Enhancing Business Innovation to Thrive in the Competitive Industry

In the technological era, continuous development is necessary to progress in the modern world. For this purpose, organisations focus on introducing the latest procedures, services and products to accelerate progress in the company. The business innovation includes improvement in existing approaches and techniques that help build the enterprise from scratch. In this light, the main objective behind business innovation is to modernise the organisation, introduce new values and increase productivity. Moreover, innovation and creativity facilitate major breakthroughs through the latest corporate models. Hence, business creativity increases positive customer experience by upgrading existing products of the enterprise.

Business Innovation is Crucial for Growth in the Modern World

Business innovation carries significance because it adds value to the organisation. For a business to thrive in the competitive market, continuous development is crucial because it generates revenue, optimises current approaches and increases profits. Ultimately, it creates a competitive advantage over competitors in the market.

Best Three Models For Business Innovation

There are various ways to innovate and any type of organisation can have different reasons behind business innovation. For instance, enterprises want to revamp their approaches for revenue generation or merge with other industries to achieve goals faster. There are various business models that support the innovation objectives of enterprises, they are as follows.

Revenue-Oriented Innovation

Boosting the annual revenue is the main objective behind the business innovation efforts of some organisations. A number of businesses try to change their revenue models as a top priority. It involves evaluating the quality of products, services and revamping the pricing strategy. Innovation strategies do not always have to bring radical changes. They can be implemented to just change existing customer service.

Business Model-Based Innovation

Business model innovation aims to increase the profits of the organisation by identifying procedures that must be upgraded. In this light, business innovation refers to more partnerships, outsourcing of duties and implementation of the latest digital solutions such as facial verification solutions.

Industry Based Innovation

Ambitious businesses can opt to completely revamp their industry to improve corporate operations and relationships with all stakeholders. In order to achieve success, pioneers can take inspiration from various organisations in the market. For example, Tiffany and Co. initially worked as a stationer and then shifted to the luxury jewellery industry. They have retained some of the techniques such as their signature blue box packaging.

Advanced Technologies Impacting Business Innovation in Modern Times

Artificial Intelligence

The power of artificial intelligence has impacted the whole world by transforming relationships, and workplace operations.

According to the statistics, the artificial intelligence-based industry will grow to $1.4 billion by 2029, showing a CAGR (Cumulative Annual Growth Report) of 20.1% for the forecasted period. The industry has huge potential for growth and transformation in the world. Moreover, as per the PwC report, artificial intelligence technology can bring a cash flow of $15.7 trillion to the world economy by 2030.

Randy Dean, a Chief Business Officer at Launchpad.AI predicted that every invention in the earlier years will revamp due to the integration of artificial intelligence (AI) in the coming 15 years. For instance, AI is already revolutionising the sales industry by accurately reading emotions on customers’ faces. Daiwa Securities, a Japanese financial service provider found that clients’ purchase rates were boosted by approximately 3 times due to the implementation of AI technology.

In the healthcare industry, AI technology has facilitated the organisation of medical knowledge and accurate processing of a huge influx of data. Medical professionals have noticed reduced errors in medicine doses and the service of virtual nursing assistants. The technique of genome sequencing has been transformed by reducing the time and resources required for the procedure. Turnover time has been reduced to 24 hours and the fee is only $1000.

5G Internet

In the United Kingdom, Gigaclear Ltd. internet service provider offers a speed of 900 Mbps. Nonetheless, South Korea has already achieved a download speed of 438 Mbps and an amazing upload speed of 866.9 Mbps.

Hakan Eriksson, a CTO at Telstra which is a leading Australian telecommunications and technology company, predicted that 5G technology-based drones will facilitate saving lives in the oceans.

In the coming years, drones will be equipped to capture HD videos of waterways and use AI tools to recognise humans and inanimate objects. The high-speed connection will facilitate real-time communication with emergency services and improve the performance stats by involving third parties. In case of the medical industry, surgeons will be able to perform remote surgeries. The haptic feedback enables surgeons to assess the response of flesh from scalpel and needle pressures. Patients in rural areas will be able to receive consultations by remotely available medical professionals.

The Final Verdict

In the modern world, innovation takes a lot of meticulous planning and initiative taking. It takes teamwork, communication with stakeholders, and investment of time and resources to generate innovative solutions. The final results matter a lot because they help determine the success/failure of the solution. People interested in innovation must increase their skills and practice in the real world. It will not only increase problem-solving skills but also provision of customer-oriented solutions. According to Seth Godin, a famous author and entrepreneur, innovation requires courage which means overcoming fears. Therefore, innovation and creativity demand continuous progress to flourish in the modern-day corporate sector.

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Researcher, Fraud Preventer, Traveller, Reader, Writer, Thinker :)

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Candice Spencer

Researcher, Fraud Preventer, Traveller, Reader, Writer, Thinker :)