Innovation and technology are the bridge between a company and its development. According to McKinsey's survey, the importance of innovation in their growth strategy is realized by 84% of the executives. In today's world, where businesses cut-throat competition is on fleek, an innovation strategy gains increased importance to accelerate the growth of the company. The ultimate way to survive and thrive a business company in this digital world is by adaptation, which is possible through innovation.
Innovation strategies that a business should follow to transform itself into a brand are:
- Focus on Artificial intelligence
Artificial intelligence is an innovation strategy on which a company could rely in the future. It holds huge potential to revolutionize how a company carries out its proceedings. According to a study by Accenture, artificial intelligence holds the ability to accelerate a company's productivity by 40%. Artificial intelligence can lead to better decision making in a company, improved consumer relations, and generation of leads as well.
- Usage of digital transformation success metrics
This technology strategy could be used to replace the manual process with error-free, automated, and digital workflows. These metrics provide a company with ways to assess various areas in their companies like user engagement, availability and reliability, customer experience, risk factors, the scope of transformation, and many ways to assess efficiency, whether financial or operational, in a company.
- Focus on provision of user-friendly experience (UX)
To make your company a brand, all the digital channels should work together to serve the most important person in the whole chain- your client. It ensures a positive experience for the customers, which ensures their loyalty. It is a very effective innovative strategy as it could be used to build highly personalized devices, enhance a product-centric mindset, building design systems, building design systems, and enhance a company's overall performance. It is effective in creating a corporate culture whose primary focus is its users.
- Introduction of Customer Relationship Management software
The CRM software could prove to be extremely useful to maintain a useful relationship with clients of the company. It ensures a company's long-term growth by focusing on four pillars of growth: sales, support, marketing, and consumer feedback. It ensures the personalization of experiences, automation in market and contact management, and team coordination.
- Adoption of cloud computing
This is an extremely useful technique used in business to reduce cost and risk and enhance internet-based database capabilities' scalability. Hybrid cloud computing is a gift of innovation and technology that enables merging several cloud providers and links it with a company's private IT infrastructure. It increases efficiency and eliminates the need for large maintenance staff as well. This is very likely to revolutionize the business world.
Owing to this enhanced importance of innovation and technology, the government, too, had realized the importance of digitalization. The budget was paperless, which in itself showed the digitization in its initial phase and the digital budget app is an applaudable innovation strategy by the government. The census of India would be a digitized census on which Rs.3768 cr. has been allocated. Whereas other digital centre schemes like R&D with BARC have been allocated 1257 cr., the promotion of digital payments has been allocated 1500 cr., and R&D projects in IT/Electronics have been allocated 700 cr.
Comprehending the significance of the same, MIT ID Innovation is one of the premier educational institutions that strive for digital and innovative India. So, if you are looking for an institution that could empower you with industry-centric knowledge, MIT ID Innovation is a worthy investment.