Business innovation is the creation of new features, products or services that help you stay at an edge of your market. The aim is to stay ahead of competitors so you can deliver what your customers need before they do. Innovation often involves updating existing products to increase competitiveness or reduce costs.
Digital transformation is a more holistic method of integrating new technologies into the business strategy and process. This process evaluates the enterprise and modernizes its product offerings and technology stack to capitalize on growth opportunities triggered by changing customer expectations.
For example, customers now expect to to conduct business and live their lives online on any device at any time -and have the information, applications and devices they require at their fingertips. This has led to a rise of business models based on mobile technologies, as well as an increasing number of non-competitive companies that allow users to connect to their APIs. This is also enabling businesses that once produced and sold their own products to move into service-based delivery, such as software-as-a-service offerings like Microsoft 365 or subscription-style services for household items, entertainment or fitness devices.
Integrating digital technology into operations and business processes can improve efficiency and create an improved experience for customers. It allows businesses to quickly adapt and spot future business opportunities. For instance, Uber saw an opportunity in food delivery when it adapted its ride-share model to allow regular people to become food delivery drivers using their existing smartphones. To accomplish this digital transformation, it requires retraining employees on the latest technologies and reworking business processes.
www.servicewaves.com/2023/06/15/business-innovation-and-digital-transformation
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