My Experiment with Technology and Innovation In Business
Itâs where Apple would have been if Steve Jobs and his team wouldnât have used innovation and technology. It wouldnât have been a status brand worth billions without innovation and technology, hence, it practically highlights the importance of the same.
We all know, companies which are slow to adapt to changes or refuse to change with the time are most susceptible to failure. It is the smart who make sure to use the best to follow the path of evolution of their brands.
The challenge is not that the technology changes quickly, but that organizations need to understand technology better, faster, in order to adopt enough to continue.
Why should a business consider it?
Think outside the box:-
The world inevitably changes, so do trends and demands, to name a few. Disasters come without notice and for a business or brand to stay least affected by it would come only if they invest in innovative technology.
Know your audience
With the right medium and path, one should make full use of it, in order to know the trends their customers follow, their needs and expectations. The brand which clearly understands the aspirations of its customers and makes use of that information to fulfil the same, have been proven. Working in their favor for the long term, helps brands improve and do better.
Increase efficiency
Investment in technology flows its benefits deep down to the roots and holds things together for long term durations. It can be considered as a one-time investment which branches its advantages to all the sectors of a firm or brand.
Keeping up with relevancy
The world is constantly changing for businesses to remain relevant, they have to constantly keep updating and innovating. Hundreds of websites are created every minute, and more and more data is being brought up. Start ups are becoming major threats and thriving in the market due to the core reason of using innovation and technology. Old businesses vulnerable to old and traditional methods, will find it hard to survive in the market.
Satisfies the business
The main goal and end game for any business or brand is to earn profits which are accelerated by innovation and technology. Investment in the same leaves less room for errors to happen, and even if they do, itâs easier to recover.
Smart businesses would surely choose to make the right decision and prevent repercussions of not investing into something that goes right with their firm.
Examples of brands which chose innovation and technology
Heinekenâs Beer Bottles
In an effort to indulge into the cool club culture, Heinekenâs Ignite concept created headlines with its innovative interactive beer bottles fitted with LEDs and motion sensors designed to light up during a party goers night.
Netflix
Started as a DVD rental home service and had 10 million subscribers at the peak of 2010, but after trials of providing a dual DVD and online streaming service, it switched to a complete online streaming platform. It retained its DVD-mail customers and viola, today, we all know how Netflix is perceived as a status online streaming platform.
National Geographic
Founded 128 years ago, National Geographic was at the verge of falling out along with its peers in print publications due to digitalization. The subscription rate fell dramatically but embarked on a massive restructuring and re-did their website and integrated content. Within years, it went uphill and currently functions digitally with an enormous amount of subscribers on its social media platforms.
As scary as it might look, change is necessary everywhere and businesses work on a trail-error basis. Certain strategies and innovations can be game changers for brands and help them survive without any consequences for long.
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