Business innovation is the creation of new products, features or services that keep you at top of your game. It is crucial to stay ahead of the competition to ensure that you are able to provide the features that customers are looking for first. Innovation could also mean making changes to existing products to increase their effectiveness or decrease costs.
Digital transformation is www.servicewaves.com/2023/06/15/business-innovation-and-digital-transformation an approach that incorporates the latest technologies more comprehensively into business strategies and processes. This process assesses the enterprise and improves its product offerings and technology stack in pursuit of growth opportunities driven by changing customer expectations.
Customers expect to be in a position to conduct business and enjoy their life online anytime, on any device, and to have all the information as well as the apps and devices they need. This has led to a rise in business models that rely heavily on mobile technologies, and an ever-growing ecosystem that allows users to sign up for their services via 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 business processes and operations can improve efficiency and create the best customer experience. It gives companies the ability to quickly adapt and see new business opportunities. For instance, Uber saw an opportunity in food delivery when it changed its ride-sharing model to allow regular people to become food delivery drivers with their existing smartphones. To achieve this digital transformation, it requires retraining employees to use the latest technology and reworking business processes.