Tech innovation encompasses the development of new technology-based tools and processes that change how a business operates. These innovations can give a company a critical competitive advantage by improving efficiency or reducing costs. Tech innovation can occur across a broad spectrum of industries and technologies. Examples include e-commerce and AI technologies that help companies like Amazon create a more efficient online shopping experience, or medical diagnostics and treatment systems powered by artificial intelligence.
Tech innovators are fueled by scientific research, market signals from users and customers, shop-floor experimentation, and policy or regulatory frameworks that propel, impede or channel innovation. In addition, cross-functional teams provide multiple perspectives to support creativity, problem solving and breakthrough discoveries.
Often, technological advances from different industries and disciplines converge into unified systems that create greater value than the sum of their parts. This elegant convergence mirrors the way genetic code from diverse species combines to form more resilient organisms.
When evaluating technology opportunities, it’s important to set clear goals and ensure every effort supports broader business objectives. Using technology roadmaps, radars and other tools can help ensure that you’re exploring and selecting innovations that align with your strategic needs and will have real impact on the bottom line. It’s also essential to establish a culture that supports open communication and collaboration, so you can identify the best innovations from across your organization. When you focus on the right opportunities, your team can deliver more value and adapt to changing customer needs.