The emerging technologies are bringing an unprecedented number of opportunities for innovation across platforms and industries with minimal physical resources and infrastructure required.
We are now beginning to understand the potential of tools such as AI, AR, VR, the Internet of things and Machine Learning and how they can be combined to create opportunities for a range of industries and problems. Adopting them is necessary for an organization’s success and survival especially to improve the customer experience and increase efficiency but few companies are ready for this step.
Innovation means introducing something new into your business but corporations have always struggled to change especially if it means an increasingly complexity. Investing in the most innovative technologies is also extremely risky and corporations are afraid of making mistakes and investing on something that might not build value.
Despite a resistant to change, anticipate transformation is the key. Technology risk management should be involved in planning the business strategy both for manage risks and add value. Digital transformation is not just a change in the organization’s process, is mainly about embracing new technologies and apply these in the organizational culture. Identifying and maximizing these complex and increasingly technical opportunities requires a specialist knowledge and skills along with the ability to respond rapidly to new innovations and competition.
But innovation do not come alone. It is open, transparent and collaborative and must be part of everyone’s mindset and responsibility. Innovation is also a culture. Being an innovative company is different from being a company with an innovation function. In the first case, innovation is the central part of all the aspects of the company in its strategy, structure and processes while in the second case, is just an empty box. Every employee should be encouraged to innovate within their own jobs. People should be empowered to seek inspiration elsewhere because individuals are the key to embrace the culture for innovation.