As new technologies continue to take the world by storm, it is up to us as innovators to tap into these technologies to increase our innovation potential, and to develop new innovation strategies.
We mentioned in previous 2018 TIBCO CXO Innovation Survey posts that your technology choice is heavily dependent on where you are in your digital maturity. Digital beginners and digital conservatives are looking towards more foundational technologies, while digital digerati and fashionistas are looking to more advanced technologies to carry out their innovation projects.
That being said, more and more innovation projects are being sponsored and run outside of executive management and IT, in departments such as finance, centers of excellence, and operations. This is giving way to “shadow innovation” projects, that teams are driving as opposed to being driven by the office of a CXO. Teams are the ones in an organization adopting more advanced technologies to solve problems within their own departments, later sharing their successes with the entire organization.
Companies and teams who have conquered foundational technologies (cloud, application and data integration, and business intelligence and analytics) are moving past these capabilities, which enable them to take on more advanced technologies. Consequently, this means more advanced innovation projects.
Popular advanced technologies such as IoT, artificial intelligence and machine learning (AI/ML) open source, and blockchain, are opening up the door for brand new insights into the data a company is already collecting. These technologies allow a company to refine its ROI by layering technologies to bring more business benefits and a new level of sophistication to operations, customer experiences, and digital products.
Here are some innovation and business benefits these technologies can have on your company.
Since open source projects are collaborative in nature. They open the door for greater experimentation in the enterprise, creating new tools and more sophisticated outcomes. Open source projects will be the most successful in organizations that place emphasis on meritocracy, or rewarding creativity. In these types of organizations, employees have the freedom and are encouraged to fail fast and fail often. When employees are rewarded for their creativity and asked to share their progress with the entire organization, it can further create an environment for innovation.
Blockchain has grown to become highly cost-effective way for companies to handle their operations, such as transactions and logistics. Innovative companies are looking to blockchain to apply it to these types of use cases. The capabilities of blockchain lead to powerful results for companies, including saving time, money, and reducing human-prone errors. With blockchain being the newest of these advanced technologies, it requires some serious R&D investment from companies wanting to leverage it. In order to foster that kind of R&D, make sure your company has a dedicated budget allocated to these innovation efforts.
When layered on top of business intelligence and analytics, AI/ML gives businesses the opportunity to gain greater insights from deeper, more advanced analytics. Companies can leverage predictive algorithms to get a better understanding of customer behavior, creating more targeted promotional campaigns. What’s more, AI/ML can be used in manufacturing operations for process optimization, predictive maintenance, and identifying product failures. AI/ML helps companies better optimize their operations to bring a more personalized experience to their customers, ultimately increasing ROI.
With IoT being the most widely adopted of advanced technologies covered in the 2018 TIBCO CXO Innovation survey, companies are beginning to leverage it in new ways. More and more companies are utilizing IoT in their manufacturing processes to capture and use data from their machinery. Additionally, companies are using IoT as a means for disruption in innovation, especially in the case of connected edge devices. IoT brings many benefits, such as geo-targeting with smart apps, improving operational efficiency, and make decisions in real time.
In order to continue on your journey of innovation, take the opportunity to see where you can implement advanced technologies within your organization. Not only will you see the benefits in your company’s operations and digital products, but you will also be able to give your customers more innovative solutions. Tap into advanced technologies today to begin increasing your innovation potential