Technological innovation is the arena which helps a company to grow. According to GE Global Innovation Barometer 2018 report, across the globe in accordance with business executives, 40% of innovations over the last 5 years had an extremely positive impact on bottom lines of their business. Thus, business innovation is an intrinsic component of an organization that is essential to maximize an organization's potential.

Therefore, we have mentioned the top ten technological innovations for organizations, which are - 

 

• Blockchain Technology

The blockchain technology refers to technology related to cryptocurrencies like the bitcoin. It is a very secure option as the existing data could not be changed; it could only be added to. No one can control entire data in a blockchain; it is consensus-driven.

 

• Internet of Things

It is the future of technology, as it enables the connection of different devices and the exchange of data over the internet. It enables better efficiency, security and decision making in an organization.

 

• Artificial Intelligence

Artificial Intelligence is deemed as a technological innovation that can change the future of an organization. It is like a computer system that imitates human intelligence. It performs various tasks faster. It enables scheduling of tasks, analyzing risks, predictions, maintenance, improving efficiency in an organization.

 

• Robotic Process Automation

It is a technology that enables an organization to automate its various processes like interpreting applications, replying to emails, processing transactions, dealing with data. This is one of the technologies that change an organization for better. 

 

• Edge Computing

Edge computing improves the collection and analyzation of the data by businesses. It gives access to company real-time data, which enables them to make data-driven decisions.

 

• Management Reporting Systems

This is a technology that enables manages to assign certain tasks to their subordinates easily. It helps in the management of reports and work queues and the making of business decisions. It reduces the paperwork and makes data within an easy reach.

 

• Virtual Reality

VR models could present a design to the customers in an organization in place of complex 3D models that are very expensive. It is more appealing and cheaper as well.

 

• Virtual Assistants

Voice assistant is a good initiative to be introduced in an organization. It performs small tasks such as calculations, setup of appointments, placing of orders, and it shares the load of the tasks.

 

• 5G Networks

5G networks are being rolled out faster as it provides faster connectivity and lowers power consumption. It enables the faster working of each function of an organization as many of the activities are connected to the internet, and business innovations are fuel the process of business innovation.

 

• Remote collaboration 

Due to the presence of internet and logistics, businesses can have access to talents and human resources outside their countries. With remote collaboration software, an organization could make a global team at ease. It reduces travel costs of hiring experts across the world and enables business beyond physical limitations.

Innovation & technology are the need of the hour. While businesses across the globe are heavily absorbing technological innovation, it is becoming extremely important in this competitive world to adapt these business innovations to survive the cut-throat competition. It is very unlikely that an organization would be able to survive in this tech-savvy world without modernizing itself.

Therefore, organizations need to comprehend the situation, contemplate it, and make their final move. After all, it is always about who is fit to survive!