When we talk about innovation we talk about doing the right thing at the right time in the right place. This “right” word doesn’t come out easily, but it’s born from combining data, research, statistics, feedback from your customers, and most important thing – a new idea in order to invent this “moment”. In the rapidly changing tech environment, inventing the future and adapting oneself into the new thing will be the key to survive in the business world. In the World Economic Forum, four well-known companies’ CEOs discussed the relationship between tech innovation and business model, and the way it changes the world and co-existence relation with business and how customers interact with them.
Innovation is an idea that makes thing work more effectively and surprise people in a new way. In e-commerce world customers have more power on choices and help move things forward to a direction that mixed with new tech’s trends and the way people react to it. Wal-mart’s CEO McMillon has more deep insight on multi-relation among business, customers, working team, and the future technology change, and they won’t work fully without one of each other; while Paul Jacobs has more version on new tech like he mentions the watch which shortens time of people interacting with technology, and how when new tech comes out mostly likely people feel uncomfortable with it at first. As a tech specialized B2B company, Qualcomm has good range of choosing which new tech to invent which means they will have high risk of failure and fairly will have high chance to succeed.
Also they mention merging the digital and physical world. The change of technology will affect and challenge the business model and companies might have to alter themselves as well. As CEOs in different field, they need to take risks and bet on what will be the new thing tomorrow in order to keep the company in the gang. Wal-mart’s CEO talks about on managing company and changing (adapting new way of interacting) at the same time while building up customers trust as the main focus. Maurice Levy brings up the point of customers’ emotional link when they choose what to buy and which way to buy. Peer Schatz’s company Qiagen is concentrating on health field and how tech helps to shape the future of medical industry, it could be a revolution that innovation will bring to this area.
Seeking a shorter and easier way to deliver message and products may be one of the marketing techniques like Amazon’s drone, which will begin transforming the shipping method for business if it successfully brings up to customers.
Visual reality will be a way to attract customer, but now still under development, and how much customer like it or adapt themselves to it in the future still remains unknown. 3D printer brings convenience on making products, if the price of it goes down it will bring threat to other business that producing the similar goods.
Mobile plays an important role of making interaction happen between business and customers at the first place and it further help developing accessories like watch, glasses and etc those things that are close to human the most so that people could interact with it in a shorter period of time. In addition, I’d like to see how tech changes the medical field like apps or devices that could track human’s health, and it’s gonna be big shift in this area and because elderly group’s population is increasing since people live longer, how tech innovation brings into this big field will be remained in focus.
Innovation plays a revolutionary key on company’s success. It could be a big risk because many new products fail, but at the same time it worths the excitement to explore new idea that makes putting things into a better position, and we all know that tbe tech-driven world can’t move forward without it.