INNOVATION: TECHNOLOGY RENDING ALL BARRIERS
True innovation undermines the status quo of existing, large scale markets and the companies and governments which are their primary benefactors. Customer satisfaction is the key to business growth and development. Hence all the successful companies have always strongly believed in innovation while catering their resources and products towards solving consumer issues and satisfying their needs.
Innovation is one of the most important tools to grow in the market. Advanced business solutions are the need of the hour. Understanding the consumer needs and providing in accordance is a major guideline for business development.
Digitization and customer interaction portals/tools are critical to capturing and analyzing data that can inspire successful, customer-centric products. A digital and technology solution crosses all boundaries and allows creative collaboration with customers from the front-end of the commercialization process through every stage—be it prioritization, security, testing, pricing, in-market feedback, supply chain, etc. Then these insights feed back into the product pipeline to drive value.
The collaborative process of digital and technology solutions with services, delivers new value when it creates solutions that were previously unimaginable. These are the products customers don’t know they want yet, delivered so far ahead of the competition; they’re virtually alone on the shelves. For a high-impact launch that’s just far enough ahead of the trends, let your digital transformation take you into uncharted territory, like many organizations eliminating all that troublesome paper work for data management and developing one touch solutions targeting all possible company problems.
It is interesting to watch how boundaries are being erased between various concepts, putting into motion new and collaborative interactions between different businesses and verticals. Traditional boundaries are disappearing in many different areas, both in business and in everyday life. Digital and technology solutions seem to be the way forward in this fast pace lifestyle.
Today, there is most definitely a blurring of lines between the physical and the digital world. While previous generations could identify the difference between what is considered a “physical” concept and a “digital” one, younger generations relate to both concepts as natural parts of their lives. If we ponder on the division of physical and digital, vision and imagination are located in the same part of the brain, so technically we are really predisposed to understanding the digital world. There are so many innovations in technology these days that we have begun to consider digital as just a “normal” part of the world.
Boundaries between products and services have also broken down, with no obvious distinction between the two. Just like a digital and technology solution for a service, is often considered to be a product providing a hassle free service when in fact there isn’t an appropriate distinction between the two.
The goal of feedback from consumer technology interactions’ is to draw insights not only from the technologies a person has adopted, but also how they use those technologies. This unlocks a unique view of consumers as individuals and drives equally unique opportunities to serve them. Hence providing with insights, that leads the organization to advanced business solutions targeting customer needs.
There are certain product and service characteristics that affect the diffusion process and can influence consumer acceptance of new products and services; the five factors that can impact the diffusion process and the rate of adoption are relative advantage, compatibility, complexity, trial ability, and observation of the product by the consumers.
Some of the major barriers in innovation of products are:
• Organization and environment not supportive of innovation and hence the technology becomes stagnant with no further growth in it, whatsoever
• Traditional top-down management discourages front line empowerment and innovation wanting to keep their product niche as it was when launched, failing to understand the importance of acceptance in accordance with development
• Short term focus on execution with no time to think for the future. Basically ignoring the cons of the product completely and being oblivious to customer needs and issues faced by them
• Lack of resources, leadership, communication within the team and inadequate funding. This in turn hinders the growth of the organization as a whole and limits the creativity of the innovators/employees and understanding of the customer needs
• Organizational focus and value is on risk avoidance and not advancing focusing on customer needs. In such cases even if the product reaches a successful mark, the growth is stagnant
• Lack of systemic innovation process, leading to chaotic development and failure in the advancement of the organization. This can result in a huge slack in the existing market of the product as well. A thorough market study and interaction with customers is needed to avoid such a scenario
• Focus on immediate and unreasonable financial returns. A lot of organizations seek only incentives and enjoy short lived growth and achievements. This in turn kills the real goals and possibility to achieve so much more by advancing the product
• Too much specialization lacks the ability to cross-pollinate ideas or make connections. Being rigid or showing resistance to change is the biggest negative in the business world. Flexibility with the product channelized to consumer needs is the only way forward
Categorizing the above mentioned barriers into 2 types or groups of big barriers, one is the external barriers – environmental, status quo, existing laws in that sector and internal barriers – innovation culture of the company, leadership, communication, managing systems and many more.
The organizations can break most of these barriers by just using the right form technology. Easing the consumer needs and jumping to a bigger group of audience for the product providing advanced business solutions.
In this growing world of technology where we get everything on an app, it is easier than ever to avoid these barriers and innovating products, eliminating the issues technologically. Digital and technology solutions are breaking manual barriers and fastening the process with ease. Appropriate data management and faster response time are one of the biggest perks of combining technology to products and services.
Beep N Book is one such product by Emxcel. It is a fully-integrated digital travel management program. It enables corporate to streamline their booking & expense management process, ensuring safety and transparency.
Beep N book is establishing the ground by using technology to provide advanced business solutions, delivering faster and well organized service. It lowers the rate of fall backs, affecting either the employees or the organization, to bare minimum. This result is achieved by reducing the tedious process and eliminating the heavy load paper work and all the communication hassle.
When we live in a world that we can’t imagine going back to the times of no smart phones or phones all together, we can’t run away from technological advancements. We can only make sure a judicious use of it, catering to the greater good. With digital and technology solutions breaking most barriers of product innovation, its use is inevitable.