Tech innovation involves developing and implementing products, services, or business processes that incorporate significant technological advances. It can be fueled by scientific advancement, customer and user insights, shop-floor experimentation, or a combination of these sources. Policies and regulations can also propel or impede technology innovation, or channel it in certain directions.
Whether you’re creating an AI-powered virtual assistant or accelerating the design of mechanical parts with 3D printing, tech innovation can transform your business and drive growth. But before you jump on the next technology bandwagon, you need to ensure it fits your company’s culture and goals.
The speed at which technology innovations are combining, reshaping, and compounding is fundamentally changing business strategy and understanding. Technological change is no longer a “trend.” It’s nature’s old trick of combination, convergence and compounding, playing out at unprecedented scale and pace.
Innovation can bring short-term disruptions, as old business models fail and some individuals lose their jobs. In the long run, however, it can create new opportunities for entrepreneurship and economic prosperity.
Invest in research and development (R&D) to identify emerging technologies, industry trends, and market dynamics that can fuel technology innovation in your organization. Set up cross-functional teams to collaborate and explore new technology innovations, leveraging diverse perspectives, skillsets, and resources. Establish a process for reviewing results and making informed, data-driven decisions. Protect intellectual property through appropriate patents, copyrights, trademarks, and trade secrets. Ensure that your business can leverage technology innovations by evaluating their scalability and readiness to integrate into existing systems and workflows.