Examples of Technological Innovation with potential impact on Business
According to McKinsley Global Innovation Survey, 84 percent of the executives have already understood that innovation is one of the most important growth strategies. These statistics highlight how important innovations like product innovation, creative innovation is in a company. Technological innovation could be defined as innovation in which technological characteristics of a new or improved product differentiate from that of the other product significantly. Thus, developing a product innovation and technology strategy for your business is quite an important task. Even though technological innovation could be observed in various products around us, here are a few technological innovation examples that have significantly made an impact on the business:
1. Artificial Intelligence
This is one of the technological innovation examples that has made a potential impact on the business. Artificial intelligence could be defined as the invention of machines with programming like that of a human. It helps a business grow by presenting customer service by telephone and a chatbot, product recommendations, and advertising.
It is already creating an impact on the business through services like automation of work, processing natural language, analytics.
2. 5G Internet
5G is referred to as the fifth generation of the technology of mobile wireless communications. This technological innovation is known to provide faster connections, increased device capacity, lower latency, and many other benefits.
This technology will transform the business as everything in a business would be impacted by it. It will by strengthening data analytics, facilitating other technological advances like Artificial intelligence, the internet of things, etc.
Blockchain could be defined as an electronic ledger. This creative innovation has enhanced the power of electronic currencies like cryptocurrencies. Since its introduction, blockchain has reduced problems in an organization like removing friction, enhancing trust, and increasing efficiency.
Blockchain has made an impact on the business as it has completely decentralized the technology and provided ease in tracking transactions.
4. Edge Computing
Edge computing is a kind of product innovation that has enabled the growth of a company by making an impact on different areas in a company. The basic purpose of edge computing is to provide high-performance artificial intelligence and computing to effectively manage different areas of a company.
Edge computing has been able to ensure a company’s growth over the years through activities like asset management, production monitoring, traffic control, etc.
5. Connected Industrial Workforce
This workforce could be defined as a workforce with extreme intelligence as well as competitiveness. It works with the purpose of covering the deteriorating value of the human workforce. Thus, it holds the capacity to revolutionize and transform your whole business.
With this technology by your side, one can do things that humans could never do, like learning things themselves, discovering patterns, etc.
In the modern world, developing a product innovation and technology strategy for your business would be one of the first things a company would have to do. Innovation could be considered as the bridge between a company and its growth. With statistics reflecting that a customer prefers to buy from an innovative company, the importance of innovation could be realized.
Understanding the significance, many educational institutions are offering industry-centric curriculum to create professionals. MIT ID Innovation is one such institution that is dedicated since the beginning to make its students walk on the path of innovation and transform businesses.