How Trends In Innovation Are Evolving Companies
Companies are evolving; they are a lot different to their predecessors. Innovation has changed how companies are organised, products are developed and teams are led. All of this has been done for the better, with companies becoming more efficient and far-reaching than ever. Innovation itself is being innovated.
The innovation trends are worth noting, as they are transforming the business landscape as we know it: EY Global Chief Innovation Officer Jeff Wong talks about the importance of companies doubling down on their investments in technology. Now is the time for CEOs to prioritise finding the capital to accelerate investments in digital transformation that show value today and differentiate their organisations tomorrow, Wong explains. Wong brought this up at the peak of the Covid-19 pandemic. He emphasised that some companies had digitally differentiated themselves, while others had let old models decay. Those with the technology to maintain operations and take care of their employees came out on top. Those that didn’t thrive during the pandemic will follow their lead.
Consumer behaviour dictates how companies innovate and evolve. Companies can’t exist without making profits, so they must cater to the needs of the consumer. Those needs and desires will be notably different than they were in past decades. For example, the EY Future Consumer Index found that most respondents plan to change the way they shop. Others stated they’re changing the products they buy, in the wake of Covid-19.
Companies that want to stay ahead need to realise consumer preferences are changing faster than ever. Years ago, you would have to report to a physical business location for work every day. Thanks to today’s communication technologies, that’s no longer the case at many companies. Business leaders have accelerated and increased remote working, even if not all employees are on board.
The rise of remote workers is changing the organisational structure of businesses around the globe. Opportunities are everywhere, and resources are being distributed to new places. More work is getting done with fewer costs because remote workers don’t need all of the same benefits as in-house workers.
The internet is now accessed by most people worldwide. It may seem like old news, but more and more companies are making their bets online – a trend that’s only accelerated in the wake of Covid-19. This includes large corporations with an already strong footing in their respective industries, as well as up and coming businesses looking to gain momentum.
As consumers spend more time at home, digital marketing has become the default. Online shopping is also skyrocketing, and you can’t put a price tag on its convenience. Even old-school companies are thinking twice about investing in traditional sales and marketing.
Speaking of technology, AI has never looked like a better investment. Automation can greatly increase a company s productivity, efficiency and longevity. While these technologies are still work in progress, they’ve proven themselves to be powerful. AI will revolutionise everything from customer service to product development. Technology will free up workers for work that requires a human.
Production costs that are saved by AI will be redistributed to product development, further accelerating the pace of innovation. These and other innovation trends will transform how businesses are built and operated.
Take a look at your own company: capitalise on these trends, and you’ll be sure to beat the curve.