Frost & Sullivan: Innovative technology the key to tackling management challenges
The business world is becoming more and more technology driven. Everything from database storage to strategy mapping is now carried out with a digital helping hand. Research from Frost & Sullivan has found that companies looking to embrace emerging technologies are likely to be most successful.
Emerging technologies and innovation
Innovations which are still very much in their infancy at the enterprise level such as artificial intelligence, cognitive computing, semantic analysis and virtual reality are likely to be leveraged by companies who want to better manage the wider organisation.
“Deploying innovation management tools empowered by emerging technologies will help firms propel organic growth through innovation. For instance, the integration of cloud computing with idea management solutions will enable organisations to reap the benefits of collaboration,” explained Frost & Sullivan Technical Insights Research Analyst Sathya Vendhan.
The main reason there are not more companies currently employing the most progressive technologies is predominantly down to a lack of knowledge. While many executives are found to support the ideas and philosophies that technological advancement can usher in, few have enough experience to actually deploy them.
Mutually beneficial relationships
Mutually beneficial partnerships could be the key to reducing the difficulties that enterprises run into when attempting to implement new systems. However, Frost & Sullivan outline that the vast majority of businesses will typically be unwilling to share intellectual property.
Ultimately, more collaboration is likely to be beneficial for all applicable stakeholders. While it is plain to see why enterprises don’t want their rivals to have easy access to trade secrets, more partnerships will only help encourage innovation and ensure that consumers get better products and offerings while the businesses in question see profits boosted.
Technological innovation can play a key role within the strategic management of any business. Enterprises that are not adaptable and fail to see the advantages of embracing emerging technologies could well be left behind any more forward thinking peers.