Emerging Technologies and their Impact on Corporate Innovation

Artificial Intelligence

At least 30% of innovative companies now actively seek to use AI as a part of their innovation programs as a way to aid product development speeds and project cost-efficiency. And it’s not hard to see why. 

Artificial Intelligence is revolutionizing corporate innovation through its ability to automate information processing. This eliminates many of the constraints associated with human-based innovation processes. Additionally, AI can use precise data to simulate tests to determine whether an idea is viable. This not only streamlines innovation tasks but can also help in creating prototypes of certain ideas.

Social Media

It may feel like social media has been around forever, but it is still in its infancy. And it continues to open the door to new business opportunities by reshaping the relationship between businesses and consumers.

Companies like automotive giant ZF have shown the growing need for customer-centric innovation. While social media isn’t the only tool for involving consumers in the innovation process and evolving brand story, its value cannot be ignored – especially when integrated with the company’s other innovation and data-tracking tools.

Augmented Reality

The growth of both Augmented Reality (AR) and Virtual Reality (VR) in and outside of business verticals has been nothing short of incredible. And its potential impact on innovation is significant – not only because tech companies can create AR products.

AR can further enhance data visualizations, allowing employees at all levels to make clear data-driven decisions with confidence and without delay. It supports competent bottom-up innovation. Similarly, VR data visualization is now used across multiple industries to help engineers and professionals gain a 360° perspective of the environment.

Automation

Automation, which includes AI but additionally extends to a host of other tools, can transform daily business protocols. A variety of manual labor tasks can be completed without human efforts, which frees up more time for the formulation of ideas.

Statistics support the anecdotal evidence that it is hard to adopt an innovative mindset when suffering from burnout. By prioritizing innovation and providing the necessary resources and support, companies can unleash the full potential of their employees and unlock new levels of success. The future is bright for those who dare to innovate.

Instead of  resisting the dawn of this new era in which modern technologies are changing fundamental business processes, including corporate innovation, it's important to learn to embrace them and incorporate them where applicable.