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The mainstream love affair with innovation began with the invention of the computer.It attained momentum with the birth of the Internet.Innovation is the Wave of the Future If the purpose of business is to increase profits, then innovation is the way to make more profits, faster.
Internet marketing using online advertising methods (SEO, PPC, Facebook Ads) are far more accurate ways than traditional marketing of finding target audiences, discovering their needs, and building a marketing campaign to persuade them to buy.
It’s difficult to see how many people read a newspaper ad.
Innovation in Business Information technology fosters innovation in business.
Innovation results in smarter apps, improved data storage, faster processing, and wider information distribution. And innovation increases value, enhances quality, and boosts productivity.
It’s easy to figure out how many people clicked on an online banner.
Customers can receive support from multiple channels telephone, emails, social media platforms, webinars, and so on.It was the work of individual genius or think tanks.For the most part, brilliant people innovated and the public slowly adopted the idea.Additionally, customer relationship management systems help businesses understand customer behavior.Cloud computing allows a company’s employees to use any device anywhere in the world to access their enterprise level software.Information technology drives innovation and innovation is the path to business success.Innovation in business has the same impact that steam had on the industrial revolution.Innovation through information technology has created the following radical changes in business:· Online shopping is more efficient than shopping in a store.· Digital marketing is more efficient than high cost newspaper, television, and radio advertising.· Social networking is more efficient than going to clubs.· Voi P communication is more efficient than legacy telephony.· Cloud computing is more efficient than a private computer network.Businesses that have embraced the innovation paradigm tend to have the following characteristics:· They have more accurate business planning · They have more effective marketing· They have higher global sales· They have more systematic management· They use real time monitoring· They offer instant customer support In fact, it’s hard to thing of long term business growth without the push of information technology.5 Reasons for Accelerated Business Growth The technological revolution has improved businesses this century in the following five primary ways: Improved hardware (more memory, faster processors, sharper visual displays, etc) combined with smarter applications (Mindmapping software like X Mind, collaborative software like Kanban boards, organizers like Google calendar, etc) have made it easier to research data, analyze it, and plan scalability. Good decisions in business are based on solid market research.While innovations in travel and multimedia improved collective intelligence, these were mainly passive forms of learning.Today, computer applications and the global brain have switched on active learning and improved how fast people learn new things.