How AI Can Transform Your Business Software You’re tyred of tedious tasks, mediocre customer service, and making decisions based on gut feelings? Good news: AI is here to transform your business software! By automating repetitive tasks, you’ll free up time for strategic planning and creative problem-solving. Plus, AI-driven customer service will make customers feel seen…
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Business innovation stands as a pivotal driver for societal progress and economic growth. A surefire path to business success, innovation is particularly remarkable in its ubiquitous relevance, from small scale startups to multinational conglomerates, and of course, the bespoke software, app and web development market.
In simple terms, business innovation is the process through which novel ideas become marketable outcomes. However, the depth and breadth of this crucial aspect of business are far more extensive and robust. From process innovation that enhances efficiency in an organisational setup to product innovation that introduces new commodities to consumers, business innovation is a comprehensive eco-system of progressive transformations.
The process of innovation begins with creativity and ideation leading to the transformation of these ideas into services, processes or products. Innovation can be radical, introducing entirely new concepts or incremental, making improvements to existing status quo. In the context of the bespoke software / app / web development market, innovation is leveraged to meet specific requirements through customised solutions, often upsetting established norms in the process. The increasingly digital world and advancements in cloud computing and artificial intelligence have nudged the industry into an era with an exponential rise in business innovation.
Global spending on IT services, including digital transformation, is projected to reach $1.1 trillion by 2025, suggesting a steep upturn in demand for customised software and applications. Notably, 45% of organisations believe that innovation is a ‘competitive necessity’ for their business while 84% see innovation as key to influence their future success, as noted by McKinsey.
The scope of business innovation, however, is not limited to the private sector. Public services are increasingly investing in innovative solutions to improve their capabilities and efficiency. A 2020 report by MarketsandMarkets projected that the global digital transformation market would grow to $1009.8 billion by 2025, highlighting the expanding role of the software industry in stimulating innovation.
Experts have argued that fostering an innovative culture within an organisation can help them gain a competitive edge and stay relevant in a rapidly evolving marketplace. However, business innovation is not just about developing new ideas but implementing them effectively by understanding related risks and addressing potential challenges. In this regard, the deployment of bespoke, or customised software solutions often proves to be game-changing.
To explore more about business innovation in today’s digital context, delve into the plethora of resources available in the Business Innovation section of our blog. We cover a wide range of topics, offering insights and sparking discussions on the myriad aspects of innovation in the business realm. For a broader perspective, our main blog area would prove to be beneficial. If there are specific aspects you wish to discuss or require further information about, feel free to contact us at Bradford Software Development, and we will be thrilled to assist you.