26-07-21

Technological innovation – a make or break catalyst for modern day business triumphs

Like the Industrial Revolution that we saw three centuries ago, the world has been undergoing a new technological revolution over the past decade. Digitization and frontier technologies have suddenly become of strategic importance for many companies, both small and large enterprise.
The modern trading platforms on which we sell our products and provide services are changing rapidly, requiring us to rethink the way we do business.

Below we review a few of the biggest areas in technological innovation that are critical for business success as we transition to a digitized world.

1. Online security
Our personal and professional lives are moving online and an ever-increasing population have access to internet enabled devices. As more people and business activities are put online, security is becoming a vital topic in the battle to protect against malicious attacks on systems and data. A report from NDIA’s 2019 Cybersecurity Report estimates that 44% of organizations with more than 500 employees have suffered from cyber-attacks of various scales.

Cloud security, artificial intelligence and other next generation technologies such as blockchain security protocols are becoming essential defences in protecting our data, both private and professional.

2. Communications
Innovation in communications sees meetings around the world happen with just a push of a button, using modern video conferencing programs. Technologies have diversified the way enterprises communicate, internally and externally alike as well as enabled more streamlined home and remote working environments.

Many companies in order to survive and continue operating were forced to rapidly adopt online video conferencing tools in the wake of the Covid-19 pandemic due to workplace shutdowns. This surge in market demand for online conference tools will likely see a drive of technological innovation as people require solutions to new online communication needs that are sure to be encountered.

3. Information sharing
Almost endless amounts of knowledge, know-how, guidance and information sources are available on what is the modern internet. Entire industries have recently boomed in what is the world of online information and training services. In this digitized era, knowing how to use technology to tap into data-based insights, especially customer-related, is a major competitive advantage. Modern tools and the open nature of the internet also allows businesses to keep a closer eye on their competitors and strategize much more quickly and effectively in response to highly accurate data.

4. Customer Relationship Management
In order to maintain competitive advantage and remain relevant, it is vital that businesses efficiently target their audience and customer base. Having the ability to access and maintain customer relations and sentiment allows identification and satisfaction of needs rapidly using live or very relevant data.

With the development of CRM technologies, there are many ever evolving tools available for market research such as Google keywords and Analytics. Social Media management that integrates seamlessly with CRM platforms are also becoming essential tools that enables better communication as more customers preference social media as their bridge to company interactions.

5. Business Growth
Online tools have given business’ the ability to expand their reach to enter new geographic regions and market demographics. Businesses around the world are swiftly embracing the changes and challenges that internet driven markets contain to explore newer opportunities in manufacturing and the provision of services.

This trend in global expansion is assisted by the development and accessibility of many available forecasting software tools that can help paint the overall picture of the market and calculate the technical figures from a business’s entrance into a new market. Additionally, industrial AI application has played a bigger role in many global enterprises’ manufacturing chain, helping them cut down cost and ensure a higher chance of success when entering a new market.

We believe the above topics will become ever more important as more businesses and individuals transition an increasing amount of their time and efforts onto online platforms. The future brings some exciting opportunities, and serious challenges, for those willing to embrace the new and take steps towards implementing the right tools and strategies to remaining competitive in the 21st century.

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Maurice
Herben

Maurice Herben studied Mechanical Engineering at RWTH Aachen University. From 2006, he has worked as researcher and group manager at the Fraunhofer Institute for Production Technology in Aachen. In 2016, he helped bring Fraunhofer to Netherlands by setting up the FPC@UT together with Prof. Fred van Houten. Maurice has been a member of the management team since the official start of FPC in January, 2017.