Business innovation refers to the introduction of new services, products or features that keep you on the cutting edge of your industry. It is crucial to keep ahead of your competitors to ensure that you are able to provide the services and features that customers want first. Innovation could also mean upgrading existing products to improve their competitiveness or reduce cost.
Digital transformation is a strategy that integrates technology advancements https://servicewaves.com/2023/06/15/business-innovation-and-digital-transformation/ more holistically into business strategies and processes. This process examines an organization and modernizes its technology stack, and offerings to capitalize on growth opportunities that are fueled by changing customer expectations.
Customers expect to be able to do business and live their life online at any moment, on any device and to have all the information about apps, services and devices they need. This has led to a resurgence of business models that rely on mobile technology and an increasing number of non-competitive businesses that enable users to login to their 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 can boost efficiency and provide more enjoyable experiences for customers. It allows businesses to quickly adapt and see future business opportunities. Uber, for example saw an opportunity to expand its food delivery service after it adapted their ride-sharing model so that people could become food delivery drivers on their smartphones. To make this happen digital transformation requires training employees to use the latest technology and reworking business processes.
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