Articles on Business Innovation
Technology can play a key role in business model innovation, though most people still find it a black art when comes to the proper process of using technology to innovate their business model. Some people use whatever that their peers or competitors are using, which is a bit illogical if you believe your business model is unique (or should be unique) even you are in the same industry as them. Some just evaluate on the features, but they overlook how well the features are sewed together to match the business process they envisioned. What I shared below are short and concise tips that I distill out based on my experience in various projects. I hope that will serve as effective guidelines for you when considering technology in your projects.
I came across this interview that was done by McKinsey with Coop Centrale CEO, Massimo Bongiovanni, as he explained IT’s role in the future of retailing. Cooperative Consumers Coop, better known as Coop, was Italy’s first retailer to embrace hypermarkets, in the 1980s, and then began opening even bigger superstore venues while expanding its offerings to include insurance and banking services, electricity, and prescription drugs. Throughout this expansion, Coop sought innovative ways to support its strategy with technology. The original interview can be found at Mckinsey Quarterly website.
Doing business in today’s rapid change and globalized environment, we no longer can just depend on ordinary business principles. We need to constantly innovate to change the way we do business or face rivals who do so to offer superior value to their customers. Technology is an enabler for business innovation, and it’s probably the most accessible strategy to innovate the way how your business works. It’s a common myth that only large corporations and businesses that sell technologies need to innovate. In fact, in today’s marketplace, whether you are selling printers or flowers, you need to leverage on technology for honing your competitive edge, even more so for small businesses. But the question is: What technology is applicable to you? Which one is the best? Will they create more work and headaches for me?
The construction industry has substantial socio-economic impact, both nationally and internationally. Yet, given the obvious importance of the industry, it is surprising that the general view of the industry is one that is resistant to change, inefficient and lagging behind most industries in terms of technology implementation. This is largely due to the nature of how the industry operates, and the relatively low awareness of technology capability among industry players. With globalization happening at such an immense pace, operational costs on the rise, and increasing demand for more quality and sophisticated buildings, we need better ways of doing business now. As already proven in other industries, technology can help small companies to act “big”, and help big companies to act “small”. Small construction firms can leverage on technologies to acquire some of the capabilities and market access of larger organizations, while large construction firms can use technologies to achieve some of the agility and responsiveness of small organizations.
The importance of software and technology in the course of business operations can never be put aside today. Technologies can make tasks easier and done more efficiently if implemented properly. However, hiring a software consultant can be a daunting task for many small and medium business owners, especially if they are not very familiar with technology or for those who do not have technical background.
Digital Cash (or Electronic Money) refers to money that is exchanged only electronically via computer networks, such as the Internet. With the burgeoning e-commerce industry on the Internet, the implementation of digital cash has gained traction into a viable means of making transactions on the Internet. At the same time, the financial and Internet community were also facing several controversial issues arise from digital transaction over the Internet. I believe the benefits and convenience of digital cash should be obvious to anyone who has experienced any financial and business transaction over the Internet. Therefore, in this article, I will intend to open your eyes (or make some logical predictions) on the problems of digital cash system, such as fraud, theft, privacy and criminal issues. Some comments are made regarding the resolution of the flaws and loopholes found in digital cash implementation and the regulations implied.