Business innovation refers to introducing new products, services or features that keep you on the cutting edge of your industry. The aim is to stay ahead of competitors so that you can provide the features and services that customers want before competitors do. Innovation may also involve the updating of existing products to increase efficiency or decrease costs.
Digital transformation is a strategy that incorporates the latest technologies more holistically into business strategies and processes. This process assesses the enterprise and improves its product offerings as well as technology stack to capture opportunities for growth driven by changing customer expectations.
Customers expect to be in a position to conduct business and live their lives online at any moment, on any device, and to have all the information, apps and devices they require at their fingertips. This has led to a rise of business models that rely on mobile technology and an increasing number of non-competitive companies that let users sign up to their services via 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.
Incorporating digital technology into operations and business processes will increase efficiency and offer an improved customer experience. It allows companies to quickly adapt and spot new business opportunities. For instance, Uber saw an opportunity in food delivery when https://servicewaves.com/2023/06/15/business-innovation-and-digital-transformation/ it changed its ride-sharing model to allow everyday people to become food delivery drivers using their smartphones. To make this happen digital transformation requires training employees on the latest technologies and re-engineering business processes.