Any change in the functioning of the business brought about by the invention of a new product, approval of a new policy, formulation of a new process or anything new that leads to productive growth for the organization is known as “Business Innovation”.
Innovation can be brought about by a group of people in an organization or even a single person. Especially, startups are coming up every day showing the innovation it brings about in the market. Startups are proof of innovation in the Business Arena.
Freelancers and entrepreneurs are finding innovative ways to earn money and build their own startup. Clearly, they are also a part of this Business Innovation due to the introduction of the internet in business marketing.
Why do we need “Innovation” in Business?
The market is not going to wait for you to adapt and change. You have to evolve according to the market conditions. Transformation is inevitable. Innovation will take place in a limited time span. This change brings about many reforms in its respective field. Furthermore, if you do not foresee the coming future and its innovation you will be stuck and one-day growth of your business will be stagnant and start to decline. To create your own business with an innovative mindset you must understand what Business Innovation is and do some research on it.
Examples of Business Innovation:
Shopping Industry E-commerce website
If someone wants to buy something today he or she can do it with just one click on the phone. The E-commerce website has brought a major innovation in terms of people buying stuff.
They can now get a review of the product from thousands of people before buying. Scroll through a lot of products of the same criteria before choosing the best one.
Payment Industry– Online Payment system
People are becoming cashless.Lot of apps available in the market today for cash transactions. It has made people’s life easier since they don’t have to carry a lot of cash.
Travel Industry–Uber Ola
If you need to go from one place to another in a city you would prefer to use Ola or Uber app to book an auto or taxi. They have revolutionized the travel industry.
Mobile and Music Industry–Apple iPhones and iPods
You must have heard about Steve Jobs. He was the face of this Business Innovation. The mobile industry got changed with the introduction of iPhones.
People started to listen to music on iPods. Now the Apple is revolutionizing the watch industry by Apple watch.
Technologies driving “Business Innovation” today:
Quantum computers can perform a task in minutes which is the world’s fastest supercomputers take around 1000 Years to do. This is termed by Google AI as Quantum Supremacy. As a result, in the mathematical world, we use 1 as an index, in the computer world we use bits 0 and 1.
Quantum computers quantum bit can be zero and one at the same time. Also, they can become a major trending topic for research and development in the year 2020. Quantum computers can be used in several different fields for the betterment of mankind.
Internet of things:
Smart City has become a priority for most of the countries. Creating an integrated environment involving both technology and humans to create a better and sustainable life.
All our daily life gadgets have been now connected to the internet. From smart parking in malls to smart dustbin in-home IoT is changing our lives and making it smarter bit by bit because they have become useful to us in a variety of ways.
It has become a trending topic for most of the years now and continues to do even more wonders. Computers have become more advanced in understanding humans.
Object detection and recognition, facial gesture recognition to detecting diseases in the human body AI have made a lot of progress. Moreover, a lot of research and development is undergoing in this field.
Certainly, phones are becoming smarter day by day. The connectivity of the internet through smart phones is going to reach new heights with the introduction of a 5G network. The uploading and downloading of large chunks of data will be done in a matter of a few seconds. People can connect to each other in no time. The transactions of the digital world will be done faster and smoother. As well as, 5G can make our digital world progress with faster internet connectivity. It will certainly be eye-catching business innovation Technology in the year 2020.
Augmented reality/ Virtual reality
New products can come into the market with the evolution of this technology. It can change the whole market of e-commerce with the way we see and buy the products. Customers can view the products in 3D reality and even customize it according to their own needs and desires.
Above all, augmented reality can make digital marketing more attractive to the customer. It’s all about the digital world bringing the virtual world and Real-world together into a new digital reality, making connections easier, life more smart and comfortable in 2020. Therefore, AR/VR can bring digital marketing into a whole new dimension.
This is a brief Idea of what Business Innovation is all about. Innovation is not done in a day. It is the outcome of a lot of people working hard for over a long period of time. No technology or any field can get advanced until there is a human force working on it every day to make it better and innovative. Necessity is the mother of invention. Similarly, as time goes on the necessities of business people change and so does innovation takes place in the business sector. I hope this article inspires you to bring about a change in the business field through your innovative mindset and logical thinking.