Thursday, March 28, 2024

The Rising Need for Businesses to Innovate as They Head into 2023

This past year saw businesses fall because of a lack of innovation, an economic downturn, or other unforeseen circumstances. However, companies have also discovered opportunities in the world of constant uncertainty, grabbing the opportunity and taking a risk to advance.

People and enterprises worldwide are still affected by social and political turmoil, economic uncertainty, global health concerns, and environmental catastrophe. With worries about impending financial challenges, this uncertainty might be felt in 2023 as well. Innovation will be more critical than ever for businesses to survive these challenging times and emerge stronger.

SimoSimon-Hill_-CEO-of-Wazokun Hill, CEO of Wazoku, says, “It’s clear that 2023 will present many challenges for businesses, with the economic downturn and ongoing uncertainty very much to the fore. During such times, organizations must continue to innovate. They must keep delivering first-class customer experiences, improve products and services, and address ongoing issues such as sustainability and finding new opportunities.”

Also Read: Finding the Right Balance Between Technology and People is Crucial to Successful Scaling

Many companies may believe innovation is out of their reach due to ongoing issues like the skills gap, but this need not be the case. Businesses can overcome these challenges and make the necessary data-driven decisions for innovation by arming themselves with reliable, real-time data. Democratizing data will be essential for companies to achieve their potential for innovation, especially with data often being in silos and challenging for everyone to access.

Therefore, companies should keep advancing with innovation efforts rather than stopping them in order to avoid falling behind the competition.

The Need for Data Democratization

Data democratization allows all business users access to data and empowers them to make the data-driven decisions necessary to innovate and keep the company moving forward. Organizations are using a smart data fabric architecture more often to accomplish this.

The smart data fabric, an advanced data architecture, enables on-demand access and harmonization of data from existing systems and silos both inside and outside the enterprise, ensuring that the data is up-to-date and accurate. Users are able to get end-to-end, complete real-time visibility of the company and the customers thanks to this.

From here, business users can explore the data, drill down via additional queries based on initial results and ask ad hoc questions thanks to the data exploration capabilities built into the fabric. They are able to do this iteratively and interactively, which reduces dependence on IT and puts the data in the hands of those who require it.

Also Read: Finding the Right Balance Between Technology and People is Crucial to Successful Scaling

Adding Business Value

Direct access to real-time data frees up data scientists and IT teams while enabling business users to make data-driven decisions “on the fly” to spur innovation. IT teams can focus on the aspects of their roles that add value, such as continuing to advance the company’s digital transformation strategies and increase innovation as a result since they are no longer required to spend a lot of time sourcing insights and data for various business units.

Additionally, embedded analytics like Machine Learning and Artificial Intelligence enable businesses to boost automation of the more tedious but necessary tasks, reducing the skills gaps many organizations are currently experiencing. With budgets being tightened due to the challenging economic climate, technology can help resources go further without putting further stress on people.

Accelerating Innovation 

“Innovating through a recession is critical. A shifting business landscape requires action: whether it’s the need to increase employee engagement, improve sustainability, deploy new technologies, or harness a global talent pool. Gathering ideas from employees, improving efficiency, and using open innovation are key drivers that consistently unlock critical value in any enterprise. This is best achieved via a purpose-built innovation operating system, where an organization can do all three simultaneously.

Recent history – the pandemic in particular – has shown that agile organizations prioritizing innovation are best placed to come through challenging times. A collective approach to problem-solving brings great cross-functional collaboration in businesses around the world and their networks. That’s never been truer – or more in need – as we head into 2023,” adds Simon Hill.

While many organizations are probably unsure of what to expect in 2023, slowing down innovation activities at such a crucial moment could make their problems worse. The more successful strategy will be to use data to identify the best opportunities and capitalize on them.

Check Out The New Enterprisetalk Podcast. For more such updates follow us on Google News Enterprisetalk News.

Top 5 This Week

spot_img

Related Posts

spot_img
Prangya Pandab
Prangya Pandabhttps://enterprisetalk.com/
Prangya Pandab is an Associate Editor with OnDot Media. She is a seasoned journalist with almost seven years of experience in the business news sector. Before joining ODM, she was a journalist with CNBC-TV18 for four years. She also had a brief stint with an infrastructure finance company working for their communications and branding vertical.

Popular Articles