Business innovation is the creation of new features, products or services that put you at an edge of your market. It is essential to keep ahead of your competitors so that you can provide the features that customers are looking for first. Innovation often involves upgrading existing products to improve efficiency or decrease costs.

Digital transformation is a process that integrates technology advancements more holistically into business strategies and processes. The process reviews www.servicewaves.com/2023/06/15/business-innovation-and-digital-transformation the business and improves its product offerings as well as technology stack to take advantage of growth opportunities driven by changing customer expectations.

Customers want to be able to conduct business and enjoy their life online at any time, on any device, and to have all the information, apps and devices they need. This has led to a proliferation of business models that rely on mobile technologies, as well as an increasing number of non-competitive businesses that enable users to sign in with their services through APIs. This is also enabling businesses that once produced and sold their own products to move into service-based delivery, such as software-as-a-service offerings like Microsoft 365 or subscription-style services for household items, entertainment or fitness devices.

Integrating digital technology into the business process and operations will improve efficiency and provide an improved customer experience. It allows companies to quickly adapt and see new business opportunities. For instance, Uber saw an opportunity in food delivery and adapted its ride-share model to allow everyday people to become food delivery drivers with their smartphones. To accomplish this digital transformation requires training employees to use the latest technology and re-engineering business processes.