Today, digital innovation is at the heart of every organization. You need to digitize internal operations to do things better, faster, and cheaper; find new ways to engage users; and bring new products and services to market. But driving digital innovation is hard work. Changing market conditions mean that you’re planning around a moving target, and with disruptive startups popping up all over, competition is mounting. You need a faster path to transform your innovative new ideas into winning applications. That’s where digital innovation platforms come in.
Create a Faster Path
More and more organizations are creating innovation labs, or fast-track teams, that act as incubators within their enterprises. These groups provide a fast lane through the business to speed discussions and delivery of applications that tie into digital innovation initiatives. But speeding end-to-end results requires the right people, process, and platform. Here are a few tips to get you started.
Select two to three people from across business and IT teams who are passionate about delivering business value. No more large scale teams, just a small group of highly focused people who can collaborate to find digital solutions to complex business challenges.
Leverage an agile, iterative process to drive innovation without disrupting existing operations or development efforts. By continuously iterating toward the perfect solution, you can release new digital functionality more frequently, show progress, and collect more market feedback (which then can be actioned more quickly through additional development sprints).
Find the right technology to empower your people and reinforce your process. Look for a unified platform that manages the entire application lifecycle, including program management, team collaboration, rapid application development, instant cloud deployment, and application management.
Creating a project portfolio of quick wins and high-value initiatives allow you to realize immediate success and create a wow factor, while high-value initiatives justify broader organizational change, especially when the applications are tied to relevant strategic initiatives.
With the right people, process, and platform in place — you’re ready to drive digital innovation at lightning speeds. Learn more about Mendix’s digital innovation platform, and our approach to enabling the right people through the right process.
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Driving Digital Innovation for a Competitive Edge
We’re now living in the age of digital Darwinism, where you evolve or you become irrelevant. In fact, 4 out of 10 companies will be dead in 10 years if they fail to drive digital innovation. In order to stay relevant, you need to deliver the right applications at the right time. While you likely have a host of new ideas, focus first on those ideas that have the greatest bang for your digital buck.
The top digital solutions focus on the following 3 areas:
Customer, Partner or Supplier Engagement
Simplify the way information is accessed and transactions are processed. Remember, people want to engage wherever and whenever is convenient for them. Applications that support this goal include advisement tools, fact finding assistance for employees, and customer portals.
Product & Service Innovation
Differentiate your business by enhancing existing products and services with digital components — or even creating net new products or services. Product and service innovation often involves new applications that enable mobile services, personalized product offerings, and new business models.
Internal Systems Processing, Reporting, or Access
Digitize your back-office processes to improve efficiency, ultimately reducing the cost of service and support, while improving response times and customer satisfaction. Consider how you can automate complex internal workflows, enable faster reporting and decision making, and empower your workforce through new applications that enable better access to data and better mobility.
Frequently Asked Questions
What is Digital Innovation?
Irrespective of the industry, software technology is at the heart of every business. The ubiquity of software has changed the nature of innovation itself, making it more digital. At its core, digital innovation is the use of digital technology and applications to improve existing business processes and workforce efficiency, enhance customer experience, and launch new products or business models.
Why is Digital Innovation Important?
There is a digital component in almost every facet of human activity, be it for work or personal consumption. Organizations can risk becoming irrelevant if they do not digitally innovate or adapt to the evolving consumer and business habits. In fact, IDG reports that 89% of companies plan to adopt a digital-first business strategy. In an age where the world’s largest taxi company has no taxi, the largest accommodation provider has no real estate, or building enterprise web and mobile applications no longer requires months or years of writing lengthy complex codes – it’s the simple case of disrupt or be disrupted.
Who is Digital Innovation for?
Digital innovation is for every business, regardless of the industry and size that wants to remain competitive, profitable, and build products and services that consumers love. At the functional level, creating business applications is no longer the domain of IT. In fact, with innovative platforms like low-code, business users in HR, marketing, operations, finance or any other department can now start making applications.
What is the Difference Between Digital Innovation and Digital Transformation?
Digital transformation is an ongoing process to transform and improve business performance by changing the way a company thinks and operates. Unlike common perception, digital transformation isn’t only about the technology you adopt, but also involves people, process, and portfolio.
Digital innovation is that spark of creativity that leads to development of new technology or innovative applications of existing digital tech. Digital innovation is often the precursor to digital transformation.
How Does Low-Code Support Digital Innovation?
Low-code is revolutionizing the way businesses build mobile and web applications. A low-code platform like Mendix, acts as catalyst that transforms emerging technology like AR/VR, IoT, AI, machine learning into solutions for real-world problems. Learn more about what you can make with low-code.
What are Examples of Digital Innovation?
You’re surrounded by digital innovation. Some of the latest innovative technology includes wearable devices, chatbots, IoT, AI, big data, and the list goes on. Business application of these new-gen technologies includes, for examples, an AR-driven application that workers use to check the temperature of a piece of equipment to prevent machines from overheating or a healthcare company looking to implement AI to help better diagnose patients’ ailments. View more examples of how others have digitally innovated with Mendix.
What is Digital Business Innovation?
Digital business innovation involves the application of digital technology to improve operational efficiency, drive customer engagement, or develop innovative products or services for an organization. When pursuing the path of digital innovation, it’s important to create the right business model that fits your organization’s digital strategy.