why digital innovation is important

Being innovate means being willing and competent in knowing how to think and act differently. Learn how to remain competitive in the digital economy by becoming a "Digital Innovation Factory" that produces software as well as consumes it: How Blockchain Plays into Digital Transformation, Top 10 Cloud Adoption Trends in North America, Europe & Asia, Developers: Driving the Future of Digital Innovation, IDC’s Top 10 Worldwide Services 2021 Predictions, U.S. Consumer Tech Spend Expands 17% in November, CIOs and Technology in the Future of Customers and Consumers. With unprecedented convenience that the digital technologies bring to us, business leaders and professionals should ask themselves: Why is innovation so important or even more important whereas technology becomes more advanced? In this theory investment innovation, credit and maximizing the profit are three key elements. Leveraging AI-based technologies can be the key to tapping into the potential of big data. Placing data and analytics at the center of a digital transformation strategy will allow businesses to take advantage of big data. Innovation is increasingly important today. But the pressure to deliver consumer-level experience, great performance and enterprise-grade security can mean that on-demand services run the risk of becoming a millstone round the necks of IT departments. Embrace the growing requirement to create a “digital innovation factory” capability within your own organization – your organization’s competitive advantage and future viability are depending on it. It gives organizational sustainability such as brand maintenance. Having a clear set of expectationswill not only help you see how your marketing tactics are working, this will also be the benchmark by which you can set future goals. There is also an abundance of research and advice to help you with the right strategy and execution. If you take all the hype away from the concept and focus on what innovation really is, it’s quite easy to demystify the topic. The Essence Group for example, offers connected smart devices for elderly care, medical settings, and home security, and claims to have formed a core part of governmental and private efforts around the world to safeguard the health of … Here are five reasons why digital transformation is essential for any business looking to grow and stay ahead of the competition in what is now a digital-first world. Entrepreneurs Answer the Question: 'Why Is Innovation Important' Chad Brooks. This change can be daunting, but it can also pave the way for a future of success for an organization in the digital economy. In today’s dynamic market that is high the aspects of competition and evolvement in nature, it is very necessary for the brands to understand the Importance of Innovation.. Our why is our people and our customers. But production is not easy and requires a framework, guidance, resources and pathways to not only help plan, source and develop it but also to distribute it as a revenue generator. Digital innovation is now the leading driver of technological and cultural transformation in most businesses. Studies have confirmed that all businesses want to be more innovative. In the current day economic scenario, innovativeness has become a major factor in influencing strategic … Crowdsourcing innovation is an innovation activity that is slowly making its debut in the digital workplace and that too with high expectations. Workforce engagement is a hot topic. For example, the innovation capabilities of P&G were enhanced by its acquisition of Gillette. To … As 2020 comes to an end, CIOs are looking forward to their mid-term and long-term IT challenges, opportunities, and needs. The main focus will be on creating new value for their own customers with digitally enhanced product offerings and services. Digital transformation provides a valuable opportunity for core business functions, such as finance and HR, to move away from manual processes and … Without a stable government it is difficult to maintain a stable currency, assured property rights, reliable market transactions, and public safety. Lift in customer engagement (75%) – One of the first and most important benefits of Digital Transformation is that it leads to a great lift in customer engagement and experience. It is also critical to foresee and solve challenges and respond to unprecedented events and external crises in different ways and transform them into creative and innovative solutions that people love and cherish. Today, CIO’s must operate at the same pace as the front end of the business, shifting their focus from traditional technology management to projects that steer the business towards growth and make it ready for the future. Through building a digital process at an early stage and integrating the wider organisation with technology, businesses stay ahead of the curve and make themselves more available to future partners. It is important because it is recognized as one of the main drivers for success. 1. Who is my target audience? When you consider how Apple changed the music industry, what Uber did to the taxi business, or what Amazon has done to, well, everything, you can’t ignore the importance of innovation as a means of turning the world upside down. When organizations understand they can fully change their operating model, creating more customer value and optimize for success, it completely shifts the strategy and dynamics of an organization’s business plan and future vision. Successful enterprises are embracing technology to create digital workplacesthat improve business cohesion. Globalization and the rise of new technologies during the 21st century have revolutionized our learning methods, and therefore, our teaching system must undergo a thorough revision. This can even bridge the gap to mobile technology, helping employees be more effective and productive day-to-day. 4. But this is a mistake. Its market-leading brands (such as Gillette, Venus, Oral B, and Duracell) are platforms for future innovations; and core technologies in blades and razors, electronics, electromechanics, and pow… Innovation is all about implementing new ideas in order to improve work processes, to increase efficiency, reduce running costs, to improve your offering, and increase profitability. Through online channels and communication with customers, any business can get closer to what the customers think, want and how their decisions are influenced. Enterprises need guidance throughout this period of transition with a solid methodology that encourages digital innovation. Businesses increasingly demand more agile hybrid IT services and agile networking capability, and getting the user experience right is a critical part of business transformation. As important as the who (our people and our values) is the why. This transition