willing to try new things.

Your staff is the best investment you can make in this process. Keep in mind that anyone is capable of bringing fresh and profitable ideas to the forefront. Make sure your hiring process includes tools to evaluate innovation. It will be vital to include relevant measures in employment contracts and performance reviews, because what gets measured gets done.

Employees also need training and tools. They require time and space to develop, as well as the ability to make mistakes, learn from them and develop. Innovation training must be continuous and sustained, which is where many companies fall short.

Your company's performance will improve dramatically if you hire the right people and provide ongoing training, empowerment and inspiration. Keep in mind that allowing people to innovate often requires giving them time to incubate their ideas. Employees at certain companies are given up to 20% of their week to work on their inventions, with the proviso that they must actually create new products, services, or improved ways of doing business. Your company must have an appetite for risk and a tolerance for failure.

Get in touch with your customers.

The customer is perhaps one of the most obvious but underutilized resources in our innovation arsenal. Customers can be a goldmine of inspiration, ideas, lessons, product improvements, and more. By engaging your consumers more and building trusted channels to listen to, observe, and interact with them, you can tap into their abundance of knowledge and potential. Then apply what you've learned in your development process.