Thought Leadership From Industry Peers

Last Updated: 16 September 2019
Why Tech-driven Innovation is the right choice for your scaling business strategy?
Scott Nugent | CCO Ignitho Technologies About the author Orginally Published: 05 August 2019

It’s always nice to sit back comfortably and order something online where you can have the luxury of knowing all about its specifications without even going to the vendor. Today, this is the case with Innovation products too. But as you trace the growth of the champs in the business sector, you can conclude that their success has been routed in the choice they made in selecting the right model of innovation that suits them. 

Curious about how the trend in the innovation sector has been fluctuating over the years? Let’s have a peep into the past, present and future of the Star of Innovation era, “Tech-driven Innovation” quickly. 

Success factor

The journey of technological transformation is a never-ending course. You don't get to stop and take a breath in this constantly racing world of business. The market does change and so should your technological landscape too.  

Most of the innovations have seen a mass influx of technological elements linked to them. Today as the competition within the system is getting tough with time, tech-driven innovation has got into the seats of each person in an organization irrespective of their position. It’s the role of an organization to appreciate new tech-driven innovations to find solutions to their modern-day business needs.

This extended concept of Innovation has improved the success quotient of the high-tech sectors by improving and accelerating their mode of communication and administration within the market. Innovation labs are a novel approach to the tech domain as they assist the enterprises on co-ideating and co-creating innovative prototypes on limited budgets using new technologies. These lab platforms enable close collaboration between the service provider and its enterprise customers using a 4-stage development model:

For the operation-led enterprises, the success factor majorly depends on how their employees work and their tech-angle is updated incessantly, which brings out the desired differentiation from other competitors. We are witnessing a lot of “digital similarities” in everything that we develop nowadays. Through the disruptive nature of tech-led innovation, you can smoothly glide away from this scenario. 

Your tips to consider

The tech-driven innovation might look quite whimsical, but from a C-level executives’ perspective, it is the strategic weapon for streamlined markets and shape-shifting organizations. Piloting forces throughout the domain consistently attract challenges from the technological base of your competitor’s business. 

Here are four tips to consider when thinking about tech-led innovative transformation:

  1. Prudently build your ideation domain by continuously streaming the right innovation ideas. 

  2. Reform your elementary technologies. The process applies to your core as well as new technologies at the same time. You can bring in radical innovation pushed by technology in areas like machine learning, blockchain, and AI.

  3. Make use of novel technologies in the field. Your business should exceed the innovation barriers with the help of utilizing the latest technology.
  4. The forthcoming operations in your firm require investiture. Mastering the radical innovation technologies mentioned above would help to have an upper hand on the competitive domain by driving maximum benefit from them.  

The future

Surmounting the tech-driven innovation plays an important role in any transformation that is happening within a company. The efficacy of a company lies in the way they manage the tech-driven projects right from ideation to the deployment phase feasibly. 

Upgrading the technologies under machine learning, automation and blockchain would increase the ROI by increasing the productive capacity and adaptability at the organizational level. Therefore tech-led innovation would sustain for another decade as they help the enterprises to grow irrespective of their market status. Revamping the foundational technology stack would help to enhance the agility at the enterprise level. 

Therefore, the proficiency of any enterprise lies in its capability to dwell deep into modern technologies and excavate their highest potentials. Even if you haven't switched to the mode of being a tech-led innovation enterprise yet, 2019 is your mark, to begin.
 

Scott has over 25 years of experience in the information and technology business. He started as an analyst at TransUnion. Read More

Further Read

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Programme Management Expert Balfour Beatty | Allianz
22 November 2018
Joseph Olassa
Co-founder & CEO Ignitho Technologies

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