The word ‘innovation’ is increasingly bandied around by many businesses and industries. What does it mean? And why is it important?
Innovation involves linking the customer journey through many organisations. Being able to add value in that journey increases customer stickiness, which in turn helps companies stay ahead of the competition.
By using innovation, businesses can be more resilient to the threat of disruption. It is worth noting that this disruption is happening at the technology layer more than any other layer throughout business.
Continued innovation is finding value added opportunities where they did not exist before – in both B2B and B2C channels. An example is the idea of a ‘Data Lake’ – being able to interrogate the data lake and produce never before achieved insights provides management teams with the ability to increase business agility and speed up the decision making process.
In this ‘post app era’, integrating with other applications and services is proving to be a key strength, providing advantages and efficiencies. Offering services through a third party or being able to link information directly with customers’ systems is in fact one of Debitsuccess’ strategic goals.
As we move through the Internet of Things (IoT) era, innovation is making information available to businesses in an unprecedented fashion. Taking advantage of this information is key to progress.