Business innovation refers to introducing new products, services or features that keep your company on the cutting-edge of your industry. The aim is to stay ahead of your competitors so that you can provide what your customers need before they do. Innovation may also https://servicewaves.com/2023/06/15/business-innovation-and-digital-transformation/ involve making changes to existing products in order to increase competitiveness or reduce costs.
Digital transformation is a more comprehensive approach to incorporating modern technologies into the business strategy and process. This process evaluates the enterprise and modernizes its product offerings and technology stack in pursuit of opportunities for growth driven by changing customer expectations.
Customers want to be able to conduct business and live their life online anytime, on any device, and to have all the information applications, devices and information they need at their fingertips. This has resulted in a surge of business models that are based heavily on mobile technologies, and an expanding ecosystem that allows customers to sign for their services using APIs. This is also enabling businesses that once produced and sold their own products to move into service-based delivery, such as software-as-a-service offerings like Microsoft 365 or subscription-style services for household items, entertainment or fitness devices.
Integrating digital technology into the business process and operations will improve efficiency and provide the best customer experience. It gives businesses the ability to rapidly adapt and recognize future business opportunities. Uber for instance saw a chance to expand its food delivery service after it adapted their ride-share model so that people could be food delivery drivers using their smartphones. To achieve this, digital transformation involves retraining employees around emerging tech and overhauling business processes.