As humans our nature is learn and evolve.. Right from the prehistoric age where we used very simple tools to hunt for food and sustain, To today’s age where we use advanced technology to know about consumer trends, likes and dislikes, weather patterns, agri tech, fin tech etc
Recent technologies like artificial intelligence and augmented reality and virtual reality made lives more comfortable and productive..
Technology has shaped us in every which way.. Innovation of smart phone which gets so much done is truly a genius invention.
Entrepreneurs are inventing and using these technologies to solve many problems like food production to masses, cure for disease, communication and traveling etc.
Let’s look into how innovation is beneficial in business :
1.Makes life more comfortable and easy
With invention of every new things like automated robots to make cars, to modern day cellphone, to software to handle logistics, more importantly social media has made life easy and comfortable.. Without these technologies life as we knew it was hard and difficult
Many businesses spend tons of money in R&D to improve existing products or come up with new(innovative) products which better suits the needs of customer.. And ultimately come up as a market leader by beating the competition. This also improves sales as business is making products and services which are in need.. Businesses which don’t innovate may have to shut shop..
Due to innovation and rapid technological development productivity has increased drastically..
Ex:chat-bots works 24/7 to handle customer issues, drones used in agriculture for spraying pesticides, software that help in decision make after taking in lot of data, payroll software etc
All of this would have taken more time and man power to accomplish tasks which now can be automated..
This also improve efficiency unlike human where fatigue sets in after continued work
4.Reduction in cost
Due to innovation cost per product is reduced substantially as we use raw materials more efficiently and mass produce.. This also reduces wastage which was not the case using primitive technology..