Innovations in technology are an essential business tool for addressing increasing demand from customers, managing the lifecycle of products, and creating loyalty. Leaders who are able to prioritize technological innovation can achieve best-in class business results in a time of fierce competition and erratic customers ‘ loyalty.
Technological innovation offers a variety of advantages to society and to the economy. It can help combat the effects of climate change, improves health by providing better diagnosis and treatment as well as enhancing productivity and efficiency in the workplace. It also helps boost economic growth by enhancing the competitiveness of companies, regions and countries. In addition, it contributes to the reduction of poverty through increasing production and creating new jobs.
Some of the major technological advancements include:
AI and ML: Advanced machine-learning algorithms and deep learning transform business processes by speeding up the processing of data. They offer advanced capabilities for a wide range of applications. Examples include facial recognition natural language processing, image analysis, and text classification.
Robotics The rise of robotics, which is a type of disruptive innovation that is changing business processes by automating tasks and delivering significant cost savings. It also allows for faster and more accurate work, and enhanced human-robot interaction.
The agricultural technology is an example of an innovative technology and can help reduce hunger by increasing yields of crops. This is particularly important for smallholder farmers in emerging countries, who produce up to 80% the world’s food. However, the potential of technological innovation to help the development of economies and reduce poverty must be assessed, as well as its potential negative impacts on society.