In the next 5 years, and maybe even sooner, technology will change your business! That is why for this week's innovation and technology section we are going to explain to you how your company can innovate in times of artificial intelligence
Innovation arises in teams that are willing to make mistakes! Kodak is an American company that was founded in 1888 and was the leading company in the photography industry for 100 years until the rise of digital cameras led to its bankruptcy. The curious fact is that Kodak invented the first digital camera in 1975 but did not launch any on the market until 1991 out of fear that sales in its photography developing segment would fall; Kodak filed for bankruptcy in 2012.
Undoubtedly, technology has played a very important role in the change that we humans have experienced in our daily lives; the way we satisfy our needs changed dramatically in a very short time and the markets we knew 20 years ago are now completely different. As technology advances, moments of social disruption become more frequent and companies are forced to adapt to the new needs of their markets; many fail in the process and disappear.
Alexandre Janssen, in his TEDx Talk in Fryslân, pointed out that technology is advancing exponentially and the time it takes society to adapt to these advances is becoming shorter and shorter. Let’s take the telephone as an example, from its appearance in 1876 it took 50 years for half of the households in the United States to have one in their homes, a century later cell phones appeared and it took 16 years before half of the population of the United States used them; a few years later smartphones appeared and it only took 6 years before half of the population of the United States had one in their pocket
When there are jumps in the innovation curve like the one we are experiencing with the emergence of artificial intelligence and blockchain, teams need to transform themselves. The good news is that although innovation is a process that takes time, there are sustainable processes that help us do it:
Create with purpose: Market-leading companies lead from purpose, and when the market changes, they have the ability to adapt quickly.
Solve real problems: Satisfying needs and solving problems is not the same thing. Needs arise from problems, and as new solutions appear, needs transform, but usually problems persist.
Jump to the next disruptive curve: Make your products and services set the standards for your market. In the example of Kodak, this company led in photographic innovation for 100 years until it refused to jump to the next disruptive curve and went bankrupt.
Perfection is the opposite of excellence: Don’t be afraid to bring your solutions to market in their earliest stages. Stabilizing and perfecting products and services takes time. You need to go to market and learn from your early adopters to keep building and reduce risk in the process.
Create experiences: People don’t buy products or services; they buy experiences. Communication and empathy are two key tools in your users’ experience.
There are methodologies like Simon Sinek’s Golden Circle for leading from purpose, design thinking for creating user-centered products and services, OKRs for defining your objectives and the key results to achieve them, among others. Today is the time to conquer tomorrow!
We invite rebels, dreamers, and creators to create the world we want to live in in the
future. Humans are social beings, and change is achieved as a team.
So, if you are interested in finding out about the latest technologies and how they can improve your business, contact us today! Below this article, you will find a link to set up a free ten-minute consultation with us to discuss your options further.