Implementation of digital technologies to improve existing business activities and organizational practices is known as digital innovation. It involves developing a technological strategy to boost revenue and cut costs. In fact, knowledge regarding digital innovation is a must if you are doing any business.
Remember the time when companies like Netflix and Amazon started the subscription economy? It is one of the greatest examples of digital disruption strategy. This disruption within the media and entertainment industry changed how consumers accessed content and monetized by advertisers. It has been seen that digital disruption can make or break companies. Having said that, it is inevitable.
The employees, consumers, company processes, and creative strategies are the keys to a successful business environment. Through product innovation strategy, leaders collect and understand the complete details of products a company offers and their environment. There is nothing wrong with getting points from others, but copying their strategy for your organizational growth is a mistake. A clear-cut product innovation strategy helps you to match your specific competitive needs (Kheirandish & Mousavi, 2018).
Rapid development, change, innovation, and disruption characterize the digital economy. Those stages are vital, but they aren’t the end-all solution. Companies that wish to stay ahead of the curve must adapt to the new digital world. On the other hand, a digital transformation includes more than just deploying new technology or enhancing old processes. You can’t merely react to changes if you want to stay competitive; you must foresee them and drive innovation yourself. Companies must plan and be active creators of their future to achieve success. In fact, a digital transformation strategy can help with this.
Rapid development, change, innovation, and disruption characterize the digital economy. Those stages are vital, but they aren’t the end-all solution. Companies that wish to stay ahead of the curve must adapt to the new digital world. On the other hand, a digital transformation includes more than just deploying new technology or enhancing old processes. You can’t merely react to changes if you want to stay competitive; you must foresee them and drive innovation yourself. Companies must plan and be active creators of their future to achieve success. In fact, a digital transformation strategy can help with this.
The global market sphere is constantly changing, and it has become increasingly challenging to keep up with the new trends. Many businesses resort to unique and innovative strategies to help them get the upper hand amidst the competitive digital world.
The technique of corporations and organizations sourcing ideas from external and internal sources is known as open innovation. This entails sharing problem-solving knowledge and information and seeking solutions and suggestions from people outside the company. Open innovation is a more decentralized, distributed, and participative invention method. This method is an excellent way to gain access to outside knowledge and discover new routes. To have a clear understanding of this concept, you need to know about the type of open innovation.
You must be aware that crowdsourcing is the process of enlisting the help of a large number of people to achieve a common goal. It’s best used while developing new ways to address complex problems or reduce time-consuming operations. Well, we’ll get through the whole topic in this post, and also, we’ll see a few of the crowdsourcing innovation examples in the further portion.
Every business, big or small, faces challenges in its tenure. The challenges demand innovation; however, human resources fail to provide a unique solution. The solution to dissolve these challenges is sometimes quite hard to find, with a dozen other problems circling. Thus, companies face a major creative block and lack of inspiration. In such a situation, companies use a method known as Innovation Crowdsourcing.
With a discovery or invention happening every day, the chances of not landing on an already used idea are pretty unlikely. People make as many efforts as possible to build a product, service, or solution that is distinctive. Nonetheless, the task of innovation can be tough to achieve, and companies have to turn towards the employees of their entire company and sometimes external sources too. The term used for such a phenomenon is Open Innovation. Read ahead to find out about open innovation in-depth.
