What Are The Latest Trends In Business Innovation

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What Are The Latest Trends In Business Innovation

23 Oct 2022
- admin
- Innovation & Design Thinking
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The COVID-19 outbreak in 2020 was a watershed moment for businesses across the world. Stringent lockdowns meant that organizations had to navigate through complex scenarios brought about by stringent lockdowns impacting people, supply chains, financial issues, customer engagement, and above all risk management. The Governments on their part tried to support the economies and people reeling under the aftermath of an uncertain scenario by pushing liquidity into the system. As the impact of the pandemic waned, the Russia-Ukraine war added a spanner in the works. Inflation shot through the roof and countries are trying to contain it by raising interest rates. Businesses are now feeling the effects of a slowdown and recession looms. In this uncertain scenario, businesses have to remain nimble and look for innovation in their functioning to survive and grow. Old businesses are changing and new ones are emerging. The name of the game is for corporations to remain vigilant, resilient, and innovative to create new ways of working.

In a dynamic scenario, the scope and type of applied innovations, as well as the speed of innovation by companies is important for the management practitioners to understand and adapt. This requires special efforts from the management of companies to companies to transform their functioning through innovative management.

Summary

Old businesses are changing and new ones are emerging. The name of the game is for corporations to remain vigilant, resilient, and innovative to create new ways of working.

The Latest Trends In Business Innovation

So, what are some of the latest trends in business innovation that organizations are looking at to reimagine and reinvent their organizations?
- Redefining Globalisation – The unregulated and free-market globalization is gradually declining as countries realize the impact of independent and uncoordinated actions of countries on the global economy. It is clear that issues arising in one country have a domino effect and can end up having a serious impact on the entire economic world. Thus a form of globalization that is based on interdependence based on collective actions of countries and businesses will be the future. As a result, business models will have to be redefined and supply chain management will be the future of survival.
- Accelerating digital transformation – The pandemic has led to an acceleration of digital transformation with many organizations taking steps to adopt new technology. Whether in the workplace or the marketplace, digital technologies will change business models to provide new revenue and value-producing opportunities. Business owners realized that by introducing technology to their processes, they can easily reach the right target audience, market their products faster, and offer a significantly improved user experience. By introducing technology in business processes, organizations can reach their right target audiences, market their products faster, and offer a significantly improved user experience. Digital transformation is an amalgam of multiple initiatives, projects, and processes that keep the customer at the center of all decision-making and strategies. Thus, digital transformation is and would continue to be a priority for companies to ensure business continuity, improve productivity and launch new business models to remain competitive.
- Acceptance of hybrid working models – Remote working during the pandemic was a necessity and the widespread shift from working in physical office spaces to working remotely from home became the norm. This gave the workers flexibility and control over their schedules, lowered costs, and in fact led to improving productivity levels. This has now morphed into a hybrid working model with a combination of office-remote arrangements. This will continue to be a massive trend as we head further. As hybrid work becomes the norm, enhanced equity and collaboration will continue and fuel an era of hyper-innovation. Managers will have to work around traditional working models and look at innovation in working styles to fuel growth.
- Big Data – the new driver – A large amount of information is being generated through interactions within organizations and in the marketplace. The quantum of information has become massive and traditional data processing is unable to handle the volume. Big data is rapidly becoming the norm for gathering, analyzing, and utilizing digital information to improve business operations. Big data is driving business innovations, inventive products, and enhanced tools market. On the other hand, by monitoring and predicting activity and challenges, business intelligence has got a new meaning and is helping organize decision-making. The opportunities offered by data analytics are helping businesses create efficient operations, identify new revenue opportunities, improve customer service and increase bottom-line performance. By becoming data-driven, businesses are gaining a significant competitive edge over their competition.
- Reimagining and reconfiguring Supply-chains – An efficient supply chain is vital for businesses to deliver their products timely and at least cost to their consumers. The continuously evolving global marketplace requires supply chain managers to think innovatively and proactively to balance product inflows and costs throughout to avoid production constraints and maintain profitability. Successful supply chains are required to be flexible enough to react to rapidly changing needs. In a dynamic scenario maintaining quality at an optimum cost is the need of the hour.
  Supply chain innovation is important for businesses. It calls for efficiency in the way it applies its assets, operating resources, and capabilities to develop new ways to satisfy customer needs. The measurable of these innovations are linked to the way they help meet customer demands. Therefore, organizations need to explore new ways to engage with customers, manage inventories, optimize production and distribution, logistics management and manage capital.
Summary

Here are some of the latest trends in business innovation that organizations are looking at to reimagine and reinvent their organizations.

