As a business owner living in the 21st century, hiding in a comfort zone is no longer an option. Challenges and new technologies will always be a threat if not realised early. Using new technologies and innovations in your line of business is essential to keep up with the fast pace of business development.
As clients, we see technology is used in every single bit of our lives. The most important innovations in the last five years alone are massive, and they have rapidly become an essential part of our lives. For example, there are smart appliances and machines, live streaming, business intelligence applications, artificial intelligence, ChatGPT, and so on.
Life has become more manageable, but it has also become challenging. In this article, let’s explore some business innovations and break down some statistics on them.
Business Innovation Statistics
Business innovation and technology are integral parts of business this decade. The top five companies in the world are strong proof, according to market share. On top of the list, Apple has almost 2.89 trillion dollars market share. Second on the list comes Microsoft, with 2.51 trillion dollars. Saudi Arabian Oil Company (Saudi Aramco) comes third on the list, with 2.18 trillion dollars. They are followed by Alphabet and Amazon with 1.57 and 1.3 trillion dollars respectively.
As you can see, the top five companies worldwide are either in the line of technology innovation production or highly dependent on one. Even as an Oil and Gas company, contributing to innovation and technology gets Aramco to the top of the business chain, announcing:
“We focus on innovative upstream and downstream technologies that make our resources and products more accessible, useful, sustainable, and competitive.”
What are the leading Business Innovations in the Last Decade?
When thinking about innovations in the last decade, multiple examples have become a new normal that you cannot disregard in business. These business innovations include smartphones, artificial intelligence, and online streaming. Let’s discuss each of them and provide some examples.
Though the first iPhone was released almost 15 years ago, we might feel it has been around forever. We use our phones all the time for all sorts of activities. By necessity, they have become an integral part of business. The wide spread of smartphones was just the beginning of the virtual world.
According to some resources, 55% of employees use their smartphones for personal messages. Statistically, they use their phones more than two hours of their work time. However, this behaviour increases employees’ productivity, giving them the work-life balance they need.
Smartphones have made communication with clients more accessible and more effective for different kinds of businesses. On top of that, customer satisfaction can be easily achieved with the ability to communicate anytime and anywhere in the world.
Social Media Platforms
Social media platforms are a game changer in business. What is the first thing you request from someone you wish to communicate with? It is no longer their phone number or e-mail address but rather their Facebook account, LinkedIn account, WhatsApp number, and so on.
As a business innovation, social media platforms must be noticed. Statistically, there are 5.3 billion internet users worldwide, according to Cisco. Some surveys conclude that among internet users, there are over four billion social media users around the world. Social media platforms have become one of the best means of communication in history. If efficiently used, your business marketing and profit will bloom.
An example is the latest Barbie movie marketing campaign with their pink world. Barbie memes were all over Facebook homepages, Barbie outfits were shared worldwide, and the pink carpet in London Film Premier became viral. Search for Barbie on Google, and your screen will turn into pink fireworks. Just one movie became the talk of the hour with the help of many marketing efforts, on top of which are social media marketing campaigns.
Today, the amount of data we produce is massive. Data analytics and supply chain handling and tracking are more challenging than before, and this is precisely the role of Business Intelligence (BI).
As a business innovation, BI has saved time and effort. It helps managers in different companies make decisions effectively. BI applications support the forecasting strategy necessary for any company. On top of that, they contribute to inventory management and archives.
An example of BI software is Customer Relationship Management (CRM). Some statistical studies claim that CRM software can help increase sales by 29% and improve the forecast by 40%.
Another example is Google Cloud, which is a BI modernisation tool. It helps users utilise their budget, categorise data, and build a forecasting strategy. According to Alphabet’s income statement, Google Cloud has earned over 7 billion dollars in revenue.
Artificial Intelligence is based on machine learning. This machine can analyse data, forecast, recognise objects, process language, and offer recommendations. It is highly needed in business as it can quickly perform tasks that require human intervention.
Artificial Intelligence (AI) has four main stages of development:
- Reactive Machines: The machine reacts only based on preprogrammed data. It cannot learn or generate new data. For example, Deep Blue, created by IBM, beat Chess Champion Garry Kasparov in 1997.
- Limited Memory: It is an AI machine that can use memory to improve. This is done by being upgraded with new data through an artificial neural network or other training model. A perfect example of this type is Deep learning, a subset of machine learning.
- Theory of Mind: AI with decision-making capabilities equals the human. It theoretically can recognise and remember emotions and react in a social setting. This model does not exist.
- Self-aware: AI that is aware of its existence and has human’s intellectual and emotional capabilities. This model does not exist as well.
We use AI applications almost daily, whether in business or personal life. After the release of ChatGPT, it had nearly 5 million users within the first week.
According to Forbes, 64% of businesses expect productivity increase when using AI. Almost 58% of companies in China integrate AI software into their business, while only 25% of United States companies adopt AI.
Smart machines are developed daily to sustain end users’ needs. They promote communication, efficiency, and flexibility. Think about your smart TV or Smart washing machine! Can you imagine how easy it is to enjoy your movie or perform this household chore? We sometimes even ask ourselves how our ancestors got by without these machines.
Imagine the importance of smart machines in everyday business chores! It is a business innovation designed to be user-friendly, timely, and reliable. You can find examples in your office, from your coffee machine to your printer. You must recognise the existence of those machines, and as a business leader, you have to adapt.
“Perhaps the most important leadership issue is preparing your employees for roles in which they augment smart machines, and vice-versa. There will be new jobs involving implementation and oversight of these technologies—getting them installed, monitoring their daily performance, and improving them over time”.Tom Davenport
We cannot mention business innovations and technologies without discussing the entertainment sector, especially movie-making and TV production. Cinema and TV production is one of the highest revenue businesses in the market. Apart from the equipment and technology used in filmmaking, let’s focus on screening.
Cinema theatres and TV channels were essential means for audiences to watch their desired show or movie. With the release of recording devices, audiences could replay anything they want anytime they need. However, Netflix offered a competitive difference in the market.
Online streaming of your favourite movie or TV show on your home screen is a game changer. Netflix’s launch of streaming in 2007 gained considerable publicity. Netflix also managed to produce their original shows.
Old competitors in the market, like HBO, began to revisit Netflix’s strategy. Gradually, online streaming has become the current trend that surpassed the old TV cable channel. People can now navigate their favourite shows uninterrupted by commercials on the screen of their smart TV or laptop.
Why would online streaming be an essential business innovation for business owners? Well, let’s review some numbers.
- Over 80% of Americans have at least one subscription to an online streaming channel.
- YouTube has the highest number of subscriptions for a free online streaming channel, with over 2.5 billion active subscriptions.
- Netflix has the highest subscriptions for a paid online streaming channel, with over 238 million active accounts.
As you can see, with these numbers of users, technology must be noticed. All business industries can benefit from the trends created on the screen. Online streaming can also offer other business opportunities for new startups.
The continuous development of innovation has a significant impact on business. Though we might fear the rapid change we live in nowadays, technology can boost your business beyond imagination. It saves time, provides accurate results, improves the decision-making process, and, above all, offers a more reliable forecasting strategy. In a connected world, being updated with new trends and business innovations can help you improve your current business situation on many levels.