Sonia Randhawa says Businesses need to take a new approach to operational innovation. Even business areas that have already been reinvented can benefit from subsequent reinvention as new technologies and new customer needs crowd out old innovations.
Another important consideration is the varying degree of consumer acceptance of new technology innovations. Regardless of the position on this issue, it is clear that new technologies are becoming increasingly important in the innovation process itself. Technology will only continue to evolve, and given the effectiveness of new technologies, it just means that it will continue to evolve at a faster rate.
Digital technologies and the new technologies they enable (such as AR, VR and AI) are shrinking the traditional innovation process of the Industrial Age. Technology can indeed be a useful and powerful tool for us to test and iterate faster and more efficiently, but it is not the end result of innovation. Technology can be used to drive innovation, but technology itself does not produce innovation.
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