Several new technologies are presently at the forefront of innovations. This includes 3D printing, drones, artificial intelligence, robotics, genomics and big data, all of which have the power to transform business and lifestyle. Yet which of them will and how fast depends on the identification of human needs. A major reason why companies often fail to turn emerging technologies into genuine business value is their obsession with the new shiny objects. They do not wish to engage in real business problems, but seek to create value by simply trusting the technology. However, no technology will succeed unless latent demand exists. Thus every new technology may not be the right solution for the business, but some could be. Another reason is investment in non-core areas. The innovation model stresses on connecting new technologies to existing company core competencies. Business innovation cannot take place in silos, but needs the entire organization to be onside with the idea. Technology suites need to be scaled to take advantage of numbers rather than niches. Special recruitment of catalysts and enablers must be done instead of trying to get newer things done by old hands. To test the feasibility of any technology induced business mode, a prototype needs to be created and a pilot test be launched into the real world. A Minimum Viable Business Model can be the way to kick-start next practices.

Source:http://innovationexcellence.com/blog/2017/05/25/next-how-to-convert-emerging-tech-into-next-practices/

Uploaded Date:27/06/2017