Technology-based movements have made it easier for organizations to innovate and solve small and big problems that impact the day-to-day life and work. These movements have so much power and they are here to stay! Innovations now affect the economy, improve the way you treat your body and even influence our culture. While some movements are taking their time to unfold, others just explode on the scene and make a lasting impact on everyone. Here are some that are driving everyday innovation in business.
Businesses are digitally transforming. They are fundamentally altering the way they do business and digitizing by engaging their users and improving the use of digital tools amongst their teams. A recent McKinsey research revealed that businesses that embarked with digitization both on the inside and outside, have reaped more profits and increased productivity. The nuts and bolts of delivering value to customers have now moved online – and opened up a brave new world of two-way communication, instant response, insight-driven action, and business agility. Social media has made every customer a broadcaster – and a receiver of information. Companies that are innovating their business models by building them around this digital way of life stand to reap the benefits of this closer customer connect.
Almost everyone has a smartphone now. We are serially connected and the companies and products that we do business with know this. Smartphones have taken over most nuances of daily life. Alarm clock, wallet, camera, taking notes or calling a cab, a smartphone has replaced so many tools and increased mobility. The companies that seek to connect with their newly mobile customers, and collect and understand that data these customers knowingly and unknowingly provide back to them have a definite advantage.Just like consumers have more information and more choices to make, this data helps organizations create, and target innovative offerings better. The phone offers these innovative organizations an avenue of getting that innovative value proposition into the hands of the consumer too – a win all round.
The Internet of Things (IoT) is changing the world! Gartner predicts technology will connect over 20 billion devices, systems and people by 2020.Every device will be on the internet and be smarter as a result. These smart appliances will make everyday innovation not only possible but the norm. As such edge devices get connected, and the decision-making gets moved to the frontlines – companies can devise newer, more flexible, and responsive ways of solving problems for their consumers. This is not science fiction, the incredible impactis already being seen in everyday life. From smartphones to your refrigerator, every appliance inside your home and outside can be interconnected in ways you can’t even imagine. If connecting wearables and everyday household objects can make such an impact on an individual, think about the impact it will have on a smart city. IoTwill change people's lives in the greatest ways possible over the next few years and it will be due to the innovative companies that ride that wave.
Machine Learning is how computers learn. Based on a solid foundation of data, machines fine tune results from iteration to iteration and improve their decision-making. The more the data available, and the more the iterations the better the decision-making. As the waves of data build up, the “machines” learn to determine patterns, project possible outcomes and take actions in response. Companies are innovatively deploying solutions that utilise the learning capacity of such machines including in many areas already. In data security, with machine learning, computers can identify patterns of anomalies and report potential breaches.Paypal is doing exactly that to discern if transactions are fraudulent or legitimate. In financial services, these algorithms in machine learning help firms to predict and carry out trades at high volume and speed. Machine learning is playing a role in healthcare in helping spot cancer or predicts any onset of ailments. This is one technology movement that enables businesses to put in place innovative initiatives to address the needs of customers, improve operational effectiveness and efficiency, and improve safety & security.
When a trend has to be addressed as “The Cloud” you know you have to take it seriously. Let’s look at the magical powers of Cloud computing first. This is a technology movement that has freed up organizations of all types and sizes from constraints like infrastructure requirements, physical location, and investment ability. The Cloud has made it possible for even the smallest organization to leverage those technology-based solutions that were earlier the domain of only the large company. Today small companies are also able to access the power of Big data & Analytics, Machine Learning, and Mobility – all on-demand, and without having to incur prohibitive initial costs. This access has freed them up to create innovative solutions for their customers on the back of these technology-based movements.
Innovation is key to surviving in a competitive world – those organizations that embrace the technology-based movements described here are likely to be at the forefront of the innovation cycle and benefit.