5 Digital Transformation that will help transform your company

TAGS

Cities, Evolution, Future, Innovation,

POSTED

November 22, 2020

In the era where social media is not less than a drug, innovation and technology have become an integral part of every company in this competitive corporate world. According to a report from Emarsys,2019, 45% of the total world population is engaged in social media, making it a powerful medium. This ever-increasing value of social media calls for an effective innovation strategy by each company focusing ideally on digital innovation for business growth and expansion. So, mentioned below are 5 Digital Transformation that will help transform your company -

Artificial Intelligence

AI is a magic spell that gives intellectual access to humans to machines. Artificial intelligence is already being actively used in the automation of work, data analytics, and processing of natural language. Artificial Intelligence is the future of innovation and technology that would be used actively in the business world. It helps your business grow by forecasting consumer behavior, customer service through telephone as well as chatbots, personalized advertising, product recommendations, and much more.

Internet of things

Internet of things refers to network connections in order to enhance communication between various devices and networks. It is an extremely crucial component of any innovative strategy as it provides the companies with business insights as well as customer experiences that can help a company grow. It helps reduce the cost of a company and increase efficiency; thereby, accelerating a company’s growth.

Blockchain

Blockchain refers to an electronic ledger that will help in transforming your business. It is a technology that gives power to electronic currencies like cryptocurrencies. It decentralizes the technology and makes it easier to track transactions. It helps in removing friction, enhancing trust, and improving efficiency. The greater trust leads to increased efficiency by eliminating duplicated efforts. Even former Finance and Corporate Affairs Minister, late Arun Jaitely state in 2018, the Government will focus on the blockchain technology of recording and authenticating the transaction without any intermediaries. 

Edge computing

Edge computing is a distributed system that promotes easy mobile computing. It helps the company grow as it brings high-performance computing and artificial intelligence solutions to the company’s different areas. Edge computing helps a company grow by asset management in a company, monitoring production, driving maintenance, and enhancing traffic control measures. With developing technologies like 5G, edge computing is likely to gain unmatched importance in a company’s innovation strategy.

Connected Industrial Workforce

Digital innovation has given rise to a machine workforce that is extremely competitive and intelligent. The efficiency and value of the human workforce are declining over time. This workforce will do things that human beings can’t do, like discovering patterns and learn things themselves. This kind of innovation and technology will completely transform the whole corporate world.

There can be no denying that a company must match its pace with the digital innovation happening around the world to maintain a high-end reputation in the market and have the edge over its competitors. According to data collected by Accenture, 62% of the companies with high-growth are planning to invest in technologies, which will result in increased rates of innovation. Thus, innovation and technology go hand in hand, and these reports highlight the importance of an innovation strategy for a company.

But one needs the vision to analyse and understand the dynamic business environment. A mindset with a vision is a gift of an ideal institution. MIT ID Innovation is an exemplary institution with an ambition to inspire and develop a visionary mindset in every student. 

More like this
  • Know about Radical Innovation Examples

    Radical Innovation is the type of innovation that leads to significant change and replacement in existing business models/ideas/services. It is an irrelevant factor in business norms yet revolutionary throughout humanity, and predominantly in modern times, it focuses on long-term impacts by forming new ideas. On the other hand, disruptive innovations are identical to some degree, with the term ‘significant impact’ being shared on both ends.

  • Complete Guide For Creating A Culture Of Innovation In Your Organization

    In a world of high competition and with changes that come fast, innovation is the watchword for companies that want to remain competitive. However, the intrinsic costs of this activity often end up preventing its implementation, which can hamper the company's future.

  • Trend Driven Innovation to survive in the Business Competition

    In simple words, trend-driven innovation can be explained as spotting the latest trends and recognizing whether they are beneficial for their business or not. Well, it is essential in today's changing world to identify an ideal trend that could stimulate your business's growth and provide highly favourable results. The need for trend-driven innovation is relatively high and significant.

Enquire Now

We are glad that you preferred to contact us. Please fill our short form and one of our friendly team members will contact you back.

    X
    Enquire Now