Business Innovations Paper Example

Introduction

The technological revolution has been the key to the transformations that the world has experienced in for centuries. So far, there have been four industrial revolutions whose changes are attributed to the integrated and comprehensive works of the private as well as public sectors, not forgetting the civil societies and the academia. To start with, the first industrial revolution was characterized by the use of steam power to mechanize production which earlier was done manually. This later underwent a transformation where there was mass production attributed to the user of electric power. The third industrial revolution sets in with new trends where production was automated, thanks to the electronics and information technology. Currently, with an exponential growth has been the fourth industrial revolution which set in with transformations in not only production but also management and governance (Freeman, C, 2013).

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Business innovations are critical in the fourth industrial revolution competitive context. With the improvement of existing products and services as well as the inventions out of the study of the existing products, business innovations stand to be equally important.

Adopting to the Changing Trends and Dynamics

According to Sawhney et al., 2006, changing trends and dynamic, are one factor that may kill businesses that are not innovative. The fourth industrial revolution has been noted to be transforming in linear trajectories. Adaptation to the changing trends and dynamics in their respective environment is vital for businesses. Firms are expected to keep up with the new technology where the management should be keen on how to incorporate the changes in the production world to their businesses (Sawhney et al., 2006). This can be made possible by the development of strategies of production that may use partially or wholly the new trends.

The globe has been battling with the need to go green, that is, to ensure zero emission of carbon compounds to the atmosphere in a mission to protect the world from radiation and related hazards for the current and future generation. This has prompted most of the companies to find the suitable way to adjust towards the new dynamics in the block. Taking an example of the motor industry, the entrance of Tesla motors to the business set new business innovation grounds for other motor companies. Tesla motors offer vehicles that are environmentally friendly in that they have zero emission to the environment since they do not use fuel and instead use battery power. This prompted the other motor dealers to come up with models of vehicles whose fuel consumption would be low, to maintain their market and position in the business.

To sum up, most of the businesses both, under products and services required being entirely acted on any changing trends or dynamics. The perfect way to do this is by investing in the research and development of their products and services, despite the position they hold in the market. This will enable the businesses to keep at par in the revolution of industrialization which with time focuses on better living, as well as simplified and cheaper ways of production (Freeman C, 2013).

Responding to Endless and Increasing Consumer Choices and Expectations

Owning to the scholarly work by Martinez Lorenzo et al., 1999, consumer serves as the business bosses behind the scenes. This comes by the approval or disapproval of specific products and services in the market from the producers or providers. As they say, the customer is the number one boss. Through consumption, customers attribute the success levels of the products. Consumption equals to response or feedback about the product sold or service offered. Feedback may be positive or negative where even though positive, there is need to improve the products or services to maintain the customer's loyalty (Sawhney et al., 2006).

Consumer choices and expectations are needs that should be met by any product or services provider. It is an essential need for businesses to always adopt innovative measures to cater to the ever-present consumer choices and expectations. This is key for the maintenance of a business position and more so, its growth towards its strategic goals or even more to that.

The fourth industrial revolution growth needs no mediocre in the business line. The consumers too are aware of the capabilities of production in this revolution while any want from a customer is a must try to find satisfaction beyond doubt. This requires a business to fully invest in innovation which is the improvement of already existing products and services to serve consumer needs.

In this era of the increasingly digitized and connected world, a consumer's focus is on the reception of value that depicts that the business or company fully understands and empathizes with him, supporting his lifestyle choices. Consumers, therefore, should use human-centered designs to improve the products and services value as well as new ways to create and invent products.

Flowing with Technological Advancements

According to Freeman book, 'Economics of industrial innovation,' "the advance of digitization and connection has led to the creation of the connection of data as well as sharing between digital devices." The resulting sum of data and connectivity is creating new revenue streams and models of business, for start-up companies as well as established ones that leverage the already existing assets in exciting and profitable new ways.

Also, the increasing accessibility, as well as the availability of free and affordable online education, is enticing and encouraging. This enables any willing party or person with a need for studying and a thirst for knowledge and skills to become the experts in the subject matter in their respective fields (Freeman C, 2013).

Lean start-ups, as well as innovative entrepreneurs, are rapidly increasing with the upward transition of technology. They are always connected social media, mobile phone devices as well as cloud computing. Nowadays, technological advancement has made production easier hence there is the need for businesses to adopt innovation skills to flow with the technological advancements.

It is also altering the grounds of competition as companies will now compete as members of the ecosystems. The increasing availability, as well as accessibility to free and affordable education, is encouraging nearly everyone with the urgent desire for learning.

Entrepreneurs, who are innovative, are expanding their business with the transition of technology having the businesses fully connected phones, computing (cloud) and not forgetting the social media. This marks simple ways in which companies keep up with the technological advancements

Solving of the Endless Day to Day Problems

According to Martinez Lorenzo et al., a business needs to be innovative to solve the day to day problems that are bound to happen. It is a fact that long planning and solution are seeking processes which use the similar basis and reasoning as at the creation time most do not to yield creative ideas, the innovative pack of solutions required to offer solutions to them.

The original concept of business innovation understanding is that it is in all about perceiving as well as offering solutions to problems in ways that are creative. Problem-solving requires a sense of purpose and visionary forecasting as well as thinking to solve problems to improve the life quality.

The fourth industrial revolution is such a manner that the customers are at the middle of the economy, which is all about improving how customers care services in line with the new problems to be handled on a daily basis. Through business innovation, environmental services and products can be enhanced with digital capabilities that improve their value and ability to solve the everyday problems in line with their purpose.

To add on, new technologies make assets resilient, while data and analytics transform and improve how they are maintained. An ocean of experiences by customers, services that are data-based as well as the performance of assets through need new collaboration, given the rate at which disruption and innovations are taking place.

Maximization of Globalization Connectivity

According to Freeman (2013), policies that have opened international and domestic economies have driven the current globalization. These have resulted from the adoption of free-market economic systems by many governments. The move has vastly increased their productive potential as well as leading to the creation of new opportunities for international investment and trade. These have resulted in the reduction of global trade barriers as well as the negotiation of new worldwide agreements meant to enhance trade in services and goods, not forgetting in investments (Freeman , 2013).

This trend paves the way for collaboration and connectivity to take place. It is an encouragement to anyone, at any place, at any time to incubate and develop an internet-based business that builds scale and leverage through the lean methodologies application. Connected with the fast speed and a rocketing pace of technological change, increasing private funding availability as well as the easing of compliance factors and government infrastructure make it less challenging to initiate low-cost global businesses which are internet based.

To add on, business innovations would assist in advantage taking of the global entrepreneurship' movement as the entrepreneurship is growing mostly in the emerging markets. Here, India and China lead while predictions tell of Africa as the hot spot. There exist several sectors that include people who want to take their future's self-responsibility, by offering contributions targeted to make the world a more sustainable place as well as making a difference through the youth, women as well as social sectors. Realizing that entrepreneurship is the drive to economic prosperity, the government has empowered this movement to enhance the building of entrepreneurship capability and rise of new impact investors.

The Need to Handle Competition by Similar Firms

Following scholarly work by Sawhney et al., it is evident that their primary drive towards business innovation is competition. For the survival of a business, it has to keep at par with their opponents' skills to avoid being outshined. Best is finding a business strategy as well as innovation that is going to keep the business at the top and way from completion heat. In general, competition renders the business management team to venture into business innovation to edge out as triumphant of the cutthroat aspect. Taking an example of the Fortune 500 companies like American Express and AT& T, online creativity contests are set to have the companies gain ideas on how to make their brands better.

It is worth to note that the predictions for competition in the future are attributed to the pressure of...