For centuries, innovation has fueled human ingenuity and progress. From the wheel and Gutenberg’s printing press to the mobile phone and the bagless vacuum cleaner, innovations have radically shaped society and communication. However, the rate of technological change is much faster than the speed at which organizations adapt. This creates a gap that’s challenging to close, but the gap can be overcome by companies embracing technology innovation management.
Tech innovation management involves creating and implementing technology-enabled business processes, with enhanced capabilities or efficiencies. It is a strategic approach that requires substantial investment in research and development, adaptability to market trends, and a focus on delivering value. It is the key to transforming technology investment and R&D into real business results.
Increasingly, businesses are integrating innovative technologies into their core business. For example, a growing number of companies are using artificial intelligence to improve customer engagement and product design and to drive greater efficiency through automated decision-making. Many are also leveraging augmented and virtual reality to provide new, immersive experiences for consumers. In addition, companies are deploying cloud computing to reduce costs and increase scalability.
Companies are also embracing technological innovation to enhance sustainability initiatives. For instance, they are reducing environmental impact by investing in technologies that optimize energy use and reduce raw material consumption. They are also addressing transportation issues by investing in electric vehicle batteries and supercharger networks. In addition, they are embracing technological innovation in manufacturing and R&D by outsourcing to local suppliers and opening joint ventures with startups.