Tech innovation is the creation, enhancing, and application of new or improved technologies, tools, systems, and processes that drive transformative advancements across industries. The process involves leveraging research, expertise, and resources to develop solutions that address challenges, optimize efficiencies, and generate value.
Tech innovations can be hugely beneficial to businesses and customers alike. But, they only create real value when tied to execution and a clear business need. Otherwise, they can be a waste of time and resources (and even put people at risk of harm).
For example, the iPhone was an innovative technology because it combined many different ideas into one device that solved real customer problems. The result was an integrated, user-friendly solution that has revolutionized the way we communicate and work.
On the other hand, many other technologies have had great potential but failed to deliver on their promises. For example, Google Glass was a cool concept with a lot of promise but didn’t gain widespread adoption due to a lack of compelling use cases and consumer interest.
Companies that prioritize tech innovation as a core business function are more likely to anticipate and evaluate emerging technologies before implementing them. They’re also more likely to incorporate a wide range of technology tools into their operations and strategy. And they’re nine times more likely to leverage technology to break down organizational silos and enable cross-functional collaboration. As a result, these companies are more agile and able to make more data-driven decisions.