to a ‘new normal’ requires a strong and carefully thought out strategy and execution plan, along with strong skills and substantial agility in the IT department. Governments tend to be slow and stable. To allow the effects of digital transformation to be truly transformative, CIOs should surround themselves with both business and technology partners that understand the broader business objectives and can operate honestly and transparently to achieve these goals. Changing market conditions mean that you’re planning around a moving target, and with disruptive startups popping up all over, competition is … The top three reasons digital transformation is so important are: Acceleration of Change – The pace of digital change is rising exponentially, making it very difficult to maintain a position of industry leadership, and requiring an acceleration of new digital solutions brought to market I admit, it’s a pretty good question. This practice encourages an active participation of employees pooling up ideas within the organization. The first step to any successful marketing plan is to come up with some realistic goals and a strategy to achieve those goals. Make sure your business doesn’t get left behind and choose digital technology that supports the way your business wants to work. It's nigh on impossible to monitor all the developments in IT that help facilitate digital transformations, however, a close eye on how advances in AI can support big data initiatives is a sure way to stay ahead of the curve. In addition, new technology will also be developed in-house to support operations internally and fulfilling the move from a manual long tail business process to a digital one, enhancing the organization’s operations and profitability. But even the most stringent security measures are useless if an underperforming network forces staff to go elsewhere for flexibility or faster speeds. This is an increasingly complicated task, requiring rigorous enforcement around access, data compliance and shielding from attacks. And, now that our Centennial is drawing to close, I’m able to articulate one important part of the answer. The breakthrough innovation has to respond to the true human need. Technology is no longer a choice, it’s a fundamental business strategy that must be interwoven with wider operative-initiatives. There are as many reasons why innovation is advantageous as there are reasons that remaining stagnant puts you at a disadvantage. Over time, digital transformation produces the tools to generate time and resource gains, strengthening business partnerships. But for a business, this can be challenging to achieve. The DISC methodology enables a very high level of business transformation digitally. Business News Daily Writer Jul 05, 2017. He distinguishes innovate and … Collaboration between enterprises, modern ways of engaging with the customer base, more innovation within the workforce itself, and the ability to draw valuable insights from captured data are just some of the key benefits helping businesses grow. Transformative technologies are entering the workplace at exponential speed, bringing the change businesses need to not only survive but thrive. Recent studies predict that worldwide spending on the technologies and services that enable digital transformation will reach $2.3 trillion (£1.8 trillion) in 2023, with the period from 2019 to 2023 seeing a steady expansion of digital spending to reach this figure. More business applications, more connected devices, and higher expectations are permanently modifying their role. 3 min read. Why Innovation Is Important Innovation is vital in the workplace because it gives companies an edge in penetrating markets faster and provides a better connection to … All rights reserved.IT Pro™ is a registered trademark. Today's customer, internal or external, expects the same kind of experience in a professional environment that they have with technology in their personal lives. But technology is now available that can redesign this process. Tips and tools from the experts to chart your path to growth. The conclusion is that the importance of innovation is increasing and increasing significantly. There are all manner of solutions making their way to market - some will be better suited to individual needs than others. While companies will still consume software from technology vendors, the need to produce their own software will become increasingly essential to the success of their business. Digital ethics rising in importance We must keep in mind that just because we have the ability to deploy a new technological innovation does not mean that we should. New technology, developed in-house, will be embedded into the organization’s own products and services, to compete within their own industries. After all, stability is one of the key demands we tend to make of government. For a successful digital transformation in any business organization, digital maturity and a modern organization culture are of paramount importance. Many enterprises are already on the journey to become prolific software producers, creating and distributing digital products and services with digital-native speed and scale. Learn what it is and why it is important. IDC’s extensive research on the digital economy has led to the creation of methodology called the Digital Innovation Supply Chain (DISC). Traditionally innovation have an important role in economy in comparison to creating but it finds . This shows that increasingly the digital transformation process is being viewed as a long-term investment, with initiatives set to take over a 50% share of worldwide technology investment by 2023, reflecting the global commitment to enterprise-wide digital transformation. For today's IT leaders, the need to maintain the operational discipline around security and performance will remain a priority. It is essential that progressive businesses implement a security strategy consistently across all networks, applications and data, whatever services or service providers are being used. Explore the biggest takeaways and surprises from IDC's IT Industry FutureScape. , however of transition with a mobile app of research and advice to help you with the to... Technology is no longer a choice, it ’ s a pretty good question this a... Systems can not only focus why digital innovation is important content, since it expires very.. The most stringent security measures are useless if an underperforming network forces staff to go elsewhere flexibility! Within the organization and act differently mother of innovation.And this theory investment innovation, credit and maximizing the are!, there are a multitude of avenues for success explain how it all... An item online or booking a flight with a mobile app remain a priority for them this period of with. 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