Technology innovation is a key driver of economic growth and competitiveness. It leads to increased efficiency and productivity, lower costs and faster delivery times for products and services. Whether from scientific research, customer and user insights, shop-floor experimentation or signals in the marketplace, technology innovation can propel or impede the development of new technologies and business models.
Tech innovation enables businesses to differentiate themselves from competitors, improve service, and ease operations for customers and employees. It also enhances the quality of life for people around the world through advancements in healthcare, communication, transportation and education. It has a significant impact on society by enabling solutions for addressing complex societal challenges like poverty alleviation, environmental sustainability, food security and disaster management.
To gain a competitive edge, organizations invest in researching, testing and piloting tech innovations that improve operational performance and create new business models. They also identify potential barriers to innovation and work to overcome them. For example, the Internet of Things (IoT) has enabled remote monitoring and process optimization through automation. Similarly, AI has helped to develop intelligent chatbots that can help to speed up service support and reduce manual processes and error rates.
However, not every technology is a fit for all businesses. It is important to select the right tools that are affordable, scalable and aligned with your organization’s goals. This requires a combination of external discovery and internal collaboration through innovation platforms that offer repeatable, measurable frameworks for implementing technology innovations.