Exploring Business Design & Innovation at SOIL

As we talk about business innovation, it is important to achieve desired results according to the standards of customers, employees, and society at large. The key point to be noted is whether the incremental improvement through innovation is in sync with the organization’s business objectives. The net result should be to avoid products and services becoming commodities. Managers need to imbibe an innovative culture by investing in developing “Innovation Think Tanks” involving Management graduates.

Organizations need to be nimble and keep ahead of change. In other words, organizations need to become Innovation Leaders. The era of the “Change Leader” has truly morphed and Innovation has a new meaning – to provide solutions to customers’ problems.

SOIL Institute of Management was established in 2008 by top executives of several corporations and spiritual thinkers to address the most difficult challenge of changing the reality of our current times, for a better tomorrow. The aim was to build business leaders with character, competence, and enthusiasm.

The SOIL way of thinking is the belief that businesses in course of their routine operations can create social good, ecological balance, holistic development, and healthy international relations if they choose to act in inspired ways. Its teaching methodology inculcates inspired thinking and consequently inspired actions in the business leaders of the future who will eventually contribute to the triple bottom line of social well-being, ecological sustainability, and shareholder.

Summary

Organizations need to become Innovation Leaders. The era of the “Change Leader” has truly morphed and Innovation has a new meaning – to provide solutions to customers’ problems.

MBA in Management (PGDM) in Business Design & Innovation

With the increasing demand for innovation in business and creative problem solvers, SOIL School of Business Design has launched its two-year MBA course – PGDM in Business Design & Innovation. This program has an enhanced focus on Design Thinking & Innovation and offers a specialization in Business Design along with regular specializations in Marketing, Analytics, Human Resources, and Finance.

The PGDM journey at SOIL Institute of Management prepares you for the demands of the workforce during the 4th Industrial Revolution (2020 and beyond). The SOIL two-year MBA pedagogy is designed to offer learning that transcends beyond the traditional MBA. Besides building business expertise, students go through learning Design Thinking develops an effective habit of problem-solving through action and following a fast-fail approach to innovation. In this journey, students are exposed to liberal arts and go through experiential immersions to enable them to understand humans, businesses, societies, and the environment in their natural setting.

Summary

PGDM has an enhanced focus on Design Thinking & Innovation and offers a specialization in Business Design along with regular specializations in Marketing, Analytics, Human Resources, and Finance.

FAQs
How have businesses evolved over the years?

Old businesses are changing and new ones are emerging. The name of the game is for corporations to remain vigilant, resilient, and innovative to create new ways of working.

What are the latest trends in business innovation?

Here are some of the latest trends in business innovation that organizations are looking at to reimagine and reinvent their organizations?

Redefining Globalisation

Accelerating digital transformation

Acceptance of hybrid working models

Big Data – the new driver

Reimagining and reconfiguring Supply-chains

What must the organizations do to keep ahead of change?

Organizations need to become Innovation Leaders. The era of the “Change Leader” has truly morphed and Innovation has a new meaning – to provide solutions to customers’ problems.

How do reimagining and reconfiguring benefit business innovation?

Supply chain innovation is important for businesses. It calls for efficiency in the way it applies its assets, operating resources, and capabilities to develop new ways to satisfy customer needs. The measurable of these innovations are linked to the way they help meet customer demands. Therefore, organizations need to explore new ways to engage with customers, manage inventories, optimize production and distribution, logistics management and manage capital.

How Is SOIL Institute of Management contributing to business innovation?

SOIL School of Business Design has a two-year MBA course – PGDM in Business Design & Innovation which has a bold and radical step in changing management education. The program aims at creating business leaders who excel in problem-solving and creativity.

Managers, who are business-centric and have a focus on innovation and sustainability are greatly in demand.

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Summary

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Summary

How have businesses evolved over the years?

What are the latest trends in business innovation?

What must the organizations do to keep ahead of change?

How do reimagining and reconfiguring benefit business innovation?

How Is SOIL Institute of Management contributing to business innovation?

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