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.