Technology is fundamental to every business in the world today. Every piece of equipment, tool or machinery used by a business no matter how little it may appear, is designed for a specific purpose. That purpose is the force behind the creation of that piece of technology; and the equipment or machinery is the embodiment of great innovation to achieve or simplify work.
Irrespective of its nature, every business uses technology. You meet technology every morning you set foot into your office; your office productivity software, air conditioning, security system, telephone systems, networks and computers are all products of innovation.
In an office setting and in every business venture, every kind of innovation is cumulatively the pillar on which success is hinged; from a mere rubber stamp or cash register that keeps track of inventory and daily purchases to the most sophisticated network system that connects people and places around the world.
Peter F. Drucker, the father of modern management says that innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or service.
He adds that innovation is capable of being practiced and entrepreneurs need to search purposefully for its sources. According to Drucker, the changes and symptoms that indicate opportunities for successful innovation ought to be sought while applying the principles of successful innovation.
Innovation therefore drives your business’ productivity as well as its performance in terms of sales and marketing, human resources, finance and information technology. It is responsible for making your business grow and prosper.
It is imperative that you keep up with the technology and innovate wisely to get the most out of the technology that is already in place and keeps evolving. There is no aspect of the economy that has not been driven by innovative technology. Innovation has registered in every sector from all corners and the benefits are innumerable.
Every business guarantees its own survival by the nature of marketing strategies it implements. Over the years entrepreneurs have been on the lookout for every new method of increasing their sales and promoting their businesses.
The traditional marketing platforms have with time been used for this purpose with ad agencies reaping a lot of profits in exchange for their services. Today every successful business uses the internet to market its products.
Online marketing has proven to be cost effective and efficient. As an entrepreneur you will need a working website for your business. Even then you still need a great deal of innovation to get your products and services to the target market.
You know that your website is basically the home of all your products. But still it will be of no use for you if the market does not learn about and access the contents of your web page. Only you are tasked with the ultimate duty to direct traffic to the website.
Guest blogging, search engine optimization and social media presence are some of the smart moves utilized by leading entrepreneurs today to stay on top of their competition. As a guest blogger writing on other people’s websites you will be able to call the attention of the customers already using that website to your own brand or redirect them to your website from there.
In addition to the efficient way in which the ad pieces get to the market, the shift from traditional to internet marketing has achieved a lot more. You no longer speak of a local market if your product can be used in another continent or your service can be of use at the global village.
Roy Ash, co-founder of Litton Industries observes that an entrepreneur bites off a little more than he can chew hoping he will quickly learn how to chew it. He must have had a few of the online marketers in mind when he coined this phrase. Aggressive and visionary, this group of entrepreneurs has taken internet marketing a step further. These are the people who hold no solid stock; neither do they maintain any warehouse for themselves. Their business is purely based on the Web.
The rapid cadence in financial innovation has progressively seen more and more innovation and growth not only in the financial sector but the business world as a whole. The Bank of America for instance is accredited with the invention of the credit card in 1958, a form of payment unit allowing the card holder access to easy and instant credit or cash advance.
Ever since the time of Western union charge cards which date back to the early 1920s, more innovation in the use of plastic money has been witnessed. More businesses have adopted the use of cash cards, credit cards, debit cards, pre-paid cash cards and store cards. This technology has been advanced further into the modern day ATM cards that offer efficient and more secure money handling as compared to carrying hard cash around.
Further advancement has seen the establishment of cryptocurrency, a digital unit of exchange such as Bitcoin that is used to pay for services over the internet. Entrepreneurs have a wide range of options to choose the forms of payment that will best serve their interests.
With the internet and other information communication technologies, businesses have the benefit of easier access to customer feedback. As an entrepreneur you will have an informed picture of what your client needs are and which gaps exist in the market. Such information is very useful in improving services to achieve customer satisfaction.
Major corporations in the world today remain triumphant because of their working client feedback channels. They maximize on improving their existing services while introducing more services with time. As a result, the customers develop a feeling that their interests are taken care of. Customer loyalty achieved in this manner keeps the business tied with their traditional market while they reach out to more customers.
There is no limit to what has been achieved in the business world with regard to technology and other advancements that have seen business become progressively better. This is all out of innovation. Still there is a lot that innovative entrepreneurial behavior can achieve. It is what stands to determine who prospers tomorrow.