source: https://goo.gl/VPzLdy
In monitoring global trend so as to match up with today's commerce, there are two major things you should consider.
No matter the field you find yourself, you must have to think unconventionally. You do not have to belong to a financial institution before you can think innovation for a medium of exchange.
Take a look at the evolution of Instant Messaging, it started from emailing to whatsapp and now the Chatboard. Chatboard is a kind of automated response that is facilitated by a machine who attend to inquiries by identifying keywords. The machine gives helpful directive in the chat or redirects you to a platform that can solve your problem without you having to leave the chat page.
This leads to an innovative mind just so that we can be able to gain a compelling link with the changing world. Allow me to say in this context that, innovation is the process of translating an idea or invention into a good or service that creates value or for which customers are willing to pay for.
For an idea to be considered innovative, it should be replicable at an economical cost and should satisfy a specific need.
Innovation involves deliberate application of information, imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products.
I consider this as a process, product, managerial change and creation that improve a company´s productivity and quality, and most importantly add value to customer.
It comprises of activities that contribute to the research, development and design of new products, services or techniques, or to improving existing products and generates new technological knowledge.
It is imperative that Companies and enterprises keep innovation as part of their organizational activities. Innovations contribute to the success of an organization. Entrepreneurs, as innovators, see not just one solution to a need. They keep coming up with ideas and do not settle until they come up with multiple solutions.
Innovation is extremely important that companies often see their employees’ creativity as a solution. They come up with seminars and training to keep their employees stimulated to create something useful for others and in turn, financial gain for the company.
Most often, planned and measured combination of ideas, objects and people leads to innovation resulting in new business ideas and technological revolutions. In order for an innovation to be termed 'valuable', new products and services need to be strong enough to progress through rigorous commercialization processes and into the marketplace.
Taking us back to the path of service-rendering companies, innovation will tackle challenges like queues (at some path of the world), poor customer experience, increasing customer base and how mobile wallet can be adopted and improved upon.
I hope you get enlightened on the inclination of technology in commerce, the basic mega trends used to push commerce, the role of artificial intelligence and its future effect on human existence and workforce. I hope you identify problems in the different industries and how best it can be solved through the innovative ideas you can always generate.
