Businesses need innovation to stay relevant in the modern marketplace. As they look for new ways to improve their efficiency, they often turn to technology. After all, technology offers many exciting new opportunities that can revolutionize business processes.
However, some business owners and managers could mistakenly view tech as the primary source of innovation. Sometimes, innovation involves the language and context of existing technology.
For example, a voice assistant such as Siri could be described as a voice-powered search interface. To many people, that sounds archaic. So, instead, everyone recognizes Siri as a personal assistant. The technology is the same, but the way people describe it has changed.
Now, the makers of Siri have produced a new personal assistant called Viv. This “new” technology works a lot like Siri and may have some updated features and capabilities. In essence, the biggest difference is that Viv runs on Android devices.
Pay attention to the terminology used to describe Viv. It is an “intelligent interface” that uses “conversational technology” to make life better for smartphone users. The virtual assistant provides a convenient interface to the internet, just like your laptop does, only Viv is more exciting.
Ultimately, the language people use to describe technology represents more innovation than the technology itself. Another popular fad, cryptocurrency, helps to underscore this important concept.
Decentralized currencies are viewed as an alternative to so-called “fiat” currencies and could potentially operate outside of socio-political forces. The technology that secures these currencies, blockchain, uses a distributed ledger to maintain integrity. Also, many businesses see blockchain as a way to improve everything from contracts to inventory management.
Some people may not realize that the technology that powers distributed ledgers isn’t new. As a matter of fact, it existed more than two decades before the new jargon emerged. Still, for the most part, blockchain is viewed as innovation.
Finally, consider social media. All the top social networks operate with similar technology. Also, they use similar operational philosophies. In the marketplace, however, the various social platforms have differentiated their brands. For instance, some are intended for video, others are for B2B customers.
In summary, innovation means more than new technology. In many settings, framing existing technology in innovative ways is all a business needs to compete on the global stage.