Digital Innovation - drive a competitive edge

1. Digital Innovation- drive a competitive edge Digital innovation is rapidly changing the business landscape. The business opportunities are threefold: they can improve traditional business models and processes using digital technologies, transform existing business models and processes digitally and/or invent completely new business models. Digital innovation applies the new technologies to existing business problems or practices. Previous waves have been driven by the beginning of web 2.0, smart mobile devices and improved Internet access. The Internet of Things (IoT), 3D printing, Big Data, artificial intelligence (AI), machine learning etc. are only some of the new technologies that will advance this trend in the upcoming years. Every organization must consider itself a technology company in order to remain competitive in the digital age. Now, the customer journey begins digitally. By taking advantage of opportunities to develop digital products and using predictive data and analytics to better understand both the behaviour of customers and internal performance, companies can increase revenue, reduce costs and even create additional revenue streams with innovative digital capacity.  Digital innovation is the cornerstone of every organization today. You must digitize internal operations to do better, faster and cheaper; find new ways to involve users and market new products and services. But it’s hard to drive digital innovation. Changing market conditions means that you plan around a moving target and competition is growing with disruptive start- ups all over. You need a quicker way to turn your new ideas into winning applications.

3. Creating a faster path: More and more companies are creating innovative laboratories or fast- track teams that act as incubators within their companies. These groups provide a rapid path throughout the company to speed up discussions and deliver applications linked to digital innovation. However, speeding up the results from end to end requires the right people, process and platform. Here are a few guidelines for you to get started. People: Choose two to three people from business and IT teams, who are keen to deliver value for business. No need to build larger teams, only a small group of highly concentrated people, who can work together to find digital solutions to complex business challenges, can bring effective value. Process: Use an agile, iterative process to drive innovation without interfering with existing operations or efforts to develop. By incessantly repeating towards the perfect solution, you can issue fresh digital functionality more frequently, display progress and gather more feedback from market. Platform: Find the exact technology to empower and strengthen your workforce. Search for a unified platform that manages the lifecycle of entire application including teamwork, program management, instant cloud deployment, rapid application development, and application administration. Digital Innovation to Drive a Competitive Edge

4. We live in the age of digital Darwinism, where you either evolve or become irrelevant. In fact, most of the organisations will shut down if they fail to drive digital innovation in ten years. To remain relevant, you must submit the right applications at the right time. While you probably have a host of new ideas, concentrate first on the ideas that have the biggest impact on your digital buck. The best digital solutions focus on these following three features- Engagement of customers, partners or suppliers– Simplify the access to information and processing of transactions. Applications to support this objective include advertisement tools, employee support and customer portals. Innovation of products and services– Create a difference for your business by enhancing prevailing products and services with digital components– or even create net new products or services. Innovation in products and services often involves new applications that enable mobile services, customized product offerings, and fresh business models. Processing, reporting of or access to internal system – Digitize the back office procedures to improve effectiveness, ultimately reducing service and support costs and improving customer satisfaction and response times. Consider how you can mechanize intricate internal workflows, allow faster reporting and decision- making as well as empower your employees through the medium of new applications that improve better data and mobility access.

5. 1. Digital innovation is a tool for new entrants to leverage digital technology to challenge incumbent companies— ultimately leading to a radical transformation in the industry— it also offers opportunities for incumbent companies to expand their product and service portfolios into new fields. 2. Digital innovation strategy is a strategy to transform a business into a digital enterprise. With so many technological changes, companies need to develop a strategy for digital innovation to remain competitive. You need the right tools and the right framework to help you manage digital innovation processes. 3. The key is to generate company’s innovations to isolate yourself from market disruptions and cycles. 4. Companies will need user insight and ethnographic research to create a successful framework for a digital innovation strategy. This information will enhance user experience design and lead to more successful products. Published by Brainware University