One of the best ways to grow your business is through innovation and technology.
Technological innovation has the ability to help businesses gain efficiencies and differentiate themselves from their competitors – whether that’s through utilising the latest technology to improve existing business processes, or to help businesses to deliver new products and services in a digital sphere.
What is technology innovation in business and why is it important?
Technology innovation in business is all about improving an existing product or introducing a new product/ process with completely new characteristics in order to differentiate it from previous versions.
The importance of technological innovation is imperative for business growth. By using technology, and taking advantage of its latest innovations, you can help keep your business secure. Any or your business’s ideas are securely kept from competition or prying eyes.
The changing attitudes towards technology and innovation
In the past, attitudes towards technology innovation viewed the field of IT as too complex. As such, there was a common notion that the IT complexity could often get in the way of business innovation – when in fact, it’s the complete opposite. Technology innovation can help drive business innovation and growth.
Previous attitudes to technology held legacy systems in high esteem as they appeared to be essential in keeping the business running. Changing these legacy systems was often met with resistance, despite the need for them to be overhauled in order to deliver results in our increasingly digital world.
In fact, a survey from Accenture found that, while willing to devote substantial new capital investment for IT-led innovation, just over half the CEOs interviewed admitted that their organisations were at the forefront of making the best use of new technology.
If businesses want to grow, then they need to use technology to get engage their customers. This means they need to set up their organisations and processes around technology and innovation if they are to take advantage of new business opportunities and developments.