Should CEOs Take Charge of Business Innovation?

mamun22

CEOs should be a driving force of business innovation and technology in their organizations. Suppose they don't take charge and communicate the value of technology in today's business environment. In that case, it's not likely that they'll effectively implement processes, nor will key stakeholders believe in their broader vision. Technology is no longer merely a tool for business owners and CEOs to use as they please. Business innovation has become a critical point for any enterprise to articulate from managing the marketing experience to product development. Companies from various industries need to transform their business processes to embrace available technology and successfully overcome all the challenges they face. business model innovation Business model innovation: the key to success Digitization and business innovation within organizations are growing movements that have seen an expected boost due to the impact of the COVID-19 pandemic.




A Forbes survey found that 80% of businesspeople accelerated their digital transformation initiatives because of the pandemic. The Digital Economy in Spain report from Adigital cited two influential primary factors in this phenomenon: Circumstantial factors such as the rise in digital demand, such as a 50 % growth rate in e-commerce. Structural elements like accelerating digital programs or a rise in working from home (WFH), according to data from Spain's National Statistics Institute (INE), moved from 5% to 34 % in a single Telegram Data month . Today, there are very few people who dispute digitization's importance in an organization. Those firms that were already working on implementing the Digital Transformation managed to stabilize, pivot, and start to recover before their peers. Some even decided to boost their tech spending due to the pandemic, with 29% of Salesforce's customers stating they did so, according to research in The State of Salesforce 2020 - 2021 report. They're also predicting that those organizations' chances of their businesses rebounding is 47% higher. A trend that's here to stay in 2021 We've spent months immersed in a “new normal” that's here to stay in some way, shape, or form. During the most recent Black Friday shopping campaign in Spain, Google research found that brick-and-mortar retail sales decreased by 12.7% while e-commerce sales grew by 23%. In the US, Google research from the summer found that 75% of US consumers planned to shop online more than they did during previous holiday shopping seasons, along with more people saying they would search for gift ideas online rather than in-store.





We've acquired new behaviors and habits, even at the office. Enterprise technology is now a critical component for operating their business. Still, the trends for 2021 tell us that those solutions that allow organizations to be more flexible and increase their ability to adapt to change will be the most important. Gartner's Top Strategic Technology Trends for 2021 cited the following trends:Omnichannel, connected experiences: The Customer Experience is what concerns marketers most when crafting marketing strategies. The increased prominence of diverse, mobile, virtual interactions makes enabling hybrid experiences even more crucial. A 360° marketing approach that offers a cohesive, consistent brand experience is fundamental. Improved privacy: Technology that protects users and safeguards their privacy is gaining prominence. The Gartner report predicts that half of all organizations will put solutions that address these concerns by 2025. Operations from anywhere: Businesses can offer in-person and virtual experiences for employees and customers alike. Employees will get support from anywhere while customers can access company resources in their desired channel.