What really constitutes technological innovation?

Technology

May 22 2023

Technological innovation refers to the process of introducing new technologies or improving existing ones to create new and improved products, services or processes. It involves applying scientific and technical knowledge to develop innovative solutions that create value, improve efficiency, drive growth and meet the changing needs of users and customers.

Technological innovation can take many forms, such as introducing new products or services based on technological advances, improving existing processes by implementing more efficient technologies, or creating new business models that draw on the latest technological trends.

In addition, innovation involves bringing together creative ideas, research and development, and the practical application of technologies to solve problems and take advantage of opportunities. It can cover a wide range of areas, such as electronics, computing, telecommunications, biotechnology, artificial intelligence, nanotechnology and many others.

Technological innovation plays a fundamental role in the advancement of society, the economy and industries.

Technological innovation facilitates the creation of more efficient, safer and more sustainable products and services, as well as the optimisation of business processes and the emergence of competitive advantages.

Simply put, technological innovation is the process of applying scientific and technical knowledge to introduce new technologies or improve existing ones, with the aim of developing novel solutions that create value and meet the needs of users and customers.

Copying: the innovation of the poor?

Innovation involves more than copying from the competition. While observing and learning from competitors can provide valuable insights and knowledge, true innovation involves creating new and creative ideas and developing unique solutions that provide competitive advantages.

It is true that, in some cases, companies can take inspiration from what their competitors are doing to improve on their own practices or products. This is known as "benchmarking" and can be a valid strategy for identifying opportunities for improvement and learning from best practices in the market. However, simply copying the competition rarely leads to true innovation.

The process of innovating requires thinking outside the box, challenging the traditional and exploring new ideas. It involves creating something new, whether this is a product, a service, a process or a business model, which adds value and meets the needs of the user in a unique way.

It is important to keep in mind that successful innovation requires a holistic approach, which goes beyond just observing the competition. This involves having a profound understanding of the user, awareness of emerging trends, investing in research and development, fostering creativity and promoting experimentation within the organisation.

In short, while there may be opportunities for learning and drawing inspiration from the competition, true innovation involves more than just copying. It is about creating original ideas and developing unique solutions that add value and impact the market.

How do I know which technology trends are relevant to my business?

Technology foresight is a discipline that focuses on the study and analysis of current and future technological trends, with the aim of identifying and understanding possible technological scenarios that may arise in the future. It involves examining scientific advances, technological developments, innovations and changes in various fields, with the intent of anticipating how they might influence society, the economy and other aspects of human life.

This discipline uses a combination of qualitative and quantitative methods to investigate and predict the development of emerging technologies. Some of the techniques used in this process include:

Trend analysis: Current trends in science and technology are examined to identify development patterns and trajectory. This involves reviewing scientific publications, patents, technical reports and other relevant resources.
Future scenarios: Hypothetical scenarios are created that describe different future possibilities based on technological advances. These scenarios aide in understanding how existing technologies might change and how new technologies could emerge in different environments.
Delphi surveys: A multi-round survey technique is used to obtain the opinions and assessments of experts in a given field. These experts provide feedback on current and emerging technologies and are asked to make predictions about their future evolution.
Impact analysis: as assessment on the potential impact of technologies on different areas, such as society, the economy, the environment and ethics. This facilitates an understanding of the implications and potential challenges that may arise with the adoption of new technologies.
Technology surveillance: continuous monitoring of scientific and technological developments is carried out through systematic observation and collection of the most up-to-date information. This involves monitoring relevant information sources, participating in conferences and events, and keeping abreast of ongoing research and development projects.

In conclusion, technology foresight focuses on the systematic exploration of technological trends to understand and anticipate how they might affect society and other areas. It helps organisations and decision-makers to take a strategic approach in the way in which they anticipate and prepare for technological changes.

What are the current trends in technological innovation?

Open collaboration and crowdsourcing: Organisations are increasingly adopting open approaches to innovation, seeking ideas and contributions from external sources through open collaboration and crowdsourcing. This involves engaging customers, suppliers, external experts and online communities to create new ideas and innovative solutions.
Co-creation with customers: Rather than simply developing products and services internally, companies are involving customers in the innovation process. This involves understanding customers' needs and wants and collaborating with them to design and develop customised solutions.
Agile innovation: Agile methodologies, such as Scrum and Kanban, originally software development processes, are increasingly being applied in a general way in technology innovation management. These approaches encourage flexibility, rapid iteration and multidisciplinary collaboration, enabling organisations to adapt quickly to change and deliver innovative solutions more efficiently.
Artificial intelligence and machine learning: Artificial intelligence (AI) and machine learning are being used to drive technological innovation in various areas. These technologies can help analyse large amounts of data, identify patterns and trends, and automate tasks to improve efficiency and decision-making in the innovation process.
Internet of Things (IoT): The IoT is connecting an increasing number of devices and sensors, generating large amounts of real-time data. This creates opportunities for innovation in areas such as remote monitoring, process optimisation and creating new service-based business models.
Disruptive innovation: Organisations are focusing on their potential for disruptive innovation to completely transform their industries. They are investing in identifying new technologies and business models that could challenge the status quo and turn the way in which they operate on its head.
Focus on user experience: User experience has become a crucial factor in the success of technology innovation. Organisations are placing greater emphasis on understanding the needs and expectations of end users, and designing intuitive, user-centric solutions.

Let's assume we have selected which technological changes we need to implement. How do we prioritise the list of tasks involved?

Building a roadmap for a company's adoption of new technologies involves a structured and strategic process. Below are some key steps in creating a technology adoption roadmap:

Assess the company's needs and objectives: Before adopting new technologies, it is important to understand the company's specific needs and objectives. This involves identifying areas for improvement, opportunities for growth, and challenges that new technologies can help meet.
Research and explore emerging technologies: Conduct thorough research on emerging technologies relevant to your industry. Keep abreast of the latest technology trends and advances and examine how they could benefit your company. Consider aspects such as potential for operational improvement, competitive advantage and return on investment.
Prioritize technologies: Based on business needs and objectives, prioritise the technologies that have the greatest potential to add value and benefit the organisation. Consider technical feasibility, implementation costs, impact on existing processes, and the company's ability to adapt to change.
Define goals and timelines: Set clear goals and realistic timelines for adopting new technologies. Break down the adoption process into stages and define key milestones to track progress.
Plan the required resources: Determine the resources required for successful implementation of new technologies. This may include financial resources, human resources, technology infrastructure, and staff training. Ensure you have a clear and realistic resource allocation plan.
Identify risks and mitigation measures: Assess the potential risks and challenges associated with adopting new technologies. Identify appropriate mitigation measures and develop contingency plans to address potential risks and minimise their impact on the adoption process.
Communication and engagement: Communicate the technology adoption roadmap to all relevant stakeholders, including senior staff and employees involved in the implementation process. Encourage active team participation and foster collaboration to ensure a successful implementation.
Monitoring and adjustment: continuously track the progress of the technology implementation process and assesses whether established objectives are being achieved. Make adjustments and adaptations as needed to ensure success and optimisation of the adoption process.

Remember that each company is unique, so the technology adoption roadmap should be tailored to the specific needs and characteristics of your organisation. Consider seeking the advice of technology and change management experts for a more customised and effective approach.

Carles Roca

Carles is a Senior Account Manager at SEIDOR Opentrends. He leads the financial sector and is an expert in operations management and BPM, CRM, LXP&LMS technologies. Previously, he has held management positions of talent management and digital learning in consultancy firms, insurance companies and banks. His aim is to develop technology-based value propositions that help improve customer experience, increase sales or reduce costs in a way sustainable in time.