The importance of accelerated innovation in enterprises
Adopting emerging technologies can help businesses gain a competitive advantage in the market.
7 MINS READ
Accepting emerging technologies
A steady marketing strategy may work for a long duration, but if companies do not innovate to grow, they may lose out on multiple aspects. Let’s take the telecom industry, for instance. Several cell phone and smart phone companies that were bestsellers in the previous decade experienced a downward trend in sales as a result of not adopting new technologies. While one popular company refrained from upgrading to avoid risks, another maintained focus on core services and lacked innovative products.
On the contrary, companies that innovated and rolled out new products with advanced platforms and features stayed afloat and grew in the market. These instances show that even leading brands may not be able to keep up with competitors if they don’t innovate in a changing world. And hence, the need for accelerated innovation arises—it reduces the time taken to bring innovative products and services to the market.
How timely innovation proved profitable
The need for accelerated innovation stems from market conditions and trends, and emerging technologies. For instance, some brands survived the COVID-19 pandemic by implementing innovative ideas that turned challenges into opportunities. A popular transportation aggregator app’s quick action helped expand its services to include delivery of groceries directly from retailers and door-to-door deliveries of care packages, household supplies, and other items. Such innovations arise from the needs and situations of the people.
It is crucial to understand one’s surroundings, which can lead to an innovative idea that could also help overtake competitors. Without including delivery services, the cab aggregator app may not have been able to come out of the pandemic unscathed, as people were unable to travel during the multiple lockdowns. Many other firms deviated from their usual businesses or products and adapted to the situation by manufacturing and/or selling masks, hand sanitizers, and medical swabs. The remarkable achievements they made can be attributed to timely decisions of transforming their businesses to an area of heavy public need and demand.
Another example of a business that boomed and made profits during the pandemic was streaming services and OTT platforms, as theatres, talkies, multiplexes, and other entertainment facilities were closed. The number of OTT platforms available also increased since 2020.
Impact of accelerated innovation
Research and studies on accelerated innovation have been increasing over the past few years. Researchers have been focusing on the benefits and challenges associated with accelerated innovation, the strategies and tactics used to accomplish it, and the use of new technologies to support accelerated innovation.
The research also includes studies on the impact of timely innovation on the performance of organizations and their successful strategies. These studies say that accelerated innovation can help organizations reduce time-to-market and increase revenue and profitability.
The blind side
However, like most things, this phenomenon has another side to it. Though innovations bring profit, credibility, and new business, it sometimes leads to a greater waste of resources, thereby causing environmental damages. It can also cause erosion of privacy alongside excessive monitoring by government and industry. Advances in automation mean an increasing number of complex tasks and operations are being outsourced to computers and algorithms, which have hidden biases, leading to humans losing their capabilities as well as their grasp on the process. For example, AI algorithms are problematic if they are trained on existing datasets that reflect biases in society. A recently trending AI tool can even crack exams and do students’ homework.
Adhering to safety controls and quality measures are also as vital as implementing fruitful ideas. Ethical ways of innovating increases people’s trust in the brand and that would help with sales as well.
It is clear that without accelerated innovation, businesses and industries may become stagnant and could be unable to progress in step with the ever-changing needs of the world. It could lead to a drop in productivity and profitability, as well as a decrease in customer satisfaction. In today’s world, new technologies, products, and services are emerging every day, and companies need to keep up with the latest trends and advancements to stay competitive.