Business innovation has always been important for corporate progress, but in this era of digital disruption it’s become crucial for survival.
In recent years, the pace of innovation has accelerated exponentially thanks to the potential that’s been unlocked by digital technologies. Peer-to-peer commerce has enabled the sharing economy, in which individuals can monetize assets that are not being fully utilized. Innovative new businesses are leaping on the opportunity to own the customer supply interface between the buyer and seller. This new sharing economy is unleashing a wave of digital disruption.
A new SAP eBook, Digital Disruption: How Digital Technology Is Transforming Our World provides valuable insights into business innovation and examines the other business trends and technologies behind the digital revolution. This blog provides a glimpse into the Business Innovation chapter of the eBook.
When did you last ask yourself: “What does my company really do for our customers?”
As a company grows in complexity, there is a tendency for it to organize itself around products or customer size, rather than its reason for being. Over time, the company slowly loses sight of its original goal, leaving it ripe for disruption.
So how should a business gear itself up for product, service, and business model innovation? The new SAP eBook recommends 3 key areas of focus:
1. Adopt digital technologies
Many businesses have already deployed cloud and mobile technologies to optimize internal processes. Now, Big Data is coming of age as digital technologies are used for customer engagement and to create innovative new business models.
2. Become an innovation-driven organization
Many factors can get in the way of business innovation, including corporate complexity, a silo mentality, and losing sight of the customer. Disruption needs to be an ongoing conversation within the organization as a whole, not merely a topic to be discussed at specific meetings.
3. Develop or join a digital ecosystem
The Internet of Things is providing connections to more and more objects and processes. By integrating with this huge network of connections and other digital partners, businesses can shape experiences and outcomes for their customers in a way that would have been impossible operating as a single entity. Follow the steps to developing or joining a digital ecosystem outlined in the SAP eBook.
Innovation is crucial for success in the digital era. A combination of digital technologies, innovative business culture and digital ecosystems can help your business stay ahead.
Learn more about the technologies driving digital transformation and how to harness them for innovation and customer engagement in the SAP eBook, Digital Disruption: How Digital Technology is Transforming our World.
For an in-depth look at how the digital era is changing the business landscape, download the SAP eBook, The Digital Economy: Reinventing the Business World.