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Innovation

Advancement in Technology Can Fuel Innovation. Here's How

Customer expectations are increasing by the day and their buying experience should be made better than what it is today with the help of digital media
Advancement in Technology Can Fuel Innovation. Here's How
Image credit: Shutterstock.com
3 min read

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

“You have to continuously shift. If you lean back and say, ‘With my products I can be happy,’ it’s the first step to hell,” said Count Anton-Wolfgang von Faber-Castell, the eight-generation family entrepreneur.

Globally, the pattern of innovation is fast moving towards more consumer-centric solutions, delivered through the adoption of technology.

Innovative solutions have been the driver of change around the world and efforts are being taken to provide accessible and affordable solutions that will need ever-shifting consumer needs.

Exemplars from around the world clearly depict the role played by innovative solutions in increasing the nation’s economic growth and improving standards of living.

China, Japan and South Korea have recorded significant growth in gross domestic product (GDP) over the past few decades. India is poised to become the third-largest economy worldwide by 2030. In the words of Prime Minister Narendra Modi, India offers the 3 ‘Ds’ for a business to thrive — democracy, demography and demand. Moreover, a tech-savvy and educated population with a strong sense of commitment are our added advantages.

Innovation Should Focus on Providing Real-world Solutions

Customer expectations are increasing by the day and their buying experience should be made better than what it is today with the help of digital media.

E-commerce platforms are raising the bar of customer satisfaction. Learning and innovation should be directed towards providing real-world solutions that will make an impact.

“Customers hate waiting in the queue at a service centre, they expect a better experience there. Time demands that innovative solutions reach customers, who do not need to even visit a service centre. Getting improved facilities at home aided by real-time notifications, online payment options, pickup and drop services etc. are the need of the hour,” shared Sachin Shenoy, Co-founder and CEO of Let's Service Automotive Technologies Pvt Ltd.

Without Innovation we Would Soon be Irrelevant

Technology has evolved rapidly in the past couple years nationwide. This has brought about massive changes to the way industries operate. “With all of us trying to stay relevant, without innovation we would soon be struggling to maintain our bond with our users. Innovation leads to enhanced user-experience with products,” shared Nisha Sara Jose, Category Head at Faber-Castell India.

Jose explained how Faber-Castell developed a technology to have water-based raised dots on the pencil for better grip. “Going beyond the basic product is creative innovation. The innovation in experience is also about how my users should feel about my products,” she added.

Innovation in Technology can Produce Enhanced Impact

Business landscape now thrives on technology. When used effectively, IT can enable growth for businesses, restructure processes and develop the efficiency of the workforce. Sunil R. Udupa, Chairman and Managing Director of Securens maintained that purposeful and creative thinkers are essential to solve daunting problems through efficient entrepreneurial solutions.

Armed with knowledge, innovative entrepreneurs and startups are flourishing through the Internet of Things. However, entrepreneurship is a way to formalize the use of innovation (at the idea, product or process level) to generate earnings. But an innovation is only useful when it can solve an actual problem.

“Far-sighted, creative ideas and innovative solutions are required to solve problems. Innovation is about seeing, perceiving and solving problems in creative ways,” Udupa concluded.

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