Technological Innovation Examples - MIT ID Innovation

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Examples of Technological Innovation With
Potential Impact on Business MITID Innovation
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According to McKinsley Global Innovation Survey,
84 percent of the executives have already
understood that innovation is one of the most
important growth strategies. These statistics
highlight how important innovations like product
innovation, creative innovation is in a company.
Technological innovation could be defined as
innovation in which technological characteristics
of a new or improved product differentiate from
that of the other product significantly.
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Thus, developing a product innovation and
technology strategy for your business is quite an
important task. Even though technological
innovation could be observed in various products
around us, here are a few technological
innovation examples that have significantly made
an impact on the business
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Artificial Intelligence
This is one of the technological innovation
examples that has made a potential impact on the
business. Artificial intelligence could be
defined as the invention of machines with
programming like that of a human. It helps a
business grow by presenting customer service by
telephone and a chatbot, product recommendations,
and advertising.
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5G Internet
5G is referred to as the fifth generation of the
technology of mobile wireless communications.
This technological innovation is known to provide
faster connections, increased device capacity,
lower latency, and many other benefits. This
technology will transform the business as
everything in a business would be impacted by it.
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Blockchain
Blockchain could be defined as an electronic
ledger. This creative innovation has enhanced the
power of electronic currencies like
cryptocurrencies. Since its introduction, blockcha
in has reduced problems in an organization like
removing friction, enhancing trust, and
increasing efficiency.
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Edge Computing
Edge computing is a kind of product
innovation that has enabled the growth of a
company by making an impact on different areas in
a company. The basic purpose of edge computing is
to provide high-performance artificial
intelligence and computing to effectively manage
different areas of a company.
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Connected Industrial Workforce
This workforce could be defined as a workforce
with extreme intelligence as well as
competitiveness. It works with the purpose of
covering the deteriorating value of the human
workforce. Thus, it holds the capacity to
revolutionize and transform your whole business.
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With this technology by your side, one can do
things that humans could never do, like learning
things themselves, discovering patterns, etc. In
the modern world, developing a product innovation
and technology strategy for your business would
be one of the first things a company would have
to do.
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Innovation could be considered as the bridge
between a company and its growth. With statistics
reflecting that a customer prefers to buy from an
innovative company, the importance of innovation
could be realized.
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Understanding the significance, many educational
institutions are offering industry-centric
curriculum to create professionals. MIT ID
Innovation is one such institution that is
dedicated since the beginning to make its
students walk on the path of innovation and
transform businesses.
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Conclusion
MIT ID Innovation Programme curates knowledge and
experiences that challenge the very paradigm of
evolution. And that's why we have set out to
define the future of industries, communities,
cities and ecosystems. MIT ID Innovation offers
the best Courses in Innovation and Design
Thinking.
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