Technological Innovation in Business Value Generation by Leonardo Noblecilla
In order to provide a good and clear understanding of technological innovation and how it generates business value over time, I will briefly explain the variables that have a significant impact and that in synergy within the company, deliver a perceived value that is highly appreciated by the consumer, thus generating an increase in business profitability.
The word innovation has been in vogue for some years in Peru, or rather, its importance in the business world began to become clear. Likewise, in such a globalized and competitive world, we cannot ignore this concept, since its relevance will guarantee the exponential and healthy business growth.
Innovation is the change of the logical sense of doing things, respecting key parameters such as responsibility and commitment, without reaching the innovative madness that it could trigger and that does not generate any value for the consumer.
Specifically, innovation could be in new business models, business processes (logistical, administrative, sales, among others) and/or development of new products or services (imposing itself in the market by its commercial application – usability). E.g. Netflix.
Currently, everything we know as technology is around us and is part of our life (learning and adapting to it). In the same way this happens in the business world, we must understand how important technology is in our company, learn from it, and adapt to technological changes that impact our business.
The Systems or Technology area of companies today are areas that support the key processes of the business, or provide assistance in technological support. However, sudden changes in technology (in processes, in the product or service, in the operational load, etc.) accelerate and influence the decision making of managers. For this reason, we must orient the technology area in the generation and business value, i.e. in the generation of technological innovation. E.g. Microsoft.
In times as competitive as the present, companies manage to grow by some element that differentiates them from the competition, it is not to be the best but the only one that satisfies a certain need, or expectation of superior quality. With technological innovation we must obtain this sustainable competitive advantage over its competitors, it cannot be relegated to the levels of support but integrated into the overall strategy of the company, as indicated by Porter (1990): “The competitiveness of a nation depends on the ability of its industry to innovate and improve. The company achieves competitive advantage through innovations”… This is the case of Apple, which stands out for its constant modifications: In quality, elegance and simplicity of use, satisfying more and more of its customers’ needs every day. With this philosophy, Apple has created innovative products such as the iMac, the iPod, the iPhone and the iPad.
Likewise, companies must allocate resources to technological innovation, whose ideas and projects will have a major impact, providing solutions to operational tasks (which do not generate value), development of new products in synergy with specialists, and new ways of doing things (processes – business model). Finally, technological innovation applied to business must be translated into tangible results (business value), such as indicators of customer perceived value, monthly income and annual profitability.
Marketing Specialist, Finance Specialist, Specialist in Strategic Management and Innovation Master in Business Administration (MBA) from CENTRUM Católica, with specializations in Strategic Marketing from Universidad del Pacífico, in Finance from Universidad de Piura and in Strategic Management and Innovation from Universidad Copenhagen. With more than 10 years of experience in planning and management in commercial, marketing and operations areas, in the banking, technological and educational sectors. Experience working in leadership and management in banks and financial institutions, as well as participant and co-founder of e-businesses in sectors such as retail, health and gastronomy.