i3 - November/December 2018 - 56

Business

By Scott Steinberg

FO RWA R D ST R AT EG I E S

New Technologies
Take Center Stage
How to turn your consumer tech company
into a powerhouse of innovation

 S  

ales of high-tech products are expected to hit $377 billion
this year, with an annual increase of six percent, according to a recent CTA report. But with new advances coming in fields ranging from artificial intelligence (AI) to smart
home solutions, how can industry leaders stay competitive?

optimize efforts and try out new strategies and solutions don't have to be
expensive or time consuming.
For example, one global multinational
cloud services and storage firm rolls out
new apps every six weeks for under
$20,000 on a year-round basis. Others
regularly hold hackathons or host global
innovation contests where workers vote
on ideas to turn into product pilots.
Others offer both employees and external parties access to open innovation
portals where customers or partners can
suggest ideas for new solutions.
Hundreds of technology tools and
providers offer solutions for building
an innovation framework or quickly
testing new concepts. As a result, the
process of turning your organization
into a dynamo of innovation can be
simple and affordable when you tap
into the power of high-tech tools.
Analytic programs and Internet of
Things (IoT) solutions can help you
invent your way to success by:
● Monitoring consumer behavior and
predicting solutions shoppers need
before they realize it.

The secret to keeping ahead of the curve
isn't to slash costs to the bone or take
fewer chances. Rather, it's to double down
on innovation and take more risks in the
form of small, cost-effective learning
experiments designed to help your business grow its capabilities and become
more adaptable and forward thinking.
Success starts with realizing that innovation isn't a one-time event. It's an ongoing series of activities that every
organization should engage in, and a process of self-reinvention. The more rapidly
and affordably you can bring new solutions to bear with feedback from realworld shoppers, the faster you can
streamline strategies to succeed.
56

NOVEMBER/DECEMBER 2018

To fuel these ventures, don't cut expenses
when planning your business strategy. This
approach promotes short term gains at the
expense of long-term growth and competitive advantage. Instead, reassess the
products' and programs' value to the
organization then funnel savings gained
by shelving initiatives that are underperforming into more productive activities
that help drive organizational growth.

Pioneering New Solutions

As fast as disruption occurs today, finding ways to streamline efforts and digest
the consumer feedback that comes with
them is crucial to sustaining market leadership. Creating systems that allow you to

● Leveraging networks of connected
devices to better anticipate inventory
needs and allocations, which products
to stock and how to maximize sales
conversion rates.
● Accessing white-label solutions for
quickly and affordably creating or redesigning custom-branded apps and
online services; rolling out new programs or platforms; or adding new
plug-and-play features to existing software or service solutions.
Mastering innovation isn't so much
about embracing a methodology as it is a
mindset. The more comfortable you are
with routinely stretching your comfort
zone and capabilities, the easier the process of successful innovation will be. ■
Scott Steinberg is the author of Millennial
Marketing: Bridging the Generation Gap.
His website is AKeynoteSpeaker.com.
I T I S I N N O VAT I O N

Mitch Blunt/Getty Images

Success starts with
realizing that innovation
isn't a one-time event.

● Letting employees pool resources to
create minimum viable products (MVP).


http://www.AKeynoteSpeaker.com

i3 - November/December 2018

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i3 - November/December 2018 - Contents
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