Business innovation refers to the introduction of new services, products or features that keep you on top of your industry. The goal is to stay ahead of your competitors so that you can provide what your customers want before they do. Innovation can also include updating existing products in order to increase their efficiency or reduce costs.
Digital transformation is an approach which integrates new technologies more effectively into business strategies and processes. This process assesses the enterprise and modernizes its go now product offerings and technology stack to capitalize on growth opportunities driven by changing customer expectations.
For instance, consumers now expect to be able to conduct business and live their lives online on any device at any time -and have the information apps, devices and applications they require. This has led to a rise in business models that depend heavily on mobile technology and an expanding ecosystem that lets users sign to their services using 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.
Integrating digital technology into business processes and operations will increase efficiency and deliver a better customer experience. It gives companies the ability to quickly adapt and spot new business opportunities. Uber for instance, saw an opportunity to expand its food delivery service when it adapted their ride-share model so that people could become food delivery drivers on their smartphones. To accomplish this digital transformation, it requires retraining employees on the latest technologies and overhauling business processes.