With the rapid technological advancements, the world has turned into a global village. COVID-19 pandemic has exerted a significant impact on businesses leading to new and meaningful innovations in technology. The unprecedented financial crisis and fierce competition in the business world during COVID-19have led organizations to opt for state-of-art mechanizations. Also, organizations can stand out as leaders if they have a firm grip over innovation. It directly influences new product development, further catalyzed by changing customer needs and requirements, increased competition, development costs, and staff involvement.
Technological development facilitates the business models in various ways and has a direct impact on business performance. The graph shows constant progress in the business models opting for new and innovative technology tools. Besides, organizations have to reinforce modern technological tools to meet the growing needs of innovative solutions. With each day passing, businesses are facing aggressive competition due to the up-gradation of the business models.
Let us have a look at how innovation has a significant impact on business growth.
1. Innovation Facilitates Communication
Communication is the most crucial factor in accelerating business operations. Communicating with the staff and clients, assigning the tasks to employees, preparing documents and files, and conducting electronic transactions are convenient. These are all the significant operations assisted by communication tools. Organizations are now excessively benefiting from VoIP features for communication purposes. Some of these features include Audio and Video conferencing, Call Routing and Automation, Business Call forwarding, and Call Analytics. Businesses outsource these features from VoIP providers.
With the help of VoIP technology, traditional phones are no longer necessary. They provide worldwide access and are cost-effective with highly reliable services. These communication tools help in expediting customer service delivery. At present, virtual offices need to constantly telecommute with the remote staff taking advantage of group chats and group messaging technology.
2. Expedition of Business Processes
The most significant advantage of technological innovation in the business industry is reducing the time to perform a specified task. Transportation, production, communication, and after-sales services are the necessary expenses of any business. Businesses invest a significant amount of time and money in these operations. The less time it takes to complete a project, the better it is for the organization. Hence, new technology tools help streamline the business operations by reducing employee hours and enabling cost savings.
Platforms such as Social Media apps provide an effective platform to market the product. Cloud-based services enable employees to work from a remote location, saving traveling time and costs.Project Management tools help in the simplification of tasks by reducing time and efforts. The automation of time tracking helps in increasing employee productivity and saves thousands of hours spent auditing manually.
3. Increased global competition
Innovation means bringing something new and differentiating yourself from others. Technological innovation helps in new product development, automation of operations, and delivering premium services to your customers. Technology is a more powerful weapon to gain a competitive advantage on the battlefield of economic enterprise. Several small and large-scale businesses that did not exploit technology to their advantage are now struggling to remain competitive. Companies that make effective use of technology have the following three things in common:
- Top Management that has technically educated staff fluent with technical topics and has relevant work experience
- Selecting technical projects that enhance technical leadership in relevant areas
- The system and structure for decision-making on technological matters are similar to that of the company’s other systems.
4. Secure the Information
While technology has made us vulnerable, it has also provided us with tools to combat risks associated with safety and security. Innovations in technology have given us the tools that help us in securing business processes more efficiently. There are robust software and systems such as Octopus, Drainware, and Bluebox to incorporate better security mechanisms to secure information at both ends. They help keepcustomer’s data and the company’s sensitive data safe.
Tech companies are exceedingly building hardware systems that aim at the authentication of devices. Also, User-behavior Analytics is used to prevent information theft, exfiltration of sensitive data, and attack on user privacy. It helps in training employees for better security practices. Technologies such as encryption and tokenization help in data loss prevention.
5. Greater Customer Satisfaction
Increased technological innovations have set the customers’ expectation levels higher. Customers will appreciate the effort organizations put in to provide innovative and quick solutions. Customer satisfaction depends on the utilization of technological tools and the deployment of service innovation activities. Apart from customer satisfaction, the company’s financial gains are also associated with innovation.
With the help of technological tools, now customer queries can be addressed smoothly and in no time. Many technology solutions help track, measure, and analyze customer feedback. Some of these tools include online forums, customer portals, automatic callbacks, and text messages. Additionally, work on social media as it’s a platform to elicitcustomer reviews and recommendations. By using these tools, businesses track the satisfaction level and try to maintain quality services. The new products are developed based on customer surveys from such platforms.
Technological Innovation during COVID-19
Business operations all over the world saw a significant shift due to the pandemic. The introduction of digital or digitally-enabled products has enhanced their portfolios. Customers are now inclined towards online service channels. Research reveals that organizations have accelerated the digitization of internal operations to deliver services at a faster pace.
Moreover, businesses have invested in new technology such as indoor climate control and air purification, building access controls, and remote collaboration.
Technological innovations are the result of new concepts and ideas brought into practice by entrepreneurs. For companies to ensure business growth and development, technological innovation has secured the highest rank in the modern world. Without embracing technology, companies won’t overcome unpredictable market fluctuations and occurrences such as a pandemic. Consequently, it helps in the invention and production of new goods and services. It also reduces the cost and wastage of manufacturing, construction, medicine, and almost all fields. From developing technical tools to household necessities, technology has played a vital role in improving work quality and easing lives.